Global Smart Energy Market

Smart Energy Market Size, Share, Growth Analysis, By Product(Smart Grid, Digital Oilfield, Smart Solar, and Home Energy Management System), By End user(Residential, commercial, and industrial), By Region - Industry Forecast 2024-2031


Report ID: SQMIG55F2028 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 64 |Figures: 75

Smart Energy Market Insights

Smart Energy Market size was valued at USD 157.75 billion in 2022 and is poised to grow from USD 173.84 billion in 2023 to USD 378.10 billion by 2031, growing at a CAGR of 10.20% during the forecast period (2024-2031).

The global smart energy market is witnessing rapid growth driven by increasing energy demand, environmental concerns, and technological advancements.

Smart grids, renewable energy integration, and energy-efficient solutions are key drivers. IoT-enabled devices and data analytics optimize energy distribution and consumption.

Government incentives and regulations further boost market adoption. The shift towards decentralized energy generation and storage fosters innovation and investment.

Smart energy promotes sustainability, resilience, and cost savings while shaping the future of global energy systems.

US Smart Energy Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 157.75 billion

Largest Segment

Residential

Fastest Growth

Residential

Growth Rate

10.20% CAGR

Global Smart energy market by region
Country Share for North America (%)

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Smart Energy Market Segmental Analysis

Global Smart Energy Market is segmented by product, end user, and region. Based on product, the market can be segmented into smart grid, digital oilfield, smart solar, and home energy management system. Based on end user, the market is segmented into industrial, commercial, and residential. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Smart Energy Market Analysis By Technology

The largest segments in the smart energy market were often related to smart meters and smart grid technologies. Smart meters have seen significant global deployment, especially in regions like Europe and parts of Asia. Smart grid technologies were also gaining traction, driven by the need to modernize aging infrastructure and improve grid efficiency.

The fastest-growing segments were likely those associated with renewable energy integration and energy storage. As the world continued to transition towards cleaner energy sources, the integration of renewables and effective energy storage solutions became crucial. Additionally, the electric vehicle market was expanding rapidly, driving the growth of EV charging infrastructure.

Smart Energy Market Analysis By End-User

At that time, the utility sector and the residential sector were among the largest segments in the global smart energy market. Utilities have been investing heavily in grid modernization, including smart meters and grid automation, to improve operational efficiency and customer service. The residential sector's growth was driven by increasing consumer awareness of energy conservation and the adoption of smart home technologies.

The electric vehicle (EV) charging segment was one of the fastest-growing segments in the smart energy market. As the adoption of electric vehicles increased, the demand for intelligent charging solutions that optimize charging times and integrate with renewable energy sources also grew rapidly.

Global Smart energy market by end-user, 2022 (%)

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Smart Energy Market Regional Insights

North America and Europe were among the largest markets for smart energy. The United States had a significant share in the global smart energy market, driven by a push for renewable energy and smart grid investments.

While many regions were experiencing growth in the smart energy sector, some of the fastest-growing markets were found in the Asia-Pacific region. China, with its ambitious renewable energy goals and advancements in smart grid technology, was a key driver of growth in the region.

Global Smart energy market by geography, 2024-2031
  • Largest
  • Fastest

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Smart Energy Market Dynamics

Smart Energy Market Drivers

Need to Develop Sustainable Solutions

  • The increasing demand for sustainable and efficient energy solutions, coupled with advancements in technology and growing awareness of environmental concerns, is propelling the growth of the global smart energy market.

Smart Energy Market Restraints

High Set Up Cost

  • High initial costs of implementing smart energy systems, regulatory challenges, and the need for extensive infrastructure upgrades are acting as key restraints in the expansion of the global smart energy market.

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Smart Energy Market Competitive Landscape

The global smart energy market features intense competition among key players striving to innovate and capture market share. Established energy giants like Siemens, General Electric, and Schneider Electric contend with emerging technology firms such as Tesla and Google subsidiary Nest Labs. These competitors drive advancements in smart grid solutions, energy management systems, and renewable integration. Collaborations and partnerships between traditional energy leaders and tech innovators further intensify the landscape. Government policies promoting clean energy and digital transformation contribute to the competitive dynamics, shaping the industry's evolution toward efficient, sustainable, and intelligent energy ecosystems.

Smart Energy Market Top Player’s Company Profiles

  • Siemens AG - Germany
  • Schneider Electric - France
  • IBM Corporation - United States
  • Cisco Systems, Inc. - United States
  • Tesla, Inc. - United States
  • Itron, Inc. - United States
  • Eaton Corporation - Ireland
  • Siemens Gamesa Renewable Energy - Spain
  • Panasonic Corporation - Japan
  • E.ON SE - Germany
  • Enel Group - Italy
  • Schneider Electric SE - France
  • Johnson Controls International plc - Ireland
  • Aclara Technologies LLC - United States
  • Landis+Gyr - Switzerland
  • Trilliant Holdings, Inc. - United States
  • Silver Spring Networks, Inc. (now part of Itron) - United States

Smart Energy Market Recent Developments

  • In May 2021, New carbon footprint reduction goals were set by the German government. According to the new targets, Germany will strive for a 65%, 88%, and nearly 0% net carbon emission by 2030, 2040, and 2045, respectively. Additionally, Governments are putting a number of policy measures into place in order to decarbonize their economies and electricity sectors in line with both medium- and long-term climate ambitions.

Smart Energy Key Market Trends

  • In the rapidly evolving global smart energy market, key developments include the widespread integration of advanced metering infrastructure, growth of decentralized renewable energy sources, increased adoption of energy storage solutions, and enhanced demand-response technologies. Smart grid advancements, IoT integration, and data analytics are empowering efficient energy management. Electric vehicle infrastructure expansion and innovative energy-sharing platforms further shape the landscape. Regulatory incentives and public awareness campaigns drive the transition towards sustainable, intelligent energy systems, promoting environmental stewardship and grid resilience while fostering a more dynamic and responsive energy ecosystem.

Smart Energy Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, the global smart energy market is poised for substantial growth, driven by increasing focus on sustainability and technological advancements. Integration of smart grids, renewable energy sources, IoT-enabled devices, and efficient energy management systems will revolutionize energy production, distribution, and consumption. This shift promises enhanced grid reliability, optimized energy utilization, reduced carbon footprint, and cost savings. Governments' supportive policies and rising consumer awareness will further fuel adoption. As the world strives for cleaner and more efficient energy solutions, the smart energy market is set to expand, creating opportunities for innovation, economic development, and a greener future.

Report Metric Details
Market size value in 2022 USD 157.75 billion
Market size value in bbz USD 378.10 billion
Growth Rate 10.20%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Smart Grid, Digital Oilfield, Smart Solar, and Home Energy Management System
  • End user
    • Residential, commercial, and industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Siemens AG - Germany
  • Schneider Electric - France
  • IBM Corporation - United States
  • Cisco Systems, Inc. - United States
  • Tesla, Inc. - United States
  • Itron, Inc. - United States
  • Eaton Corporation - Ireland
  • Siemens Gamesa Renewable Energy - Spain
  • Panasonic Corporation - Japan
  • E.ON SE - Germany
  • Enel Group - Italy
  • Schneider Electric SE - France
  • Johnson Controls International plc - Ireland
  • Aclara Technologies LLC - United States
  • Landis+Gyr - Switzerland
  • Trilliant Holdings, Inc. - United States
  • Silver Spring Networks, Inc. (now part of Itron) - United States
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Smart Energy Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Smart Energy Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Smart Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Energy Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Energy Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Smart Energy Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Smart Energy Market size was valued at USD 157.75 billion in 2022 and is poised to grow from USD 173.84 billion in 2023 to USD 378.10 billion by 2031, growing at a CAGR of 10.20% during the forecast period (2024-2031).

The global smart energy market features intense competition among key players striving to innovate and capture market share. Established energy giants like Siemens, General Electric, and Schneider Electric contend with emerging technology firms such as Tesla and Google subsidiary Nest Labs. These competitors drive advancements in smart grid solutions, energy management systems, and renewable integration. Collaborations and partnerships between traditional energy leaders and tech innovators further intensify the landscape. Government policies promoting clean energy and digital transformation contribute to the competitive dynamics, shaping the industry's evolution toward efficient, sustainable, and intelligent energy ecosystems. 'Siemens AG - Germany', 'General Electric (GE) - United States', 'ABB Group - Switzerland', 'Schneider Electric - France', 'Honeywell International Inc. - United States', 'IBM Corporation - United States', 'Cisco Systems, Inc. - United States', 'Tesla, Inc. - United States', 'Itron, Inc. - United States', 'Eaton Corporation - Ireland', 'Siemens Gamesa Renewable Energy - Spain', 'Panasonic Corporation - Japan', 'E.ON SE - Germany', 'Enel Group - Italy', 'Schneider Electric SE - France', 'Johnson Controls International plc - Ireland', 'Aclara Technologies LLC - United States', 'Landis+Gyr - Switzerland', 'Trilliant Holdings, Inc. - United States', 'Silver Spring Networks, Inc. (now part of Itron) - United States'

The increasing demand for sustainable and efficient energy solutions, coupled with advancements in technology and growing awareness of environmental concerns, is propelling the growth of the global smart energy market.

In the rapidly evolving global smart energy market, key developments include the widespread integration of advanced metering infrastructure, growth of decentralized renewable energy sources, increased adoption of energy storage solutions, and enhanced demand-response technologies. Smart grid advancements, IoT integration, and data analytics are empowering efficient energy management. Electric vehicle infrastructure expansion and innovative energy-sharing platforms further shape the landscape. Regulatory incentives and public awareness campaigns drive the transition towards sustainable, intelligent energy systems, promoting environmental stewardship and grid resilience while fostering a more dynamic and responsive energy ecosystem.

North America and Europe were among the largest markets for smart energy. The United States had a significant share in the global smart energy market, driven by a push for renewable energy and smart grid investments.

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