Smart Energy Management Market Size, Share, Growth Analysis, By Energy Source(non-renewable energy source and renewable energy source), By End user(utilities providers and consumers) - Industry Forecast 2024-2031

Report ID: SQMIG45A2052 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 59 | Figures: 75

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Smart Energy Management Market size was valued at USD 27.7 billion in 2022 and is poised to grow from USD 31.02 billion in 2023 to USD 76.81 billion by 2031, growing at a CAGR of 12% during the forecast period (2024-2031).

The Smart Energy Management Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio. 'Siemens AG', 'Honeywell International Inc.', 'Schneider Electric SE', 'General Electric Company', 'ABB Ltd.', 'Cisco Systems Inc.', 'IBM Corporation', 'Eaton Corporation', 'Johnson Controls International plc', 'GridPoint, Inc.', 'Ecobee Inc.', 'Enernoc, Inc.', 'Honeywell International Inc.', 'Opower, Inc.', 'EnergyCAP, Inc.', 'Elster Group SE', 'Carrier Corporation', 'Siemens AG', 'BuildingIQ, Inc.', 'Siemens AG'

The rising use of petroleum products accounted for 70% of the increase in world energy production. Renewable energy sources accounted for around a fourth of the increase in energy production. It is anticipated that the need for smart energy will increase with the electricity demand. This factor is predicted to contribute to an even more significant expansion of the smart energy sector.

The grid operation segment is expected to account for the largest share of the overall smart energy management market and is expected to grow at the highest CAGR during the forecast period. The growth of the segment is attributed to the supportive regulatory framework of governments worldwide to promote the deployment of smart grids and a strong focus on the modernization of aging grid infrastructure and an increasingly complex distribution environment.

North America is expected to account for the largest share of the smart energy management market and is expected to grow at the highest CAGR during the forecast period. The US, Canada, and Mexico comprise the North American Smart Energy Market. Rising demand for cost-effective energy solutions in various domestic and commercial applications, such as washing, cleaning, and pool heating, is anticipated to fuel market growth.

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Smart Energy Management Market Size, Share, Growth Analysis, By Energy Source(non-renewable energy source and renewable energy source), By End user(utilities providers and consumers) - Industry Forecast 2024-2031

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