REDDING, Calif., March 22, 2022 /PRNewswire/ -- According to a new market research report titled, "Smart Energy Management Market by Energy Source (Renewable, Non-Renewable), Offering, Function (Operation, Energy Management, Distribution, Storage, Grid Security), End User (Utility Providers, Consumers) and Geography - Global Forecasts to 2029", published by Meticulous Research, the smart energy management market is expected to grow at a CAGR of 15% from 2022-2029 to reach $47.64 billion by 2029.
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The growth of the overall smart energy management market is attributed to the increasing energy consumption, rising awareness about carbon footprint management, growing inclination towards efficient energy management, and rising inclination towards corporate responsibility and brand image. In addition, modernization of energy infrastructure, increasing investment on smart cities, and integration of energy management systems with smart devices is expected to offer significant growth opportunities for the growth of this market. However, high initial cost of deployment, and lack of financial resources restrains the growth of this market to a certain extent.
Impact of COVID-19 on the Smart Energy Management Market
The COVID19 pandemic prompted social lockdowns throughout the world, and the rippling effects have implications for the future of smart energy systems, lowering the investment and expansion of clean energy technologies. The global pandemic imposed unprecedented constraints on social and economic activity - particularly on mobility - with severe impacts on energy use. COVID-19 had an impact on the sector, particularly by leading to a reduction of demand, financial stress, and disruptions to the power supply chain. Global energy demand contracted by 6% in 2020, the largest drop in more than 70 years. (Source: International Energy Agency). Countries such as France, India, Italy, Spain, the United Kingdom and the north-western region of the United States all saw energy consumption fall by at least 15% during lockdowns - although in Italy, electricity demand was down by as much as 75% at times.
Potential new practices and social forms being facilitated by the pandemics are having impacts on energy demand and consumption. The residential sector experienced significant increase in energy consumption (estimated at around 15%), since a large part of the population stayed at home and therefore needed more heating, lighting, use of electrical appliances, etc. (Source:INSEE)
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Furthermore, COVID19 slowed down the investment and halted the installation of smart energy infrastructure. Installations of smart meters were significantly impacted in 2020 as a result of the COVID-19 pandemic according to new data from ElectraLink. After declining in 2020, constrained by the Covid-19 pandemic, investments in smart energy infrastructure are expected to grow as governments across several countries are investing heavily on modernization of energy infrastructure. For instance, In Europe, grid expansion plans for 2021-2030 provide the foundation for increased investment, supported by economic recovery schemes. While the European Commission's 2030 climate ambition plan released in September 2020 foresees annual grid investments of ~USD 70 billion during 2021-2030. In addition, In 2020, the State Grid Corporation of China also announced plans to invest ~CNY?25 billion (USD 3.5 billion) in digital infrastructure to support tech-based projects as part of efforts to revitalise the economy.
Thus, rising investment on modernize the existing energy infrastructure is expected to drive the growth of smart energy management system over the forecasted period. Since the energy industry was among the most vulnerable and affected industries during the pandemic, it is anticipated that it will recover with a considerable growth rate over the next few years.
Smart Energy Management Market Overview
The overall smart energy management market is segmented based on energy source (renewable (solar, wind, others) & non-renewable/conventional), offering (solution (smart meters, data and device management, pv monitoring, smart grid, power electronics devices, smart energy storage, communication network devices, others), software, consulting & services), function (grid operation (meter data management, grid control, management, & monitoring, distribution automation, microgrid management, others), renewable energy management, distributed energy management, energy storage & grid security/cybersecurity), end user (energy utilities providers, consumers (residential, commercial, & industrial (manufacturing, construction, telecom and it, government & public sector, healthcare & other industrial end-users)), and geography. The study also evaluates industry competitors and analyses the market at the country levels.
Based on energy source, the overall smart energy management market is segmented into non-renewable energy source and renewable energy source. In 2022, the non-renewable energy segment is estimated to command the largest share of the overall smart energy management market. Increasing energy consumption across different end use industries and rising adoption of energy management system to reduce greenhouse gas emission is expected to drive market growth.
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Based on function, the smart energy management market is segmented into grid operation, renewable energy management, distributed enegy management, energy storage, and grid security/cybersecurity. In 2022, the grid operation segment is estimated to command 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 deployment of smart grids and strong focus on modernization of grid infrastructure, and increasingly complex distribution environment.
Based on end user, the smart energy management market is segmented into energy utilities providers and consumers. The consumer segment is further sub-segmented into residesntil, commercial, and industrial. In 2022, the industrial segment is estimated to command the largest share of the overall smart energy management market. Rising adoption of energy management system to reduce the risks associated with volatile energy prices and supply, maximize energy savings, and reduce operational expenditure, increasing energy consumption across different industrial sectors and rising inclination towards making manufacturing processes clean and efficient is driving market growth. However, commertial sector is expected to grow with highest CAGR during the forecasted period owing to the growing demand for uninterrupted, reliable and efficient energy sources.
Based on geography, the global smart energy management market is broadly segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa region. In 2022, North America is estimated to command the largest share of the global smart energy management market and is expected grow with fastest CAGR during the forecasted period. Increasing government investment on smart energy infrasturcure is expected to drive the market growth. For instance, in 2021, The U.S. Department of Energy (DOE) today announced $61 million for 10 pilot projects that will deploy new technology to transform thousands of homes and workplaces into state-of-the-art, energy-efficient buildings.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years. The global smart energy management market is consolidated and dominated by a few major players, namely Asea Brown Boveri (ABB) Ltd. (Switzerland), General Electric Company (U.S.), Honeywell International, Inc. (U.S.), Schneider Electric SE (France), Emerson Electric Co. (U.S.), Johnson Controls International Plc (Ireland), Cisco Systems, Inc. (U.S.), Siemens AG (Germany), Driivz Ltd. (Israel), Telit (U.K.), Tata Consultancy Services (TCS) (India), Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), LG Electronics Inc. (South Korea), NEC Corporation (Japan), SAGE Automation (Australia), Vivint, Inc. (U.S.), Alarm.com (U.S.), Ecobee (Canada), EnergyHub, Inc. (U.S.), Comcast Cable (U.S.), and EcoFactor, Inc. (U.S.) among others.
Browse in-depth TOC on "Smart Energy Management Market - Global Opportunity Analysis And Industry Forecasts (2022-2029) "
310 - Tables
45 - Figures
250 - Pages
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Scope of the Report:
Smart Energy Management Market, by Energy Source
- Renewable
- Solar
- Wind
- Others
- Non-Renewable/Conventional
Smart Energy Management Market, by Offering
- Solution
- Smart Meters
- Data and Device Management
- PV Monitoring
- Smart Grid
- Power Electronics Devices
- Smart Energy Storage
- Communication Network Devices
- Other Solutions (Automatic Transfer Switch)
- Software
- Consulting & Services
Smart Energy Management Market, by Function
- Grid Operation
- Meter Data Management
- Grid Control, Management, & Monitoring
- Distribution Automation
- Microgrid Management
- Others (Smart Communication & Wide Area Monitoring)
- Renewable Energy Management
- Distributed Energy Management
- Energy Storage
- Grid Security / Cybersecurity
Smart Energy Management Market, by End User
- Energy Utilities Providers
- Consumers
- Residential
- Commercial
- Industrial
- Manufacturing
- Construction
- Telecom and IT
- Government & Public Sector
- Healthcare
- Other Industrial End-Users
Smart Energy Management Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Denmark
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Malaysia
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle East and Africa
- UAE
- Israel
- Rest of MEA
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