Rise in investment in smart grid technologies, increase in shift toward efficient energy technologies, and advanced metering infrastructure fuel the growth of the global smart energy market. Based on product, the smart grid segment accounted for the highest market in 2019. Moreover, the market across North America dominated in 2019 and would lead the trail throughout the forecast period.
Portland, OR, Feb. 16, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart energy market was pegged at $124.0 billion in 2019, and is anticipated to reach $253.1 billion by 2027, registering a CAGR of 9.6% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in investment in smart grid technologies, increase in shift toward efficient energy technologies, and advanced metering infrastructure fuel the growth of the global smart energy market. On the other hand, high capital investment and integration of complex technologies restrain the growth to some extent. Nevertheless, favorable government policies are projected to create multiple opportunities in the industry.
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Covid-19 scenario-
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The outbreak of covid-19 led to rise in the trend of mobile payments, which in turn boosted the global smart energy market.
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This trend is likely to continue post pandemic as well, since digital payment system caters to the social distancing norms mandated by different government bodies and has become a preferred choice among individuals.
The global smart energy market is analyzed across operating system, product, end user, and region. Based on product, the smart grid segment contributed to more than two-thirds of the total market revenue in 2019, and is projected to lead the trail by 2027. At the same time, the smart solar segment would manifest the fastest CAGR of 12.7% during the study period.
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Based on end-use, the industrial segment accounted for nearly half of the total market share in 2019, and is anticipated to rule the roost by 2027. In addition, the segment would manifest the fastest CAGR of 10.1% during the forecast period.
Based on geography, North America held the highest share in 2019, garnering nearly half of the global smart energy market. Simultaneously, the region across Asia-Pacific would exhibit the fastest CAGR of 10.7% from 2020 to 2027. The other two provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global smart energy market report include General Electric, Itron, Honeywell International, Siemens, ABB Group, and Larsen & Toubro. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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