USD 27.7 billion
Smart Energy Management Market Size, Share, Growth Analysis, By Energy Source(Renewable and Non-Renewable), By Offering(Solution, Software, and Consulting & Services), By Function(Grid Operation, Renewable Energy Management, Energy Storage, Grid Security/Cybersecurity), By End User(Energy Utilities Providers and Consumers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2052 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
59
|Figures:
75
Smart Energy Management Market Insights
Global 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).
A smart energy management system is a computer-based system used by operators of electric utility grids to monitor, control, and optimize the performance of the generation or transmission system. The system is designed to reduce energy consumption, improve the utilization of the system, increase reliability, & predict electrical system performance as well as optimize energy usage to reduce cost. Over the past two decades, energy management systems have emerged as a proven best practice methodology to ensure sustainable energy efficiency and improve performance across industries.
The smart energy management market is broadly segmented into renewable and non-renewable/conventional. The non-renewable/conventional segment is estimated 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. Factors such as increasing energy consumption across different end-use industries and rising adoption of energy management systems to reduce greenhouse gas emissions are expected to drive market growth.
Rising energy demand and price volatility, increasing awareness about carbon footprint management, and growing inclination towards efficient energy management are the major factors driving the market growth. In addition, increasing investment in smart city projects and rising government investment in the modernization of aging infrastructure are expected to offer prominent growth opportunities for the growth of this market. However, the high cost associated with the replacement of existing infrastructure is expected to restrain the growth of this market. In addition, rising privacy & security concerns are also challenging the growth of the market.
US Smart Energy Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Renewable
Fastest Growth
Renewable
Growth Rate
12% CAGR
Global Smart Energy Management Market ($ Bn)
Country Share for North america Region (%)
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Smart Energy Management Market Segmental Analysis
Global Smart Energy Management Market is segmented by energy source, offering, function, end user, and region. Based on energy source, the market can be segmented into Renewable and Non-Renewable. Based on offering, the market is segmented into Solution, Software, and Consulting & Services. Based on function, the market is segmented into Grid Operation, Renewable Energy Management, Energy Storage, Grid Security/Cybersecurity, and Others. Based on end user, the market is segmented into Energy Utilities Providers and Consumers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Energy Management Market Analysis by Energy Source
By energy source, the smart energy management market is segmented into non-renewable energy source and renewable energy source. 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.
Smart Energy Management Market Analysis by End User
By End user, the market is segmented into utilities providers and consumers. The consumer segment is further sub-segmented into residential, commercial, and industrial. The industrial segment is expected to account for the largest share of the overall smart energy management market. The growing investment in advanced technologies, increasing energy consumption across different industrial sectors, and rising inclination towards making manufacturing processes clean and efficient is driving the market growth.
Global Smart Energy Management Market By Energy Source
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Smart Energy Management Market Regional Insights
North America is expected to account for the largest share of the global 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.
China dominates the smart energy management market in Asia Pacific because of the significant demand from industries, including the automobile and electrical sectors. As a result of the increasing ambition and population, the region consumes more than half of the world's total energy. In China and India, the smart energy industry has grown significantly. China has become the world's largest producer of bioelectricity and is a prominent player in hydropower, onshore wind power, and solar photovoltaics. In addition, a surge in the production of electric vehicles in the region is one of the most critical factors contributing to the region's market potential.
Global Smart Energy Management Market By Region
- Largest
- Fastest
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Smart Energy Management Market Dynamics
Smart Energy Management Market Drivers
Rise of Smart Energy to Bolster Market Growth
- 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 global 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.
Smart Energy Management Market Restraints
Expensive Investment to Hinder Market Growth
- Deploying a completely automated and high- tech EMS system in buildings or industries requires substantial initial investment. Every industry wants a cost cut in its consumption. So, they require management systems to monitor the energy consumption of different machines and plants. Although the deployment of energy- efficient solutions and measures leads to substantial cost and energy savings in the long term, it requires sizable initial investments. There could be situations in which industries, companies, and manufacturing units do not have the funds required to undertake the investments in EMS. Such an investment is not feasible for small or medium- scale industries. The hardware components of energy management systems cost much more than the software and service components.
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Smart Energy Management Market Competitive Landscape
The Global 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.
Smart Energy Management Market Top Players Company Profiles
- 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
Smart Energy Management Market Recent Developments
- In October 2020, the Japanese government announced its plans to achieve net zero carbon emissions by 2050.
- In May 2021, the German government set new targets to reduce its carbon footprint. Under the new targets, Germany will aim for a 65%, 88%, and nearly 0% net carbon emission by 2030, 2040, and 2045 respectively.
Smart Energy Management Key Market Trends
- 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.
Smart Energy Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Smart Energy Management Market analysis, a rise in global warming issues will increase the demand for solar energy worldwide and government concern about escalating issues. Various nations are introducing new rebates and incentive programs for installing smart energy technology, such as smart solar. Tax incentive programs are predicted to encourage residential and industrial end-users to adopt smart energy. Engage in new power sources for a variety of big data center and telecommunications enterprises, this will benefit the industry's growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 27.7 billion |
| Market size value in 2031 | USD 76.81 billion |
| Growth Rate | 12% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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 Management 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Management 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the Smart Energy Management 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 Management 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 Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Energy Management 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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