Global Smart Energy Management Market

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 2025-2032


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

Smart Energy Management Market Insights

Smart Energy Management Market size was valued at USD 31.02 Billion in 2023 and is poised to grow from USD 34.74 Billion in 2024 to USD 86.03 Billion by 2032, growing at a CAGR of 12% during the forecast period (2025-2032).

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.

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Smart Energy Management Market size was valued at USD 31.02 Billion in 2023 and is poised to grow from USD 34.74 Billion in 2024 to USD 86.03 Billion by 2032, growing at a CAGR of 12% during the forecast period (2025-2032).

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. '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 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.

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 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. 

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Global Smart Energy Management Market

Report ID: SQMIG45A2052

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