In today’s world of modern era, smart energy system is on top priority as for most companies, smart energy has an important role owing to its ability to drive down cost. Smart energy systems are more than metering and electrical grids that are coordinated to identify synergies and encompassed with storage technologies between them to obtain optimal solution for every individual sector. Modern technologies such as IoT provides a broad range of applications in energy sector including energy transmission & distribution, supply, and demand.
Increase in need for renewable energy sources and rise in environmental concerns are some of the major factors that are fueling the global smart energy system market. Further, use of smart meters help the user to check how much energy is been used by them. It also offers numerous benefits to the user such as no need to submit meter readings, highlighting faulty appliances, accurate bills, and can closely track usage & spending. Thus, rollout of smart meters coupled with increase in investment for smart grid technologies is boosting the market growth. Also, there is increase in depletion of fossil fuels which is driving the growth of the global market. Furthermore, growing emphasis on enhancing system reliability and efficiency may have ample opportunities for the growth of the global market during the forecast period. However, high capital investment associated with smart energy system may hamper the market growth.
The global smart energy system market is segregated based on product, end-user, and region. Based on product, the market is classified into home energy management system, smart solar, digital oilfield, and smart grid. Commercial, industrial, and residential are the end-users of the market.
Among the regions, North America is estimated to hold largest market share in the global smart energy system market during the forecast period. Factors such as presence of advanced technologies, heavy investment for the development of infrastructure, and growing environmental concerns are fostering the market growth in this region. On the other hand, Asia Pacific is expected to be the fastest growing region. Rise in application of smart energy devices in countries like Japan & China, increase in importance for the use of wind & solar energy, and depleting fossil fuels are the prominent factors spurring the market in APAC.
Robert Bosch GmbH, S&T Smart Energy GmbH, Landis+Gyr AG, Siemens AG, ABB Ltd., International Business Machines Corp., General Electric Co., Honeywell International Inc., Essent, Itron Inc. and Larsen and Toubro Ltd. are the dominant players operating in global smart energy system market. In Sept 2021, Essent launched smart energy as a service. The system is managed by an AI-based digital layer, ectocloud, to optimize the energy use.
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