Dublin, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The "Smart Energy Management Market by Energy Source, Offering, Function, End User and Geography - Global Forecasts to 2029" report has been added to ResearchAndMarkets.com's offering.
The global smart energy management market is expected to reach $47.64 billion by 2029, growing at a CAGR of 15.0% during the forecast period of 2022-2029.
The growth of this market is attributed to the rising energy consumption and price volatility, increasing awareness about carbon footprint management, growing inclination towards efficient energy management, and rising inclination towards corporate responsibility and brand image.
In addition, modernization of aging infrastructure, upcoming smart city projects in developing economies, and integration of energy management systems with smart devices is expected to offer significant growth opportunities for the growth of this market. However, the high initial cost of deployment, non-standardized guidelines, and lack of financial resources restrains the growth of this market to a certain extent.
Based on energy source, the market is segmented into non-renewable energy source and renewable energy source. In 2022, the non-renewable energy source segment is expected to account for the largest share of the overall smart energy management market. Increasing energy consumption across different end-use industries and the rising adoption of energy management systems to reduce greenhouse gas emissions are expected to drive market growth.
Based on function, the market is segmented into grid operation, renewable energy management, distributed energy management, energy storage, and grid security/cybersecurity. In 2022, 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.
Based on end user, the market is segmented into utilities providers and consumers. The consumer segment is further sub-segmented into residential, commercial, and industrial. In 2022, the industrial segment is expected to account for the largest share of the overall smart energy management market. Companies are looking more closely at their energy profiles to identify cost reduction, decarbonization, and resilience opportunities.
They are increasingly adopting energy management technologies and considering onsite resources, such as renewable energy and energy storage. The 2020 Deloitte and Manufacturers Alliance for Productivity and Innovation Smart Manufacturing Ecosystems Study identified that 80% of manufacturers surveyed invest in plant consumption and energy management use cases for the smart factory.
Thus, the growing investment in advanced technologies, increasing energy consumption across different industrial sectors, and rising inclination towards making manufacturing processes clean and efficient are driving the market growth. However, the commercial sector is expected to grow with the highest CAGR during the forecast period due to the growing demand for uninterrupted, reliable, and efficient energy sources.
Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. In 2022, North America is expected to account for the largest share of the global smart energy management market. Due to government regulations for cost savings and optimizing energy consumption, homes, industries, and enterprises have increasingly adopted energy management solutions. In addition, increasing government investment in smart energy infrastructures is expected to create growth opportunities for the smart energy management system. In 2021, The U.S. Department of Energy (DOE) announced $61 million for ten pilot projects to deploy new technology to transform thousands of homes and workplaces into state-of-the-art, energy-efficient buildings.
Some of the key players operating in the global smart energy management market are 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.).
Key questions answered in the report:
- Which are the high-growth market segments in terms of energy source, offering, function, end user, and countries?
- What is the historical market for smart energy management across the globe?
- What are the market forecasts and estimates from 2022-2029?
- What are the major drivers, restraints, and opportunities in the global smart energy management market?
- Who are the major players in the global smart energy management market, and what shares of the market do they hold?
- Who are the major players in various countries, and what shares of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global smart energy management market?
- What are the different strategies adopted by the major players in the global smart energy management market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the global smart energy management market and how do they compete with the other players?
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Insights
4.1. Introduction
4.2. Global Smart Energy Management Market Drivers: Impact Analysis (2022-2029)
4.2.1. Rising Energy Demand and Price Volatility
4.2.2. Increasing Awareness About Carbon Footprint Management
4.2.3. Growing Inclination Toward Efficient Energy Management
4.3. Global Smart Energy Management Market Restraints: Impact Analysis (2022-2029)
4.3.1. High Costs of Replacing Existing Infrastructure
4.4. Global Smart Energy Management Market Opportunities: Impact Analysis (2022-2029)
4.4.1. Increasing Investments in Smart City Projects
4.4.2. Rising Government Investments in the Modernization of Aging Infrastructure
4.5. Global Smart Energy Management Market Challenges: Impact Analysis (2022-2029)
4.5.1. Rising Privacy & Security Concerns
4.6. Global Smart Energy Management Market Trends
4.6.1. Growing Inclination Toward Energy Decentralization
4.6.2. Rising Adoption of Smart Meters
4.6.3. Growing Interest in Renewables for Smart Energy Management
4.7. Key Case Studies in Global Smart Energy Management Market, by End User
4.7.1. Industries
4.7.1.1. Manufacturing: Asea Brown Boveri (Abb) Ltd. (Switzerland) Helped Hermes International Ltd. Food Factory (Croatia) To Incorporate Ability Energy and Asset Manager
4.7.1.2. Telecom & It: Abb (Switzerland) Provided Electrification Products and An Uninterruptible Power Supply (Ups) Module To Systemec (Netherlands)
4.7.1.3. Government & Public Sector: Socomec (France) Provided A Power Conversion and Storage System To European Regional Development Fund (Erdf)
4.7.1.4. Healthcare: Direct Energy (U.S.) Provided Its Smart Energy Management To Excela Health (U.S.)
4.7.1.5. Other End Users: S2g Energy (Mexico) Helped Altex Group (Mexico) To Manage Its Energy Expenditures
4.7.1.6. Other End Users: Centrica (U.K.) Deployed Energy Insights Solutions and Helped Cemex S.A.B. De C.V. (Mexico) Needed To Reduce Energy Consumption
4.7.2. Residential: Idex (U.S.) Created Meridia Smart Energie for Metropole Nice Cote D'azur (France)
4.7.3. Commercial: Honeywell International Inc. (U.S.) Helped in Managing Energy Infrascture of the T.G.I. Friday's Group of Restaurants (Carlson Restaurants Worldwide, Inc.) (U.S.)
4.7.4. Commercial: Honeywell International Inc. (U.S.) Assisted Hamdan Bin Mohammed Smart University (Hbmsu) (United Arab Emirates) in Managing Energy Consumption
4.7.5. Commercial: Enesol (Australia) Provided Smart Energy Management System To Chrysalis School for Rudolf Steiner Education (Australia)
4.7.6. Energy Utilities Providers: Eurotech Everyware Cloud Provided Edge-To-Cloud Architecture for Power Management To Edison (Italy)
5. The Impact of Covid-19 On the Smart Energy Management Market
6. Smart Energy Management Market, by Energy Source
6.1. Introduction
6.2. Non-Renewable/Conventional
6.3. Renewable
6.3.1. Wind
6.3.2. Solar
6.3.3. Other Renewable Energy Sources (Hydro Energy, Bioenergy, Geothermal Energy)
7. Smart Energy Management Market, by Offering
7.1. Introduction
7.2. Solutions
7.2.1. Smart Meters
7.2.2. Data and Device Management
7.2.3. Smart Grids
7.2.4. Power Electronic Devices
7.2.5. Smart Energy Storage
7.2.6. Communication Network Devices
7.2.7. PV Monitoring
7.2.8. Other Solutions
7.3. Software
7.4. Consulting & Services
8. Smart Energy Management Market, by Function
8.1. Introduction
8.2. Grid Operation
8.2.1. Meter Data Management
8.2.2. Microgrid Management
8.2.3. Grid Control, Management, & Monitoring
8.2.4. Distribution Automation
8.2.5. Other Grid Operations
8.3. Distributed Energy Management
8.4. Renewable Energy Management
8.5. Energy Storage
8.6. Grid Security/Cybersecurity
9. Smart Energy Management Market, by End User
9.1. Introduction
9.2. Consumers
9.2.1. Industrial
9.2.1.1. Manufacturing
9.2.1.2. Construction
9.2.1.3. Telecom & It
9.2.1.4. Government & Public Sector
9.2.1.5. Healthcare
9.2.1.6. Other Industrial End Users
9.2.2. Residential
9.2.3. Commercial
9.3. Energy Utilities Providers
10. Smart Energy Management Market, by Geography
11. Competitive Landscape
11.1. Introduction
11.2. Key Growth Strategies
11.2.1. Market Differentiators
11.2.2. Synergy Analysis: Major Deals & Strategic Alliances
11.3. Competitive Dashboard
11.3.1. Industry Leaders
11.3.2. Market Differentiators
11.3.3. Vanguards
11.3.4. Emerging Companies
11.4. Vendor Market Positioning
11.5. Market Share Analysis (2021)
11.5.1. Asea Brown Boveri (Abb) Ltd. (Switzerland)
11.5.2. Schneider Electric SE (France)
11.5.3. General Electric Company (U.S.)
11.5.4. Johnson Controls International Plc (Ireland)
11.5.5. Siemens AG (Germany)
12. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
12.1. Alarm.Com Holdings, Inc.
12.2. Asea Brown Boveri (Abb) Ltd.
12.3. Cisco Systems, Inc.
12.4. Driivz Ltd. (A Subsidiary of Vontier Corporation)
12.5. Ecobee (Generac Holdings Inc.)
12.6. EcoFactor, Inc. (Trane Techonologies PLC)
12.7. Emerson Electric Co.
12.8. General Electric Company
12.9. Honeywell International Inc.
12.10. Johnson Controls International PLC
12.11. LG Electronics, Inc.
12.12. NEC Corporation
12.13. Panasonic Corporation
12.14. Robert Bosch GmbH
12.15. Sage Automation
12.16. Schneider Electric SE
12.17. Siemens AG
12.18. Tata Consultancy Services (TCS)
12.19. Telit Communications PLC
12.20. Vivint Smart Home, Inc.
13. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/jjlz3f
