Global Smart Energy Market 2016-2020
About the Smart Energy Market
The smart energy market can be simply defined as the one that constitutes devices that have inbuilt artificial intelligence to carry out their daily activities without any human interference. The smart energy market comprises multiple technologies such as smart grids, smart homes, and smart solar and digital oil fields. Smart grids are systems that use digital communication technologies in electricity generation, transmission, and distribution, thereby automating the value chain. Smart grids comprise devices and technologies such as smart meters, grid optimization, distributed generation, and storage. Smart homes are equipped with modern technologies such as lighting and heating that can be controlled remotely by smartphones or remotes.
Technavio’s analysts forecast the global smart energy market to grow at a CAGR of 14.91% in terms of revenue during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart energy market for 2016-2020. The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Energy Market 2016-2020
Technavio recognizes the following companies as the key players in the global smart energy market: GE Energy, Itron, Landis +Gyr, Sensus, Siemens, ABB, and S&T.
Commenting on the report, an analyst from Technavio’s team said: “A trend contributing to market growth is the high rate in the deployment of smart grids. The deployment of smart grids is increasing rapidly worldwide with countries such as China, the US, India, Spain, Germany, and France enforcing ambitious smart grid plans. Smart grids include grid applications such as smart energy meters, SCADA systems, IT, and other communication networks. These devices enable utilities to have complete control and manage the digital assets that are present in the field.”
According to the report, a key growth driver is the rise in investments in smart grid technologies. Rise in population and subsequent increase in power consumption have resulted in high demand for power across geographies. With increased power consumption, generation, and increased contribution of renewable sources of energy, different countries such as the US, China, India, and the UK have been upgrading their grids to incorporate multiple sources of energy to be smarter than their predecessors. Smart grids are expected to reduce the T&D losses and effectively balance the demand and supply of electricity. Consequently, investments in smart grid technologies have increased and propelled the growth of smart grid IT systems.
Further, the report states that one challenge that could restrict market growth is the high cost of upgrading smart grids.
GE Energy, Itron, Landis +Gyr, Sensus, Siemens, ABB, S&T.