Smart energy: Key market research findings
- Investments in smart grid technologies to drive market growth
- The Americas to dominate the market geographically
- Key vendors – GE Energy, Itron, Landis + Gyr, Sensus, Siemens, ABB, S&T
Technavio’s market research analysts predict the global smart energy market to grow at a CAGR of almost 15% between 2016 and 2020. The market’s growth is augmented by the investments made in smart grid technologies. Smart grids are expected to reduce the T&D losses and effectively balance the demand and supply of electricity. The emergence of smart grids is resulting in the creation and growth of innovative technologies for power supply. During 2015, the Americas dominated the global smart energy market by accounting for around 44% of the overall market share. The significant smart grid activities in the region coupled with the modernization of the power sector will drive growth in the smart energy market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the smart energy segments based on the application.
“Of late, there has been a substantial rise in the deployment of smart grids. This trend is stimulated by the enforcement of smart grid plans in countries such as China, the US, India, Spain, Germany, and France. Smart grids include grid applications like 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,” says Vishu Rai, Lead Analyst, Energy, Technavio Research.
By 2020, the smart grid segment will account for almost 84% share the market to become the dominant revenue generator. Currently, the US is an international leader in smart grid technologies and services and leads the development and deployment of smart grids. This segment of the market is expected to reach almost $281 billion in terms of revenue by 2020.
The key vendors in the global smart energy market include GE Energy, Itron, Landis + Gyr, Sensus, Siemens, ABB, S&T. The global smart energy market is a moderately competitive one with a number of major vendors. In this market, the vendors compete for market shares on the basis of quality, price, and presence. The market has quite a few well-diversified international vendors who have large portfolios of energy-related equipment and services in different sectors. Equipment and services solutions can be customized to meet customer needs. All of the major vendors are investing in R&D because of the increased demand for product extensions and technological innovations. Governments across the globe are also supportive of the development of smart energy applications like smart grids and HEMS.
A more detailed analysis is available in the Technavio report, Global Smart Energy Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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