Sunday Nov 27, 2022

Smart Energy Market Size is projected to reach USD 343.10 Billion by 2030, growing at a CAGR of 10.2%: Straits Research – GlobeNewswire

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New York, United States, Aug. 23, 2022 (GLOBE NEWSWIRE) — Smart energy prioritizes renewable energy development while minimizing production costs. Smart energy grids include electricity, gas, and heat. China, the U.S., and the U.K.’s transition to energy-efficient technology will boost smart grid demand. Increased infrastructure construction spending is expected to grow sophisticated metering infrastructure technology. For energy management and consumption monitoring, residences, businesses, and industrial buildings need advanced metering equipment. Smart energy requires large capital expenditures and complex technology, the initial phase’s most significant barriers.

Instrumentation, network infrastructure, and network management software are needed for smart energy installations. Favorable government rules and a focus on renewable energy will undoubtedly boost industry prospects.

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Growing Demand for Alternative Energy Drives the Global Market

It is projected that a substantial increase in the demand for reliable power solutions that can support large-scale manufacturing activities will be the primary driver driving market expansion. As both the commercial and industrial sectors engage in new power sources for a variety of big data centers and telecommunications enterprises, this will benefit the industry’s growth.

The increased use of petroleum products accounted for 70% of the rise in world energy production. In contrast, 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.

 

Report Scope

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Source: https://www.globenewswire.com/news-release/2022/08/23/2503348/0/en/Smart-Energy-Market-Size-is-projected-to-reach-USD-343-10-Billion-by-2030-growing-at-a-CAGR-of-10-2-Straits-Research.html

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Report Metric Details
Market Size USD 343.10 Billion by 2030
CAGR 10.2% (2022-2030)
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units