Smart energy market to reach $253.1 B by 2027
The smart energy market is projected to soar to $253.1 billion by 2027, doubling in size from 2019.
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With a value of $124 B in 2019, this dynamic sector is poised for exponential growth, projected to double in size from 2019 and soar to $253.1 billion by 2027, growing at a CAGR of 9.6 % from 2020 to 2027. The smart energy revolution illuminates a path towards a greener, more efficient future.
Smart energy integrates diverse energy infrastructure to deliver sustainable, reliable, and flexible power to a wide user base. By using distributed generation, it helps lower electricity costs, boost reliability, and reduce emissions. Real-time pricing enables consumers to adjust usage and better manage energy expenses.
Advancements in IoT, AI, and data analytics are transforming energy systems – from smart grids to intelligent devices – helping reduce waste and environmental impact. Growing adoption of renewables like solar and wind, along with mandatory smart meter installations, is accelerating market growth. For example, India plans to replace 250 million traditional meters with smart ones. Additionally, the shift to efficient energy technologies and wider IoT adoption will continue to fuel smart grid demand.
Key market players: General Electric, Itron, Honeywell International, Siemens, ABB Group, Larsen & Toubro, etc.
Source: Taiwan News
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