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Connected Energy Market Size, Share, and Analysis, By Type (Smart Solar, Smart Grid, Digital Oilfields, and Home Energy Management Systems), By Application (Residential, Commercial, and Industrial), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
Connected Energy Market is projected to exhibit a Compound Annual Growth Rate (CAGR) of XX% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD XX billion and is projected to reach USD XX billion by the completion of 2034.
Connected energy refers to using digital technologies like smart devices, sensors, and data analytics to improve the functioning of energy systems. It helps to use energy better, making it more dependable and reducing its impact on the environment. Connected energy comprises of important components such as smart grids, energy management systems (EMS), energy storage solutions, and Internet of Things (IoT) devices. They help in managing and controlling energy consumption to reduce additional expenses and promptly address fluctuations and obstacles. Furthermore, connected energy systems can make better use of solar and wind power by efficiently storing energy, thus allowing them to modify their energy output.
Connected energy market is forecasted to achieve a value of USD XX billion, owing to the integration of digitization and management of energy. Connected energy market is focused on integrating multiple energy sources and systems using modern technologies such as IoT, AI, and blockchain. The fundamental goal is to improve energy production, distribution, and consumption, which results in better efficiency and sustainability. Also, the sector is seeing a growth in collaboration between technology businesses and energy providers. Therefore, as energy systems become more integrated, the sector will offer options to fulfill growing energy consumption and the desire for greener alternatives.
Source: Fatpos Global
Connected Energy Market is segmented based on Type into Smart Solar, Smart Grid, Digital Oilfields, and Home Energy Management Systems. The Smart Grid segment is expected to lead the market as advanced digital technology is used by smart grids to improve the efficiency and reliability of electricity distribution. They allow monitoring and managing of the grid in real-time, which reduces the loss of energy and ensures a consistent power supply. Moreover, smart grids improve the demand for energy management by adapting electricity distribution based on the amount of usage and averting power failures. Furthermore, using technologies like IoT, AI, and big data analytics in smart grids improves their ability to monitor and even control the flow of energy, thereby resulting in better efficiency and intelligent energy usage.
Connected energy market is classified based on Application into Residential, Commercial, and Industrial. The commercial segment will lead the connected energy market. Commercial buildings such as office spaces, retail locations, and hotels hold a major influence in the connected energy market due to massive energy demands from constant operations and large facilities. Also, effective energy conservation is important for lowering operating expenses, which results in financial benefits from investing in energy-efficient solutions. Moreover, commercial buildings are required to follow energy efficiency and environmental rules, which force them to use smart energy technologies to stay compliant.
Source: Fatpos Global
Growing Energy Demand is Important to Boost the Adoption of Connected Energy
An increase in energy demand is one of the major factors for the growth of the connected energy market. Due to fast urbanization and population growth, there is a major rise in the need for energy, which requires an effective energy management system. Modern energy management technologies offer an effective solution, which allows these industries to manage the workload more efficiently. Moreover, the use of technology in homes and companies further increases the energy demand and highlights the need for connected energy solutions to manage this development. Besides, with the growing need for energy, it is important to use it effectively and reduce extra costs. Thus, connected energy solutions help in this by monitoring energy usage in real time.
Government Regulations and Incentives Will Aid the Market
Government regulations and incentives play an important role in boosting the growth of the connected energy market. Tax credits offered by governments can motivate businesses and consumers to invest in connected energy solutions like smart appliances or energy-efficient equipment, which reduces upfront expenses. Government-mandated energy efficiency standards force industries and buildings to adopt smart energy solutions to meet these requirements. In addition, the objective of the government to increase the use of renewable energy is also driving the market forward as integrated energy solutions help to incorporate sources like solar and wind into the grid.
High Initial Costs Can Limit the Growth of the Connected Energy Market
High upfront costs act as a major barrier to the growth of the connected energy market. The starting costs for integrated energy solutions, such as smart meters or energy management systems, can be relatively expensive which may cause companies and customers to reconsider investments. In addition, the challenge of installing and maintaining energy systems can increase the expenses of their setup and operation, which contribute to the already high initial costs. Furthermore, the high initial expenses of these solutions make them too expensive for a lot of people, which decreases the market size. Moreover, potential investors can hesitate to invest in connected energy technologies due to changing government policies related to renewable energy, which limits market growth.
Connected Energy Market is segmented based on regional analysis into five key regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The North American region is expected to lead the connected energy market as this region has a strong need for effective energy management solutions due to the high levels of energy consumption. Also, North America's well-developed infrastructure makes it easier to integrate connected energy technologies like smart grids and energy management systems. Moreover, the growth and adoption of advanced connected energy technologies are driven by leading technology firms and a culture of innovation.
On the other hand, the connected energy market in Asia Pacific is growing due to high investments in renewable energy and government efforts that promote sustainable energy solutions. Besides, industrialization is also increasing the demand for efficient energy management systems throughout the Asia Pacific region.
Source: Fatpos Global
COVID-19 pandemic had a mixed impact on the connected energy market. The global supply chains were impacted by the pandemic, which led to delays in producing and delivering interconnected energy components. Lockdowns and a lack of workers further led to the delay of several connected energy projects. Additionally, during the pandemic economic instability caused a decline in investment in new energy projects, as companies and individuals prioritized necessary expenses. Furthermore, due to the pandemic, certain governments implemented additional or new incentives for renewable energy and energy efficiency projects, which led to growth in the market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2034 |
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Base Year |
2023 |
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Forecast Period |
2024-2034 |
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Historical Period |
2019-2022 |
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Growth Rate |
CAGR of XX% from 2024-2034 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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By Type |
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By Application |
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By Region |
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Connected Energy Market size was valued at USD XX billion in 2023 and is projected to reach the value of USD XX billion in 2034, exhibiting a CAGR of XX% during the forecast period.
The Connected Energy Market focuses on the integration of digital technologies with energy systems to enhance efficiency, reliability, and sustainability
The Smart Grid segment and the Commercial segment accounted for the largest Connected Energy Market share.
Key players in the Connected Energy Market include ABB Ltd., Honeywell International Inc., Toshiba Corporation, General Electric Company, Panasonic Corporation, Cisco Systems, Inc., Rockwell Automation, Inc., Siemens AG, Eaton Corporation, IBM Corporation, Schneider Electric SE, Johnson Controls International plc, Oracle Corporation, Huawei Technologies Co., Ltd., Mitsubishi Electric Corporation, and Other Prominent Players.
The rising energy demand and government regulations and incentives are the factors driving the connected energy market.
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