Smart energy devices market
includes smart meters or displays that are connected to smart appliances for various purposes. Smart meters provide two-way communication. Smart energy devices market helps in maintaining more reliable electrical service. It helps us in finding ways to save money and energy.
Smart energy device market is a critical component for the advancing process industry. Since past decade, the market has been experiencing a rapid growth in with advancements in technology, increasing automation, and integrating the entire value chain of industry. Increased requirements of smart energy devices by consumers for safety, security and convenience, demand for energy efficient solutions, and developments in Internet of Things are the key drivers for the growth of the smart energy devices market.
There is a
growing need for smart energy-efficient homes
, offices and industrial plants, and this need is increasingly being supported by regulations. Hence there is a growing market for technologies enabling this through the deployment of smart metering as well as intelligent monitoring control systems, heating and lighting.
The global market for smart energy devices market was estimated to be $XX billion in 2015. The global market for smart energy devices market is estimated to grow at a CAGR of XX% and is forecast to reach $XX billion by 2021. The smart meters are forecast to have the highest growth of X% during the forecast period 2016-2021. Water treatment, power consumption are the major end-users for smart energy devices market. As smart energy devices market is an important component in power generation industry. Increasing investment in expanding power generation capacity would drive the demand for smart energy devices market.
The smart energy devices market has been classified on the basis of type into smart meters, smart displays, smart home appliances, smart kitchen, and others. By component into power, memory, processing and communication interface; by operation into emission reductions, security of energy supply, reducing carbon foot print, quality service to end user; and by end-user. Owing to benefits such as lower price as well as lower power consumption, smart energy devices market is being used across industry verticals. However, power generation and water treatment are key end use industries of the global smart energy devices market.
America is the leading market for smart energy devices market with North America leading the charge. American region is forecast to have highest growth in the next few years due to growing adoption of smart energy devices market in industrial applications. America smart energy devices market accounts to XX% of the global market in terms of revenue followed by Asia-Pacific.
There are many key players operating in the global smart devices market which hold the majority market share of around XX% in 2015 such as:
- GE Energy
- Landis + Gyr
- Senus, Simens
- ABB and others