According to a recent report published by MarkWide Research, titled “Connected Energy Market,” the global market for connected energy solutions is set to surge, projecting a projected Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period from 2023 to 2030. The increasing adoption of smart grid technology and the pursuit of sustainable energy solutions are driving the growth of this market.
Overview of the Connected Energy Market:
Connected energy solutions encompass technologies and systems that enable efficient energy generation, distribution, and management.
The Connected Energy Market is experiencing growth due to several key factors:
- Smart Grids: Smart grid technology improves energy distribution and efficiency.
- Renewable Energy Integration: Connected energy solutions support the integration of renewable energy sources.
- Energy Management: Energy management systems enable consumers to monitor and control energy usage.
- Grid Resilience: Connected solutions enhance the resilience of energy grids to prevent outages and disruptions.
The report by MarkWide Research segments the connected energy market based on technology, application, and region.
- Smart Meters: Smart meters provide real-time data on energy consumption.
- Grid Automation: Grid automation technology optimizes grid performance and reduces losses.
- Residential: Connected energy solutions for homes enable energy monitoring and efficiency.
- Commercial: Commercial applications focus on energy management in business and office settings.
The market spans regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe, with its emphasis on renewable energy and grid modernization, is expected to lead the market growth.
Key players in the connected energy market include Siemens AG, General Electric Company, and Schneider Electric SE, among others. These companies provide a wide range of connected energy solutions for various applications.
The connected energy market is set to surge as governments, utilities, and consumers prioritize smart energy solutions to reduce energy consumption, lower costs, and increase sustainability.