According to one definition, Smart Energy is a set of technologies that enables electricity to be offloaded from the grid onto small batteries, solar panels, microgrids or other energy sources at home or onsite. This can enable consumers to have more control over where they get their power and how they use it.
According to another, Smart energy can be defined as efficient use of energy by equipment. It majorly focuses on sustainable and powerful renewable sources of energy that encourage eco-friendliness and minimize the cost. It integrates different energy infrastructures and has the potential to serve a wide range of end-users. Smart energy is a cost-effective, sustainable, and secure energy system, which focuses on sustainable energy production while reducing the production cost.
Sustainable and powerful renewable sources of energy
-Utilizing solar panels to store power
-Offering different types of energy infrastructures
-Efficient use of power by equipment such as smart meters, grid controllers and household appliances.
-Minimizing the production cost and maximizing energy output.
Renewable energy technologies such as solar panels, inverters and batteries can enable consumers to have control over where they get their power and how they use it.
By having in place a “Smart Energy” system in your home or business, you will be able to have access to the power you need, when you need it. You can determine how much energy you use and from where that energy is generated.
In a smart grid, utilities use various systems in order to give customers information on their electrical usage in terms of their appliances, thermostats and other implements in the home/business. Utilities can also control the appliances, thermostats and other implements within the home or business.
With “Smart Energy” technologies, utilities are much better equipped to provide customers with safe, efficient and reliable energy services which will yield benefits for all parties involved; including consumers who benefit from choice in their energy resources by way of clean, renewable energy sources.
The smart energy market was valued at 130.1 USD Billion in 2020. The smart energy market is expected to reach USD 273.8 Billion by 2028, growing at a CAGR of 9.9 % between 2021 to 2028. Some of the key factors driving the smart energy market growth are, increase in environmental concerns, growing necessity for renewable energy sources, and growing investments in smart energy systems are a number of the crucial factors that are primarily spurring the expansion of the worldwide market.
The North America region held a substantial share of the market in 2020. The existence of advanced technology, increased investments in smart grid technology, and growing worries about carbon emissions are all factors contributing to the market’s growth in this region.
Some of the major companies operating in the smart energy market are ABB Ltd., Siemens AG, Landis+Gyr AG, S&T Smart Energy GmbH, Robert Bosch GmbH, Larsen and Toubro Ltd., Itron Inc., Honeywell International Inc., General Electric Co., and International Business Machines Corp., among others.