Smart Power Technologies Market Assessment, Size, Value, Share, Growth, Trends, Competition, Industry Analysis, Market Intelligence, Actionable Insights Report; By Device Type, By Source, By Application, By End-User, By Region and By Country; Outlook and Forecast, 2024 – 2032

Report Summary

The Global Smart Power Technologies Market size in terms of market revenue was valued at $12 billion in 2023 and is predicted to surpass $35 billion by the end of 2032. The smart power technologies industry is expected to grow by a CAGR of 15% between 2024 and 2032.

Smart Power Technologies Market: Overview

Smart power technologies include diverse and innovative solutions that improve the reliability, efficiency, and sustainability of power generation, distribution and consumption. Such technologies utilized advanced digital devices and automation capabilities to address challenges arising in the energy systems. Such technology includes smart grid systems, advanced metering infrastructure, energy storage, distribution energy resources (DER), smart appliances & home energy management, grid edge technologies, and many others.

Smart Power Technologies Market: Key Insights

• As per the analysis shared by our research analyst, the global smart power technologies market size is estimated to grow annually at a CAGR of around 15% over the forecast period (2024-2032).
• In terms of revenue, the global smart power technologies market size was valued at around USD 12 billion in 2023 and is projected to reach USD 35 billion by 2032.
• Growing energy demand is driving the growth of the global smart power technologies market
• Based on the end-users, the energy & utility segment is growing at a high rate and is projected to dominate the global market.
• Based on the device type, the high-power device segment is projected to swipe the largest market share.
• Based on source, the solar segment is expected to dominate the global market.
• Based on application, the residential and commercial buildings segment is anticipated to witness high CAGR during the forecast period.
• Based on region, North America is expected to dominate the global market during the forecast period.

Smart Power Technologies Market: Growth Drivers

Growing energy demand is driving the growth of the global market

The global population is growing at a fast rate, and therefore, there is a significant rise in energy demand. Additionally, the increase in economic activities further poses a huge requirement for a consistent power supply. Therefore, utilities are adopting smart power technologies to align with the emerging demand for power generation, distribution, and consumption processes. Moreover, the increasing shift towards renewable energy sources like hydropower, wind, or solar is another major driver for the growth of the industry. The subsidies offered by the government for adopting renewable energy projects are further anticipated to drive investments in smart power technologies. Additionally, the ongoing advancements in technologies like data analytics, artificial intelligence, IOT, and other energy storage solutions are further widening the scope of the global smart power technologies market. Moreover, emerging markets all across the globe, like the Asia Pacific and North America, are driving huge demand for power generation technologies. These markets are likely to present growth opportunities for investors and technology providers to address the emerging challenges and align with the growing demand for eco-friendly energy systems. For instance, Wartsila Corporation unveiled two smart power generation power plants in Oman under the Rural Area Electricity Company (RAECO).

Smart Power Technologies Market: Restraints

Increasing cyberattacks are restraining the growth of the global market

The smart power systems are interconnected, which poses risks to cyber threats. Hackers target critical power infrastructure like energy management systems to extract sensitive consumer data. Therefore, such a landscape is likely to hamper the growth of the global smart power technologies market.

Smart Power Technologies Market: Opportunities

Increasing adoption of electric vehicles is expected to foster growth opportunities in the global market

An increasing number of electric vehicles on roads is one of the major reasons for the high growth rate of the smart power technologies industry. The rapid expansion of the electrical vehicle infrastructure poses a huge demand for a strong charging network. It includes residential charging solutions, workplace chargers, public charging stations, and another fast-charging network. Deployment of such infrastructure poses a significant demand for smart power technologies in the market. For instance, Schneider Electric unveiled the latest version of EcoStruxure Power in 2021. This IoT-enabled architecture and platform simplified electrical distribution infrastructure.

Smart Power Technologies Market: Challenges

Inadequate workforce is a big challenge in the global market

Integrating smart power technologies into existing infrastructure is complex. It requires a skilled workforce to operate and manage smart tech like smart grids and others. Also, there is a shortage of professionals with expert knowledge of data analytics and cybersecurity, which is further likely to slow down the growth trajectory of the smart power technologies industry during the forecast period.

Smart Power Technologies Market Report Scope & Snapshot

Smart Power Technologies Market: Segmentation

The global smart power technologies market can be segmented into end-users, device type, source and region.

On the basis of end-users, the market can be segmented into telecom, healthcare, transport, manufacturing, public energy, utilities, and others. The energy utility segment is projected to witness significant development in the coming years. The rising trend of modernizing the existing infrastructure is one of the major factors for the high growth rate of the segment. Energy utilities are investing heavily in improving the efficiency, reliability, and sustainability of their framework. The smart power technology helps companies upgrade their existing infrastructure. Smart grids extend the capability of the grid by optimizing the grid operations in real time, thereby avoiding energy loss. Utilities manage the distribution network effectively, thereby balancing supply and demand. Also, utilities pose a huge requirement for response programmes to reward users for adjusting their energy consumption during peak hours. Smart meters and communication systems help utilities communicate with customers in real-time. Such technologies significantly lower the overall load on grids.

On the basis of device type, the market can be segmented into high-power devices, medium-power devices, and low-power devices. The high-power device segment is likely to dominate the smart power technologies industry. The high-power devices are widely used in utility infrastructure and industrial settings where immense amounts of electricity are distributed and transmitted. Such devices help in adjusting the high voltage power system stability of the grid. The growing trend of using renewable energy sources like wind and solar is further posing a huge demand for high-power devices to aid in the integration of these intermittent energy sources into the grade. Moreover, the fast-expanding electric vehicle market further leads to the growth of the segment. There is a growing requirement for high-power charging stations in inner and rural areas along highways. Such robust power electronic distribution systems need fast charging capabilities to power EVs. Data centers and telecom facilities also depend on high-power devices to maintain operations and manage heavy electrical loads. There is a need for high-power, interruptible power supplies and voltage regulators for the smooth working of these facilities, which, in turn, further contributes to the growth of the segment.

On the basis of source, the market can be segmented into electrochemical, wind, solar, and others. Solar is the fastest-growing segment in the global smart power technologies market. One of the major reasons behind the high growth of the segment is the declining cost of solar photovoltaic panels. The cost of solar panels is declining significantly due to the growing competition in the market. Such a landscape is responsible for high demand in the market both at distributed and utility-scale levels. Also, subsidies and incentives offered by governments globally significantly encourage the adoption of solar energy. These rewards include tax credits and many other subsidies, which further drive the growth of the segment.

On the basis of application, the market can be segmented into utilities, commercial buildings & residential, and infrastructure & solar. The residential and commercial building segment accounts for the largest share of the global smart power technologies market. Rapidly rising energy costs in both residential and commercial settings are driving the demand for smart power technologies. These technologies can facilitate effective ways to lower and manage energy consumption. Moreover, increasing awareness among people regarding sustainability is driving them to adopt smart power technologies to better manage their energy consumption patterns for greater efficiency.

Smart Power Technologies Market: Regional Analysis

North America to dominate the global market

North America accounts for the largest share of the global smart power technologies market during the forecast period. The government authorities in the region at local, state, and federal levels are coming up with innovative policies and initiatives to encourage the adoption of smart power technologies. Such initiatives include grid modernization efforts, energy efficiency programmes, and renewal of energy employment, which is further expected to positively impact the growth of the regional market. Additionally, the regional utilities are investing heavily in grid modernization programmes to develop reliable and more resilient power grids. Such analytic solutions facilitate optimization of grid, real-time monitoring & control. Furthermore, the growing attention people are paying to renewable energy is further expected to drive the demand for smart power technologies to help integrate these intermittent energy sources into the grid.

Asia Pacific is also likely to witness a heavy growth rate during the forecast period due to the fast-growing industrialization in the region. Increasing urbanization is driving more demand for energy, which is also expected to contribute significantly to the growth of the region's market. The supportive regulatory landscape is further driving investments in smart power technologies. The region is home to the world's largest renewable energy sources like wind and solar power. Therefore, smart power technology will likely see many growth opportunities in the regional market in the coming years. The economic development, population growth, and upgrading lifestyle of people in the region are further driving demand for high energy consumption. Therefore, utilities are adopting smart power technologies to offer consistent power supply while minimizing the environmental impact. For instance, Samsung Electronics Co. Ltd. came up with a new Samsung Wireless Charger Trio in September 2020. This innovative charger can charge three devices together. For instance, Samsung Electronics Co. Ltd. developed a new Samsung Wireless Charger Trio in September 2020. This innovative charger can charge three devices together.

Smart Power Technologies Market: Competitive Analysis

The key players in the global smart power technologies market include ABB, Honeywell, RICOH Electronic Devices, Schukat Electronic Vertriebs, Siemens, Smart Power Devices, Smart Power Technologies, STMicroelectronics, Texas Instruments, Wartsila, and others.

The global smart power technologies market is segmented as follows:

By End Users

• Telecom
• Healthcare
• Transportation
• Manufacturing
• Public Sector
• Energy & Utilities
• Others

By Device Type

• High-Power Devices
• Medium-Power Devices
• Low-Power Devices

By Source

• Electrochemical
• Wind
• Solar
• Others

By Application

• Residential & Commercial Buildings
• Utilities
• Infrastructure & Solar