A CAGR of 10.2% is expected of the global smart power technologies market due to the growing demand during the forecast period. It is anticipated to be appraised at US$ 416.66 Billion by 2032, up from US$ 157.75 Billion in 2022.
Market players have recognized that in order to meet the strong demand for energy management technologies and smart power solutions, they need to upgrade and expand their smart power factories in different metropolitan cities. Most of these smart facilities harness advanced collaborative robotics technology for better human-machine interface, artificial intelligence (AI) and advanced digitalization technologies to create an automated, sophisticated, and flexible future-ready factory. These aspects contribute to the future smart power technologies market growth.
The facilities test, manufactures, and supplies a key market player’s complete range of energy management technologies and low-voltage power equipment to meet demand from the industry for increased energy savings and reliability. It accommodates the increasing demand across sectors, including residential and commercial buildings, utility, infrastructure, and renewable energy systems of solar, wind and many others where electricity is consumed.
Certain key providers are LED lighting firms that implement and supply LED lighting technologies and specialize in full-scale lighting assessment, distribution, LED lighting design, support, procurement, implementation, consultation and retrofits for the institutional, commercial and industrial markets. Moreover, these market players offer a full comprehensive energy assessment report to help educate the end user and their organization on the actual cost of their energy usage. Their assessment includes a benchmark analysis followed by up to 3 levels of energy audits. This is likely to drive the demand for smart power technologies.
Certain market players also offer a 'seel program', which is essentially a Smart Energy Efficiency Lease Program - an equipment lease that allows the market player to finance 100% of the consumer’s project. Furthermore, integrated energy systems have become a cost-effective option offered by these market players for owners and utilities since lighting and cooling in commercial buildings constitute the largest portion of energy use and heighten electrical demand.
Certain market players offer reference designs and integrated circuits that help the end users create smarter electricity meters with connectivity features and advanced security to meet system design requirements. They provide the right ingredients for accurate energy measurement and efficient communication, whether for single or poly-phase meters.
There are several design requirements for smart electricity meters, such as accurate current and voltage measurement of current transformers, shunts or other sensors, wired communications, high-speed and robust wireless and security against magnetic and mechanical tampering that is estimated to surge the adoption of smart power technologies. Key market players also offer solutions based on wide bandgap semiconductors that are fundamental to the development of highly efficient next-generation power systems which can positively contribute to a sustainable future. These solutions can accelerate the deployment of renewable energy generation systems and electric vehicles.
Gallium Nitride (GaN)-based products deliver better energy efficiency and enable more compact designs of power supplies for a broad range of automotive, consumer, and industrial applications. A certain key market provider has introduced 'STi²GaN', which is a new Smart Power initiative based on GaN technology, which allows designers to get the most out of GaN technology with a higher level of performance and integration, which supports the expansion of the smart power technologies market size. A large variety of power applications are likely to benefit in terms of size, performance, and cost by combining the advantages of GaN technology with traditional semiconductor materials.
| Attributes | Details |
|---|---|
| Smart Power Technologies Market Size (2022) | US$ 157.75 Billion |
| Smart Power Technologies Market Size (2032) | US$ 416.66 Billion |
| Smart Power Technologies Market CAGR | 10.2% |
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Smart power technologies incorporate all aspects of electrical power generation as well as power distribution, with an emphasis on environmental sensitive issues and sustainable technologies. Smart power technologies enables generation of more energy from the same amount of resources.
Smart power technologies market is majorly segmented into sector, type, device and region. On the basis of sector the smart power technologies market is segmented into energy and utilities sector, public sector, manufacturing sector, transport sector, healthcare sector and telecom sector. Smart power generation source type includes solar, wind, electro-chemical and other source.
On the basis of device the smart power technologies market can be further segmented into lower power device, medium power device and high power device. Region wise the global smart power technologies market is segmented into North America, Latin America, Western Europe, Eastern Europe, Japan, Asia pacific, and Middle East and Africa (MEA).
Growing awareness among people and businesses for deployment of environment friendly products in order to reduce carbon emission is expected to boost the demand for smart power technology devices.
Growing energy need across the world due to increasing population, high requirement for energy efficient products and reduction of cost of operations due to usage of renewable resources for smart power generation are some of the factors, which are projected to accelerate the growth of smart power technologies across the world.
Some of the restraints which are hindering the growth of global smart power technologies market to some extent are huge investment associated with the establishment of smart power generation plants and production, high cost of raw materials and demand for cheap and efficient power products by end users.
In order to outperform competitors, key players in global smart technologies market focuses on product innovation and introduction of new enhance products. Additionally, high investment on research and development activities is another major strategy followed by the major players in smart power technologies market.
Furthermore, major companies in smart power technologies market focus on expanding their footprints across the world in order to enhance their customer base as well as profit margin. For example, in April 2015, Wärtsilä Corporation announced to build two new smart power generation power plants in Oman, for Rural Area Electricity Company (RAECO).
Some of the major players identified in the global smart power technologies market are Smart Power Devices Ltd., Smart power technologies LLC, Texas Instruments Incorporated., STMicroelectronics N.V, RICOH Electronic Devices Co., Schukat Electronic Vertriebs Gmbh and Wärtsilä Corporationetc.
Principal Consultant
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Smart Power Technologies Market
