A new report from Guidehouse Insights explores the smart energy for smart cities technology market.
While still a developing market space, smart energy communities (SECs) are emerging at a time when there is growing demand and a growing pool of resources for their deployment. According to a new report from Guidehouse Insights, the smart energy for smart cities technology market is anticipated to grow from $36.7 billion in annual revenue in 2023 to $73.3 billion by 2032, at a compound annual growth rate (CAGR) of 8.0%.
“SECs offer a more modular, more resilient, and cleaner approach to how residents interact with the energy infrastructure around them. Active SECs have proven their success at improving the quality of energy for vulnerable communities,” says Grant Samms, Research Analyst with Guidehouse Insights. “While SECs today are generally considered a novel approach to meeting energy challenges, growing emphasis on the need to improve energy performance will drive considerable adoption in the coming decade.”
Reducing costs and improving energy stability, especially for isolated or otherwise vulnerable communities, continue to be the largest drivers of SEC adoption. Governments and communities are also using opportunities presented by EV adoption, like vehicle-to-grid services, to improve SEC performance and sustainability. Financially supporting these drivers are large infrastructure and climate investment packages that have been passed by numerous governments. However, SECs also face barriers related to regulatory structures, complexity, lack of standardisation, and public engagement, according to the report.
The report, Smart Energy Communities, analyses the global market for SECs, exploring market issues, emerging trends, drivers, and barriers for SEC deployments. Smart energy for smart cities market analyses are included for all world regions through 2032 and are broken out by advanced energy and smart grid technology segments.