Total revenue from smart energy and smart energy storage reached $222.35 billion in 2011, according to a report by Pike Research. By 2015, the cleantech market intelligence firm forecasts, total market value will be $420 billion — an increase of 90 percent in just four years.
Pike Research says the size of the smart energy sector is growing at such a pace that in 2011 it represented more than 10 percent of the global annual additional capacity forecast by the International Energy Agency. Each of the major areas that Pike Research covers in the report — energy sources, storage mediums and conversion devices — is on a growth curve, according to the analysts.
In 2011, Europe generated 41 percent of this smart energy revenue with North America and Asia at 24 percent and 21 percent, respectively.
Revenue in this report is generated from the sale of technology and thus is a technology-driven number. Of the regions covered in the report, the United States came in first in terms of capacity additions and second in revenue. Europe was first in revenue and second in capacity additions. Asia Pacific, however, posted the highest growth rate of revenue generation.
A number of convergent market drivers are leading to expanded availability and increasing revenue opportunities across the smart energy continuum, Pike Research says. These drivers include the rising costs of maintaining the current energy system as well as regulatory and policy initiatives in many countries around the world. In the policy arena, the European Union is leading the way, but a number of other countries, including Australia and South Africa, are positioning themselves as early adopters of smart energy technologies, according to the report.
A report by the American Council for an Energy-Efficient Economy (ACEEE) published this month says the US could reduce its energy use by up to 22 percent by using a systems-based approach to increase efficiency, which ACEEE calls “intelligent efficiency.”
A May report by Pike Research predicts the worldwide market for submetering technology and services, which totals $771 million now, will grow to $1.58 billion in 2020 at a compound annual growth rate of 9.4 percent.