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Smart Power Technology Market

Smart Power Technology Market report categorizes global market on the basis of sector, source, and device type - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017–2025
Smart Power Technology Market Global Industry Insights, and
Opportunity Analysis, 2017–2025
Smart power technology encompasses electrical power generation and power
distribution in an eco-friendly and economical manner. Smart power technology allows
for optimal utilization of resources in order to enhance power generation. Rampant
growth in population, in turn creates a highly conducive environment for growth of the
global smart power technology market. According to Population Reference Bureau
Organization , the global population was pegged at 7,418 million, up from 7,336 million
in 2015. According to Energy Information Administration, in 2012, 549 quadrillion Btu
energy was consumed globally, which is expected to increase to 674 quadrillion Btu by
2025. Considering the limited conventional non-renewable resources available, there is
an acute need to optimally harness resources, while ensuring optimal energy
production, thus fueling growth of the smart power technologies market. . Furthermore,
increasing awareness among the global populace and corporates alike, regarding
development of nature friendly products with a goal to decrease carbon emission is
projected to increase demand for smart power technology devices. These devices are
highly power efficient and have low cost of operation, in turn increasing consumer
inclination towards these. However, high capital investment for installation of smart
power generation plants and production and high cost of crude materials inhibits market
growth to a certain extent.
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Smart Power Technology Market Taxonomy
On the basis of sector, the global smart power technology market is classified into:
● Energy and utilities sector
Public sector
Manufacturing sector
Transport sector
Healthcare sector
Telecom sector
On the basis of source, the global smart power technology market is classified into:
Electro chemical
On the basis of device type, the global Smart power technology market is classified into:
● Low power device
● Medium power device
● High power device
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Smart power technology Market Outlook – ​North America region holds the largest
market share of the global smart power technology market
On the basis of geography, global smart power technology market is classified into
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North
America holds the dominant position in the global smart power technology market and is
projected to retain its dominance throughout the forecast period. This is mainly
attributed to the countries such as the U.S. and Canada, which are early adopters of
novel technologies and account for a disproportionately high consumption of energy.
According to Energy Information Administration, in 2012, 118 quadrillion Btu energy was
consumed in the U.S., which is projected to increase to 128 quadrillion Btu by 2025.
Smart Power Devices Ltd., Smart Power Technologies LLC, Texas Instruments
Incorporated., STMicroelectronics N.V, RICOH Electronic Devices Co., Schukat
Electronic Vertriebs Gmbh and Wärtsilä Corporation are some of major companies of
the global smart power technologies market. Leading players are focusing on organic
growth strategies and geographical expansion to strengthen their position in the market.
For example, in 2015, April, Wärtsilä Corporation—a Finland-based power source
manufacturing and service providing company—announced the installation of two new
smart power generation power plants in Oman, for the Rural Area Electricity Company.
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Sagar Gawade
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