Increasing Demand for Energy to Augment the Smart Power Technology Market Growth

 

Smart power technology includes all aspects of power generation and power distribution in an economical and eco-friendly manner. The technology allows optimal use of resources to increase power generation. Smart power technologies incorporate power generation and power distribution with emphasis on environmentally sensitive issues and sustainable technologies. Moreover, the technology enables to generate more energy from the same amount of resources.

Smart power technologies are widely used into telecom sector, healthcare sector, transport sector, manufacturing sector, public sector, and energy and utilities sector. Smart power generation source type includes electro-chemical, wind, solar, and other source.

Market Dynamics:

The increasing demand for energy due to increasing population around the world is expected to boost the growth of the Smart Power Technology Market. For instance, according to the U.S. Energy Information Administration (EIA), the global energy consumption will grow by nearly 50% between 2018 and 2050, and this growth is focused in regions where strong economic growth is driving demand, particularly in the Asia Pacific.

Moreover, increasing demand for energy efficient products and the need for cost-effective operations (due to usage of renewable resources) for smart power generation are some of the factors that are expected to drive the smart power technology market growth.

Increasing collaborations and partnerships between major players are also expected to augment the growth of the smart power technology market. For instance, in January 2021, Powermat Technologies announced a new partnership with Jetsons Robotics to manage energy transfer and provide advanced wireless charging technology that withstands challenging weather conditions and enables efficient and autonomous solar energy production.

However, high cost for setting up smart power generation plants, high cost of raw materials, and demand for cheap and efficient power products is expected to hamper the growth of the smart power technology market.

Competitive Analysis:

Major players operating in the smart power technology market are Wärtsilä Corporation, Schukat Electronic Vertriebs, RICOH Electronic Devices, STMicroelectronics N.V, Texas Instruments, Smart Power Technologies LLC, and Smart Power Devices Ltd.

Major players in the market are adopting various strategies, such as product launch, to enhance their market share. For instance, in February 2021, MediaTek announced its new M80 5G modem which combines mmWave and sub-6 GHz 5G technologies onto a single chip. The 5G modem is ideal for a wide range of devices, such as industrial IoT applications, broadband customer premise equipment, Mi-Fi hotspots, PCs, smartphones, and more.

In February 2021, Fourth Wave Energy announced plans to spin-off of smart home technology subsidiary, GeoSolar Technologies. Once complete, the transaction will form two separate and independent publicly traded companies.