The Europe Home Energy Management Market would witness market growth of 18.83% CAGR during the forecast period (2021-2027).
Home energy management system emerged as the crucial components of smart grid and smart homes. With the help of these systems, a homeowner can completely control different aspects of their homes remotely. It offers a blend of control, scheduling, and user information. Home energy management systems facilitate the customers to modify their pattern of energy consumption on the basis of the received details of the consumption through these systems.
These systems also have the ability to support demand-response of the utility and decrease peak demand. There is a total of four aspects home energy management systems focus on comprising electricity, solar photovoltaic, solar thermal, and battery storage. Some home management systems have the ability to work on all of the aspects while some work on one or two of them.
Europe is a region with a variety of aspects and potentials to drive up the demand of the home energy management systems in the region due to the significant production of smart meters in respective countries. The government of UK has increased its focus on rolling out initiatives with the goal of reducing the emission of greenhouse gases by rapidly installing smart meters across the country. Moreover, Germany is also focused on following a resembling strategy as of the above-mentioned countries. Therefore, these factors would boost the growth and demand for home energy management solutions in the regional market during the forecast period.
The Germany market dominated the Europe Home Energy Management Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $458.9 million by 2027. The UK market is anticipated to grow at a CAGR of 17.7% during (2021 - 2027). Additionally, The France market would showcase CAGR of 20.3% during (2021 - 2027)
Based on Product Type, the market is segmented into Lighting Controls, Programmable Communicating Thermostats, Advanced Central Controllers, Intelligent HVAC Controllers, and Self-Monitoring Systems and Services. Based on Technology, the market is segmented into Ethernet, Z-Wave, ZigBee, Wi-Fi, and Other technologies. Based on Offering, the market is segmented into Software, Services, and Hardware. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Home Energy Management Market Size will Hit $7,157.36 million by 2027, at a CAGR of 19.70%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Schneider Electric SE, General Electric (GE) Co., Intel Corporation, Honeywell International, Inc., Panasonic Corporation, Google LLC, Comcast Corporation, Vivint Smart Home, Inc., Alarm.com Holdings, Inc., and Generac Holdings, Inc.
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