The Global Home Energy Management Market size is expected to reach $7,157.36 million by 2027, rising at a market growth of 19.70% CAGR during the forecast period.
The cornerstone for future technology is a communications system made up of home servers and utility-owned system complicated servers. Thus, consumers will be able to optimize their renewable energy use. The HEMS and environmental sensors will provide data to the servers. The cost of energy can then be regulated by combining renewable and fossil fuel energy sources. Different servers and types of EMS will be networked as the use of smart grid grows. Power system operations will be further optimized as they are able to work together. This kind of interconnection is known as a smart network.
Factors such as rapidly pervasive urbanization in developing countries, increased supply of connected devices through IoT, and increasing demand for power conservation solutions can expedite the growth of global home energy management devices in the forecasting period.
The global home energy management system market went under a significant loss during the COVID-19 pandemic. Due to the government guidelines of closing of all the industries across the world to prevent COVID spread, production of all home energy management systems was stagnated. Along with this, the disruption in the supply-chain activities of electronic products and other required materials become another major reason for the halted production of home energy management systems.
Moreover, there are various factors that indirectly impacted the home energy management system market such as reduced capital budgets and postponed projects. However, economies across the globe are slowly recovering from the COVID-19 impact and may witness a rise in the demand for home energy management devices again. But, the fact that the pandemic slammed the home energy devices market across the world cannot be reversed.
The power consumption in the residential sector which includes power used for lighting, heating, cooling, water heating, and consumer products, is constantly increasing. In addition, the power consumption of the residential sector is at its peak especially in developed countries. With the emergence of new consumer convenience technologies that require a huge amount of power, the need for an energy-efficient and cost-effective solution is also rising.
The continuously increasing initiatives being conducted by the government and Non-government organizations in numerous countries with the purpose to conserve power and restricting the wastage of energy are crucial factors in spreading awareness for saving and better managing energy. Due to the rising awareness of energy conservation, people around the world are more attentive toward leveraging the methods to save energy.
The issue of interoperability gets more serious due to the need of establishing a connection between traditional building equipment such as electric meters, roof-top chillers, and lighting control panels with advanced over the top instruments like sensors and switches in the electric power system to drive up the synchrony of energy flow and concurrent information and analysis flow. Setting up interoperability between smart homes and today’s EMS is a challenging task. Moreover, the interoperability of traditional home systems and advanced home energy management systems hampers the smooth functioning of different devices.
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. The programmable communicating thermostats are easy-to-interact devices that can be operated wirelessly through the connected device. The programmable communicating thermostats connect with the utility through a meter over a wide-area network.
Based on Technology, the market is segmented into Ethernet, Z-Wave, ZigBee, Wi-Fi, and Other technologies. ZigBee is a wireless, cost-effective, and low-power mesh networking standard which is highly used to monitor the consumption of the energy in the premises. The cost-saving feature of this technology allows the user to use technology in wireless monitoring and control application without disruptions.
Based on Offering, the market is segmented into Software, Services, and Hardware. The software segment of the system is the major component that enables the user to monitor and control the home energy consumption and devices. It can be operated through apps and dedicated web portals. The key offerings of this segment are managing, monitoring, backup, and solar power.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 1.95 Billion |
| Market size forecast in 2027 | USD 7,157.36 million |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 19.70% from 2021 to 2027 |
| Number of Pages | 254 |
| Number of Tables | 393 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product Type, Technology, Offering, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would exhibit a significant growth rate in the market throughout the forecast period. The ongoing technological developments in the region can be responsible for the rise in the demand of the home energy management solutions.
Free Valuable Insights: Global Home Energy Management Market size to reach USD 7,157.36 million by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google, Inc. the major forerunners in the Home Energy Management Market. Companies such as Schneider electric S.E., Generac Holdings, Inc., Alarm.com Holdings, Inc. are some of the key innovators in the Market.
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.
By Product Type
By Technology
By Offering
By Geography
The global home energy management market size is expected to reach $7,157.36 million by 2027.
Ever-increasing power consumption in the residential sector are driving the market in coming years, however, Interoperability of home energy management systems limited the growth of the market.
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.
The expected CAGR of the home energy management market is 19.70% from 2021 to 2027.
The Ethernet market dominated the Global Home Energy Management Market by Technology in 2020, thereby, growing at a CAGR of 19.9% during the forecast period.
The North America market dominated the Global Home Energy Management Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,797.8 million by 2027.
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