The Latin America, Middle East and Africa Home Energy Management Market would witness market growth of 20.44% CAGR during the forecast period (2021-2027).
The electricity monitor and control feature of the home energy management system gives the ability to the users to monitor that what the connected devices are doing in real-time and allows them to remotely access the operation of the device to turn it on & off. Moreover, these systems provide modification options such as increasing or decreasing the temperature or setting up the frequency of light to dim or brighten them. Additionally, it ensures the efficient utilization of energy to save expenses on electricity bills.
The solar thermal characteristic of the home energy management system refers to a feature that heats water in the home in which the system is installed by using solar energy through solar panels. Solar thermals are the most automated equipment in home energy management in comparison to all other electrical devices in the home.
The Middle East is continuously making enhancements in its energy consumption as well as the efficiency with the help of sustainable development practices. For instance, Dubai has launched energy strategy 203 intending to more efficiently manage the usage of energy. With this initiative, the country is aiming toward eliminating major carbon emissions in the coming years.
In addition, Saudi Arabia is also appreciating efforts for clean, practical, and energy-effective development and evolutions across the region. Moreover, the country is constantly working on improving its energy efficiency and conducting energy management programs. For example, Argentine Confederation of Medium sized Enterprises (CAME) conducted the Workshop Network Learning Networks in energy management systems. Hence, these aspects are expected to drive the growth of the home energy management in the regional market.
The Brazil market dominated the LAMEA Home Energy Management Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $125.9 million by 2027. The Argentina market is poised to grow at a CAGR of 21.1% during (2021 - 2027). Additionally, The UAE market would experience a CAGR of 19.8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Home Energy Management Market is Predict to reach $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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