A recent report published by Infinium Global Research on the
home energy management systems market provides an in-depth analysis of segments
and sub-segments in the global as well as regional home energy management
systems market. The study also highlights the impact of drivers, restraints,
and macro indicators on the global and regional home energy management systems
market over the short term as well as long term. The report is a comprehensive
presentation of trends, forecast, and dollar values of the global home energy
management systems market. According to the report, the global home energy
management systems market is projected to grow at a CAGR of 11.4% over the
forecast period of 2021-2027.
The home energy management systems market is projected to
grow at over 11.4% CAGR between 2021 to 2027. The home energy management
systems market was valued at 2021 more than 2 million and 2027 around 4.5 million. A home energy management system is a smart electronic device that is
utilized to manage the consumption of energy in homes. This device allows the
homeowners to proficiently monitor their energy requirements and to get an
individual appliance’s electricity consumption pattern and power consumption
information. Furthermore, the hardware part of the system comprises a hub that
can be mounted on an electrical board. The hub intermediates between the
software and the user, and can be operated virtually via a wireless device. In
addition, it can also be connected to other smart devices at home.
The major factor driving the home energy management systems
market comprises the increasing penetration of the internet across both
developed and developing economies and the rising role of the Big Data and
Internet of Things (IoT) in energy management. Furthermore, the growing market
for smart homes also boosts market growth in the near future. Currently, the
spiraling energy prices have raised the demand for energy management in households.
The growing awareness of energy management and rising investment in smart grids
provide lucrative growth opportunities to the home energy management systems
market. On the other hand, the high cost of implementation of home energy
management systems technology would impede the growth of the home energy
management systems market.
The North American region is expected to dominate the global
home energy management systems market owing to the huge increase in demand for
electricity in the region, and its power sector is facing challenges in terms
of reaching energy efficiency targets, compliance with federal carbon policy,
and integrating numerous distributed energy generation sources. Furthermore,
the North American region comprises major developed and growing economies, such
as the US, Canada, and Mexico, which provide significant growth opportunities
for the market. Moreover, the Asia Pacific region is expected to grow with the
fastest CAGR in the global home energy management systems market over the
forecast period. The presence of a large number of market players in the Asia
Pacific region will also foster industry growth.
The report on the global home energy management systems
market covers segments such as product type, component, and communication
technology. On the basis of product type, the sub-markets include lighting
controls, self-monitoring systems and services, programmable communicating
thermostats, advanced central controllers, and intelligent hvac controllers. On
the basis of component, the sub-markets include hardware, and software. On the
basis of communication technology, the sub-markets include z-wave, zigbee,
wi-fi, and others.
The report provides profiles of the companies in the market
such as Honeywell International, Inc., Nest Labs, Inc., Vivint, Inc., General
Electric Company, Ecobee, Inc., Alarm.Com, Xfinity, Panasonic Corporation,
Ecofactor, Inc., and Energyhub, Inc.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of the home energy
management systems market. Moreover, the study highlights current market trends
and provides forecast from 2021-2027. We also have highlighted future trends in
the market that will affect the demand during the forecast period. Moreover,
the competitive analysis given in each regional market brings an insight into
the market share of the leading players.