Report Ocean recently released a research report on the Home Energy Management Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global home energy management market revenue was US$ 2.26 billion in 2020. The global home energy management market revenue is forecast to reach US$ 8.70 billion by 2030, growing at a compound annual growth rate (CAGR) of 15.4% during the forecast period from 2021-2030.
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A home energy management system is a hardware and software solution that enables users to monitor and reduce the energy consumption of various electrical devices installed in their homes. It consists of five products that assist in managing and reducing energy consumption. These products include self-monitoring systems, lighting controls, thermostats with programmability, and intelligent HVAC controllers.
Factors Influencing Market Growth
- The primary factors contributing to the growth of the home energy management market include increased demand for energy-efficient solutions, increased urbanization in developing economies, and an increasing number of connected devices via the Internet of Things.
- The high cost of installing energy management systems may slow down the growth of the global home energy management market.
- The government’s initiative to build smart homes is forecast to create lucrative opportunities in the global home energy management market.
Impact Analysis of COVID-19
There have been significant effects of the COVID-19 pandemic across many sectors, affecting the workforce & travel, supply chain & production, and demand and spending across many sectors. The sudden decline in construction and installation projects has hindered growth in the home energy management market. COVID-19 has caused an abrupt decline in the construction market this year. A gradual recovery is forecast to begin next year. Additionally, the construction market will face many challenges leading to the COVID-19 crisis and stagnation in many countries.
Due to the availability of vaccines across the globe, Europe and North America are better able to control pandemics. As a result, the global home energy management market is likely to recover.
Regional Insights
North America dominated the global home energy management market. The factors contributing to this dominance are technological advancements and the adoption of wireless technologies, such as ZigBee, Z-Wave, and Wi-Fi, for energy management. In addition, the growing demand for HAN (Home Area Network) devices has further solidified their position as the industry leader. The U.S. is the world’s largest market for home energy management. Among the reasons for the U.S.’s dominance is the availability of a large base of energy management solutions and service providers.
The Asia Pacific region is forecast to experience the highest growth, primarily due to the increasing desire among consumers to control and manage residential electricity consumption.
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Leading Competitors
The leading prominent companies profiled in the global home energy management market are:
- Honeywell International, Incorporated
- General Electric Company
- Panasonic Corporation
- Cisco Systems Incorporated
- Nest Labs, Incorporated
- Vivint Incorporated
- Schneider Electric SA
- Comcast Cable Communications, LLC (Xfinity)
- EcoFactor, Incorporated
- Energyhub, Incorporated
- Other Prominent Players
Scope of the Report
The global home energy management market segmentation focuses on Offering, Product Type, Technology, and Region.
Segmentation based on Offering
- Hardware
- Services
- Software
Segmentation based on Product Type
- Advanced Central Controllers
- Intelligent HVAC Controllers
- Lighting Controls
- Programmable Communicating Thermostats
- Self-Monitoring Systems and Services
Segmentation based on Technology
- Ethernet
- Wi-Fi
- ZigBee
- Z-Wave
- Others
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Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Home Energy Management Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Home Energy Management market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Home Energy Management Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Home Energy Management market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Home Energy Management market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Home Energy Management market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Home Energy Management market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Home Energy Management business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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