The Global Home Energy Management System market was valued at USD 1,085.20 Million in 2018, projected to grow at a CAGR of 20.28% during the forecast period and reach 3,953.12 Million by the end of 2025.
Rising demand for energy management solutions boosts the demand for home energy management system
The scarcity of energy supply coupled with the unequal cost of consumption attract the installation of a home energy management system or solution as these systems are very useful in triggering energy and cost savings and leads to a decrease in carbon emissions. Therefore, increase in concern for environmental safety worldwide also drive the demand for home energy management systems. On the other hand, high initial cost for installation of home energy management systems may restrain the market growth. Moreover, supportive government initiatives and growing awareness are expected to bring market opportunities for the players of the global home energy management system market. Furthermore, home energy management systems are mostly connected by the internet or cloud that creates security concerns and is anticipated to bring challenges for the market during the study period 2020-2025.
Global home energy management system market is fragmented based on technology and component
Considering technology, the Home Energy Management Market is divided into Zigbee, Z-Wave, Wireless M-Bus, Wi-Fi, Wavenis, Insteon, HomePlug, Ethernet and Enocean.
By component, the market is divided into User interface, Enabling technologies and Control devices.
Competitive Landscape of Global Home Energy Management System Market
Key players operating in the global home energy management market include Sharp Corporation, Schneider Electric SA, Panasonic Corporation, Intel Corporation, C3 Energy, Vivint Inc., Honeywell International Inc., General Electric, AT&T Inc. and AlertMe. The market players are adopting various strategies such as merger & acquisition, collaboration, partnership, and product launch among others. For instance, in August 2020, Johnson Controls International plc announced to launch a comprehensive suite of digital solutions, called OpenBlue Healthy Buildings, to make shared spaces safer as people begin to return to offices. The suite of digital solutions, leading with contact tracing capabilities is expected to overcome COVID-19 risk.
By geography, North America is the lucrative region for home energy management system market
North American region is leading the market due to increased deployment of services such as wi-fi and home area network. The European region is expected to drive growth in the future due to the rapidly increasing roll-out of smart meters. Europe held the highest market share is valued more than 30% in the year 2020 due to rising concern to meet energy-efficiency in the region is anticipated to fuel market growth. As per the European Environmental Agency, since 2005, the decreasing trend of EU’s primary energy consumption expected to meet its 20% primary energy target by 2020.
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