Home Energy Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
The global home energy management systems market was worth US$ 1.3 Billion in 2017. Home energy management system is a smart electronic device that is used to manage the consumption of energy in households. This device enables the home owners to efficiently monitor their energy requirements and to get an individual appliance’s electricity consumption pattern and power consumption data. The hardware part of the system includes a hub which can be mounted on an electrical board. The hub mediates between the software and the user, and can be operated virtually through a wireless device. It can also be connected to other smart devices at home. The software part of the system allows the user to monitor and customize the usage. It can be accessed through apps and web portals. The HEMS interface can be specific to the effectiveness of the performance of the system or it can be dedicated to the mobility of the device. Some of the basic functions of the device include monitoring the usage of electricity, management of backup with the help of battery storage, and efficient use of solar energy.
Catalyzed by rising awareness among consumers towards the sustainable use of energy resources, a strong growth has been witnessed in the demand of energy efficient appliances and home energy management systems. Consumers are realizing that these systems are not only helping in reducing energy expenses, but are also playing a major part in making the available energy resources more sustainable. Other major factor driving the home energy management systems market include rising penetration of the internet across both developed and developing economies, increasing role of Internet of Things (IoT) and Big Data in energy management, growing market for smart homes, etc. Looking forward, the market value is projected to reach US$ 3.7 Billion by 2023, exhibiting a CAGR of around 19% during 2018-2023.
Based on the product type, the market has been segmented into lighting controls, self-monitoring systems and services, programmable communicating thermostats, advanced central controllers and intelligent HVAC controllers. Lighting controls currently represent the biggest segment.
Based on the communication technology, the market has been segmented into z-wave, zigbee, wi-fi and other communication technologies.
Based on the software & service type, the market has been segmented into behavioral and proactive.
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being Honeywell International, Inc., Nest Labs, Inc., Vivint, Inc., General Electric Company, Ecobee, Inc., Alarm.Com, Comcast Cable (Xfinity), Panasonic Corporation, Ecofactor, Inc. and Energyhub, Inc.
This report provides a deep insight into the global home energy management systems market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the home energy management systems market in any manner.
Key Questions Answered in This Report:
How has the global home energy management systems market performed so far and how will it perform in the coming years?
What are the key regional markets in the global home energy management systems industry?
What is the breakup of the global home energy management systems market on the basis of product type?
What is the breakup of the global home energy management systems market on the basis of communication technology?
What is the breakup of the global home energy management systems market on the basis of software and service type?
What are the various stages in the value chain of the global home energy management systems market?
What are the key driving factors and challenges in the global home energy management systems market?
What is the structure of the global home energy management systems market and who are the key players?
What is the degree of competition in the global home energy management systems market
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