Home Energy Management Market to Reach $8.73 Bn, Globally, by 2030 at 15.6% CAGR: Allied Market Research

·6 min read

Increase in demand for energy-efficient solution and rise in number of connected devices through Internet of Things (IoT) drive the growth of the global home energy management market.

PORTLAND, Ore., Dec. 7, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Home Energy Management Market By Offering (Hardware, Software, and Services), Product Type (Lighting Controls, Self-Monitoring Systems and Services, Programmable Communicating Thermostats, Advanced Central Controllers, and Intelligent HVAC Controllers) and Technology (Z-Wave, ZigBee, Wi-Fi, Ethernet, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global home energy management industry generated $2.28 billion in 2020, and is expected to reach $8.73 billion by 2030, witnessing a CAGR of 15.6% from 2021 to 2030.

Allied Market Research
Allied Market Research

Drivers, restraints, and opportunities

Increase in demand for energy-efficient solution, surge in urbanization in developing countries, and rise in number of connected devices through Internet of Things (IoT) drive the growth of the global home energy management market. However, high initial costs regarding deployment of energy management systems hinder the market growth. On the other hand, supportive government initiatives toward the construction of smart homes create new opportunities in the coming years.

Download Sample Report (Get Full Insights in PDF – 310+ Pages) @ https://www.alliedmarketresearch.com/request-sample/323

Covid-19 Scenario

  • Owing to Covid-19 pandemic, there was a sudden decline in infrastructure development and installation projects in initial phases during the lockdown. This hampered the market growth for home energy management.

  • The production activities in the electronics and semiconductor sector stopped due to lockdown measures, lack of workforce, and supply chain disruptions. This led to reduced production and supply of sensors and other components required for energy management.

  • Post-lockdown, the market is expected to experience a slow recovery. Governments of various countries began roll out of vaccines to prevent the severity of the pandemic.

The hardware segment to continue its lead position during the forecast period

Based on offering, the hardware segment held the highest share in 2020, contributing to nearly two-fifths of the global home energy management market, and is estimated to continue its lead position during the forecast period. This is due to rise in development of recreational hardware that offers premium experience to users along with compatibility with other energy technologies. However, the software segment is expected to witness the fastest CAGR of 18.1% from 2021 to 2030, as it enables identification of inconsistencies, evaluation of baseline, benchmarking & actual energy data on usage, and comparison of previous performance with current usage.

Interested to Procure the Data? Inquire here @ https://www.alliedmarketresearch.com/purchase-enquiry/323

The Wi-Fi segment to maintain its leadership status throughout the forecast period

Based on technology, the Wi-Fi segment accounted for the highest share in 2020, contributing to more than one-fourth of the global home energy management market, and is estimated to maintain its leadership status throughout the forecast period. This is due to improvement of the smart home energy management and reduction of energy usage and CO2 emissions. Moreover, this technology enables the wireless communication architecture to increase grid flexibility and rapidity in the data flow among all of the components in the proposed system. However, the Ethernet segment is projected to manifest the highest CAGR of 18.1% from 2021 to 2030. This is due to ease for cables to carry DC power and pass low-voltage power over Ethernet cabling to powered devices, such as wireless access points. Ethernet also eliminates the need for separate power supplies and outlets.

North America to maintain its dominance in terms of revenue by 2030

Based on region, North America contributed to the largest market share in 2020, accounting for nearly one-third of the global home energy management market, and is estimated to maintain its dominance in terms of revenue by 2030. This is due to increase in demand for automated system and rapid penetration of IoT in the residential buildings along with surge in deployment of home automation system in the region. However, Asia-Pacific is expected to witness the highest CAGR of 19.3% during the forecast period, owing to high economic expansion in leading countries, subsequent construction industry growth forecasts, and rapid modernization and willingness to adopt smart cities.

Enquire for Customization with Detailed Analysis of COVID-19 Impact in Report @ https://www.alliedmarketresearch.com/request-for-customization/323?reqfor=covid

Leading market players

  • Honeywell International, Inc.

  • General Electric Company

  • Panasonic Corporation

  • Alphabet (Google Inc.)

  • Ecobee, Inc.

  • Vivint Inc.

  • Schneider Electric SA

  • Comcast Cable Communications, LLC (Xfinity)

  • EcoFactor, Inc.

  • Energyhub, Inc.

Access AVENUE - A Subscription-Based Library (Premium On-Demand, Subscription-Based Pricing Model) @ https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request For 14 Days Free Trial of Before Buying:
https://www.alliedmarketresearch.com/avenue/trial/starter

Similar Reports:

Smart Office Market
Connected Homes Market
Building Management System Market
SiC GaN Power Semiconductor Market
P2P Payment Market
IO-Link Market
Commercial Insurance Market
Pet Insurance Market
Indium Phosphide Compound Semiconductor Market
Low Power Geolocation Market
U.S. Insurance Third-party Administrator Market
Embedded Controllers Market
Currency Sorter Market

Pre-Book Now with 10% Discount:

Currency Sorter Market- Opportunities and Forecasts, 2021-2028
World 4D Printing Market - Opportunities and Forecasts, 2021-2028

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
1-800-792-5285, 1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn and Twitter

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/home-energy-management-market-to-reach-8-73-bn-globally-by-2030-at-15-6-cagr-allied-market-research-301438972.html

SOURCE Allied Market Research

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting