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.
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.
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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.
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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.
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Leading market players
Honeywell International, Inc.
General Electric Company
Alphabet (Google Inc.)
Schneider Electric SA
Comcast Cable Communications, LLC (Xfinity)
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