The home energy management systems market is predicted to be worth US$ 2,892.4 million in 2023 and rise to US$ 104,360.3 million by 2033. The global industry was expanding at a CAGR of 6.3% from 2018 to 2022.
The demand for energy-efficient appliances and smart home energy management systems has seen a significant increase. This is as customers are being more aware of the value of using energy resources sustainably.
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Home area networks (HANs) are undergoing a revolutionary change in multiple domains of power consumption. Such as energy conservation at consumption premises and electricity usage patterns. This is due to the rapid improvements in technologies which include
- Network communication
- Smart grid
- Bidirectional communication mediums
- Information infrastructures
- Energy conservation methodologies
Home energy management software is essential for assisting businesses in locating and implementing energy-saving technology.
The establishment of a domestic energy management system requires significant upfront investment. Local and federal governments both have an essential role in the transformation of infrastructure. The transmission network between clients and the smart grid must be established using expensive technology at first.
Key Takeaways
- By 2033, the home energy management systems market in the United Kingdom is likely to expand, with a CAGR of 16.3%.
- In 2022, the United States dominated the home energy management systems sector, with a share of 16.5%.
- The home energy management systems market was significantly expanding, with a size of US$ 2,451.2 million in 2022.
- By 2033, the home energy management systems market in China is likely to expand, with a CAGR of 15.4%.
- In 2022, Germany expanded the home energy management systems business, with an expected share of 7.1%.
- The market is expected to grow at a US$ 4,716.15 million valuation by 2026, with favorable regulatory policies.
- By 2033, India is projected to expand significantly in the home energy management systems market, with a share of 16.7%.
- Japan’s home energy management systems industry share expanded significantly, with a 5.4% share in 2022.
- In 2022, WiFi dominated the market with a share of 26.5%. It is anticipated to control the market by 2033 in terms of communication technology.
- Based on offering, hardware dominated the market with a share of 38.9% in 2022.
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Effective Approaches by Key Participants
Top players in the home energy management systems market are projected to grow by diversifying into new regions. This entails modifying goods and marketing tactics to fit the demands and tastes of customers in other geographies. Collaboration with regional businesses to access local markets creates profitable opportunities in the market.
Recent Developments
- Siemens announced developing grid software for financial effectiveness and grid stability in May 2022. The company claims that its software increases the productivity of grid management chores by 85% while ramping up grid simulations by a factor of up to 6.
- To hasten the energy transition and provide customer value, Schneider Electric, and Hitachi Energy partnered in June 2022.
- The first Smart Household Energy Management System (SHEMS) to receive ENERGY STAR certification is likely to be revealed in 2023, according to the United States Environmental Protection Agency (EPA).
- Johnson Control and Willow announced their partnership in February 2023. To develop digital solutions that make buildings smarter and more sustainable.
Key Segments
By Offering:
- Hardware
- Software
- Services
By Product Type:
- Lighting Controls
- Programmable Communicating Thermostats
- Self-monitoring Systems & Services
- Advanced Central Controllers
- Intelligent HVAC Controllers
By Communication Technology:
- Wi-Fi
- Z-Wave
- Ethernet
- ZigBee
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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