Home Energy Management System Market size would expand over 2021-2027 driven by the growing need for sustainable energy and increased consumption of energy for household purposes including cooking, heating, and more. Additionally, rising feasibility of battery and small-scale power storage is also likely to catalyze the industry progression through the coming years.
The HEMS market is also slated to record massive gains owing to its positive attributes including monitoring the usage of electricity, effective use of solar energy, and management of backup with the help of battery storage.
The growth in home energy management system market is also expected to come from increasing investments in the smart grid infrastructure worldwide. Various governments and energy conglomerates have been working towards revamping the existing smart grid infrastructure to effectively serve the mounting energy demand by the country’s citizens. For instance, the European Investment Bank (EIB) and Iberdrola inked a 550 million euro green loan deal to support the development of smart grids in Spain.
Increased prominence of home energy management technology worldwide would further augment the business space by 2027 end. However, high deployment cost of these systems would potentially obstruct the market growth over the analysis time frame.
HEMS market is gaining potential from device monitoring and control applications. These systems need to be able to control and monitor diverse devices and appliances in a home. Device information can be available to the user through either a web interface or tablet/phone application. In order to better monitor and control devices, HEMS is required to offer seamless communication among different smart devices and sensors through ZigBee, Wi-Fi, and Z-Wave, and more.
ZigBee powered home energy management system market is projected to expand through 2027, as these modules are generally used to monitor the energy consumption of home appliances and lights. ZigBee is a low-cost, wireless, and low-power mesh networking standard. Its low cost enables the technology to be expansively used in wireless control and monitoring applications, while the low power usage allows increased life with smaller batteries.
North America and Asia Pacific are touted to emerge as lucrative regional hubs for the home energy management system industry. North America HEMS market would grow through 2027 owing to the rising technological advancements and increased adoption of wireless technologies like Z-Wave, Wi-Fi, and ZigBee for energy management. Besides, the mounting demand for Home Area Network devices has further strengthened the regional business space.
APAC home energy management system market would observe significant gains throughout the forecast time frame, on grounds of the rising inclination among consumers to control and manage their electricity consumption.
Some of the prominent players operating in the global home energy management system industry are Cisco Systems, Panasonic Corporation, General Electric, Hitachi Ltd., Honeywell International, Inc., and Johnson Controls International, amongst others.
These players are engaged in various industrial strategies like collaborations, partnerships, and product launches, letting them gain a significant position in the global market space.
The COVID-19 pandemic outbreak has negatively impacted the power industry globally. Given the current scenario, various device producers across diverse regions were prompted to shut down their manufacturing facilities and services as countries followed restrictions put forth by the governments to deal with the pandemic. Moreover, the decline in business activities has further affected home energy management system market.