Home Energy Management System Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2566
Home Energy Management Systems Market size will grow on account of escalating energy consumption and increasing investments in smart grid systems. In 2017, EIA projected the world energy consumption to increase by 56 percent by 2040. Reduced energy spending, improved equipment performance and security from theft are the other necessary factors that will complement the business growth.
Stringent government measures to promote energy conservation coupled with government intervention over misuse of energy will boost the home energy management systems market. Formulation of government legislatives in developed and developing economies to accelerate the installation of smart energy systems will further fuel the industry growth. In 2015, the U.S. government under the Resident Energy Efficiency Valuation Act (REEVA) established pilot programs to help the residential sector achieve energy efficiency and reduce the energy expenditure.
Europe home energy management systems market will witness growth owing to the strict energy conservation norms and rollout programs for smart meters. Incentives, regulations and labeling programs implemented by the government to mitigate environmental crisis will propel the business landscape. In November 2016, the European Union proposed an update on the Energy Efficiency Directive with a target of 30 percent energy savings by 2030.
The home energy management system market in the U.S. will witness growth on account of increased deployment of user friendly software services consisting home area network and wi-fi. Higher internet connectivity and real time services required for energy conservation coupled with the development of technologically efficient products and services will further accelerate the installation of HEMS in the region.
Control device home energy management systems market is predicted to witness growth on account of functionalities consisting automation, smart meters, thermostats and home lighting controllers. Increasing investments toward development of smart homes and the need to optimize energy requirements will further propel the industry growth.
Wi-fi technology home energy management systems market is expected to grow owing to increasing use of internet across the globe. Development of smart homes coupled with heavy investment in wireless technology will further drive the industry growth. High capacity load balancing, network access control and ability to measure performance are some of the noteworthy features that helps in providing Wi-fi technology a competitive advantage over other verticals.
Technological advancements along with growing awareness toward carbon footprint management will drive the China home energy management system market share. Modernization of old infrastructure with rising need to curtail power losses will further propel the industry growth.
Notable participants in the home energy management systems market include Panasonic Corporation, Cisco Systems, Honeywell International, General Electric, Ecofactor, EnergyHub, Johnson Controls, Nest Labs, Hitachi, Vivint and Ecobee amongst others.
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