Dublin, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The "Home Energy Management Systems (HEMS) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
Increasing electricity expense resulting in a need for optimum energy management is identified as the major factor driving the home energy management systems market.
However, lack of awareness regarding the benefits offered by these systems coupled with the high upfront cost has somewhat inhibited the market growth.
To address these challenges effectively, suppliers and solution providers have started offering variable pricing schemes to encourage consumers to make optimum use of the electricity during off-peak hours and reduce consumption during peak hours. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 14.6% during the forecast period 2022 - 2030.
In 2021, the control devices segment comprising home automation systems, home lighting control systems, thermostats, smart plugs, and smart appliances among others was the largest contributor to the global home energy management systems (HEMS) market. The trend is expected to continue during the forecast period 2022 - 2030, with the said segment retaining its dominant position.
Although the control device segment is expected to continue its dominance, the user interface device segment covering in-home display units and web dashboard/portals is expected to exhibit maximum growth over the forecast period 2022 - 2030. The segment (user interface devices) is anticipated to witness steep growth on account of the growing desire of consumers to study and analyze their household energy consumption by appliances or products. In addition, the declining cost of displays and thus display products is expected to have a positive impact on market momentum during the forecast period 2022 - 2030.
In 2021, Wi-Fi and ZigBee were the major communication technologies used in home energy management systems (HEMS). These communication technologies collectively accounted for over 45 percent of the global home energy management systems (HEMS) market value in 2021. This trend is expected to continue in the following years since the integrated technology using Wi-Fi as the back-bone and ZigBee as an interface to several end-points is poised to witness growing acceptance.
The ZigBee technology is expected to witness maximum adoption during the forecast period. This is primarily on account of the growing demand from the emerging markets and regulated demand from developed economies like North America and Europe. The ZigBee technology is easy to use and can be easily integrated with multiple home area networking devices. Furthermore, the technology is scalable and highly tolerant of intrusion from other technologies like Wi-Fi and Bluetooth. Other communication technologies including Z-Wave and Insteon are also anticipated to exhibit robust growth during the forecast period 2022 - 2030.
In 2021, North America was the largest home energy systems (HEMS) market followed by Europe. The regions collectively accounted for over 60% of the global market revenue in 2021. This dominance can be majorly attributed to the technological advancements and greater adoption of wireless technologies including ZigBee, Z-Wave, and Wi-Fi for energy management. Furthermore, the growing demand for HAN (Home Area Network) devices has further cemented their leading position.
The U.S. is the largest individual HEMS market worldwide. The dominance of the U.S. can be attributed to the presence of a large base of energy management solutions and service providers. Over the forecast period, Asia Pacific is expected to witness maximum growth, majorly on account of the growing desire among consumers to control and manage residential electricity consumption.
Market Segmentation
Product Type
- Control Devices (Lighting Control Systems, Thermostats, Smart Plugs, etc)
- User Interface Devices (Home Energy Display, Web Dashboard, etc)
Technology
- Wi-Fi
- ZigBee
- Z-Wave
- Others (Wireless M-Bus, Insteon, X#, etc)
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Home Energy Management Systems (HEMS) market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Home Energy Management Systems (HEMS) market?
- Which is the largest regional market for Home Energy Management Systems (HEMS) market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Home Energy Management Systems (HEMS) market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Home Energy Management Systems (HEMS) market worldwide?
Companies Mentioned
- Panasonic Corporation
- Honeywell International Inc.
- Nest Labs Inc.
- General Electric Company
- Vivint Inc.
- Alarm.com
- Ecobee
- EnergyHub Inc.
- Comcast Cable
- EcoFactor Inc.
- Cisco Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/p0s8p4-energy?w=12
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