The Home Energy Management System Market size is analyzed to grow at an estimated CAGR of 15.99% during the forecast period 2022-2027 to reach $6.8 billion by 2027. Home energy management systems are a comprehensive combination of hardware and software that enable consumers to track and manage the energy usage of the different electrical appliances they have in their residences. The global Home Energy Management System market is expanding as a result of rising investments in smart grids and increased awareness of energy management. The Home Energy Management System Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Competitive Landscape:
The top 5 players in the Home Energy Management System Industry are –
1. GENERAL ELECTRIC COMPANY
2. Honeywell International Inc.
3. Alphabet, Inc. (Google, Inc.)
4. Vivint Inc.
5. Comcast Cable Communications, LLC (Xfinity)
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Segmental Analysis :
1. By Component, Home Energy Management System Market has been segmented into Hardware, Software and Services. The Hardware segment is expected to grow at the fastest CAGR of 8.4% during the forecast period.
2. The development of smart home technologies in the United States was aided by initiatives like the installation of smart meters in California, Florida and Texas. This would help to boost the market growth.
3. By Communication Technology, Home Energy Management System Market has been segmented into Z-wave, ZigBee, Wi-Fi, Homeplug and Others. The ZigBee segment is expected to grow at the fastest CAGR of 6.4% during the forecast period.
4. By Geography, Home Energy Management System Market has been segmented into North America, Europe, APAC, South America and the RoW. In 2021, North America accounted for the largest market share (38%) in the Home Energy Management System market.
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Report Coverage |
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Report Attributes |
Details |
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By Component |
Hardware (Control Device, Display/Communication Device), Software and Services. |
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By Communication Technology |
Z-wave, ZigBee, Wi-Fi, Homeplug |
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By Product Type |
Self-Monitoring Systems, Lighting Controls, Programmable Communicating Thermostats, Advanced Central Controllers and Intelligent HVAC Controllers |
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By Geography |
North America, Europe, Asia-Pacific, South America and Rest of World |
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Market Drivers and Challenges :
1. Customers are embracing home energy management systems in addition to buying energy-saving equipment. Customers are becoming more and more aware that energy management systems not only lower costs and save energy but also contribute to the development of more sustainable energy sources.
2. Home Energy Management systems provide seamless communication between various smart devices and sensors through ZigBee, Wi-Fi, Z-Wave and more in order to effectively monitor and operate the equipment.
3. With the surge in the development of power monitoring and display technologies, these gadgets are advancing. Additionally, the typical net energy savings per system installation are 23% for lighting and 36 % for space heating, water heating and cooling/ventilation. Government support and promotion of increased adoption of smart devices are further fueling the market’s growth.
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