The findings of a research report made available by Radiant Insights, Inc. suggest that the global smart home energy management system market would showcase a fast-paced expansion over the forecast period (from 2016 to 2022). A home energy management system or home MES allows its users to keep a detailed track of energy consumption to better save money, as well as energy. For example, the user can see the energy consumption for various appliances and electronic products through smart home EMS. A smart home EMS also allows users to manage real-time data, as well as price signals from the utility, and manage the energy usage settings accordingly.
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Potential growth opportunities in various emerging regions and increased adoption of energy-efficient devices are expected to be the key factors driving the global market over the coming years. Several other factors such as easy availability and accessibility of data analytics and cloud computing are also anticipated to support the market expansion. In addition, increasing real-time energy conservation approach and advanced device interconnectivity technology may also fuel the product demand in near future.
Many companies, as well as institutions, are aiming at introducing innovative products, which is also contributing toward global market development. For instance, Tri Cascade, Inc. recently introduced its Cloud-based EMS called BRIGHT energy System. The new EMS provides users the ability to control their energy usage; thus, directly affecting the carbon discharge they release into the environment.
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The global smart home energy management system market is categorized based on product type, end user or application, and region. Based on product type, the market is categorized into smart meter, gateway, and others. Based on end user, the market is categorized into industrial building, commercial building, residential building, and others. Based on region, the market is divided into China, Japan, India, Southeast Asia, Europe, and North America.
The North America region is likely to have a faster growth compared to other regions over the forecast period. The region is also anticipated to account for a considerable amount of the overall market share during the forecast years. The US and Canada are expected to be the maximum revenue-generating nations in this region as a result of strong presence of various key companies such as Nest Labs, Logitech, and General Electric Co. These companies focus on developing more economic, convenient, and efficient HEM systems and solutions due to high need for advancements and innovations in terms of technology. This factor is predicted to have a positive impact on the region’s expansion over the next few years.
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In addition, the region also has a developed infrastructure providing better connectivity, which is contributing toward the surging demand for advanced systems and devices. This factor is also projected to boost the North America regional market over the forecast period. The Southeast Asia region is also predicted to have a substantial growth at a healthy CAGR from 2016 to 2022. This expansion is attributed to the rapid technological developments in smart HEM along with the rising awareness among people about using energy-efficient systems and devices. In addition, the presence of lucrative, emerging economies with high growth opportunities is also anticipated to augment the regional market development.
Some of the key companies operating in the global smart home energy management system market include International Business Machines (IBM) Corp.; Electronics and Telecommunications Research Institute; Invensys Building Systems, Inc.; Intel-GE Care Innovations, LLC; Robert Bosch GmbH; and General Electric Co.
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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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