Home Energy Management System Market 2020: Size, Industry Trends, Share, Growth and Forecast till 2025

According to the IMARC Group, the global home energy management systems market was worth US$ 1.9 Billion in 2019. Home energy management systems (HEMS) refer to a technology that allows users to monitor energy usage and production, and to automate or manually control the use of energy within a household. These systems consist of hardware and software, which aids in keeping track of an individual appliance’s electricity consumption pattern and power consumption data.

Home Energy Management System Market Trends:

With the rising integration of distributed energy resources (DERs) and strategic electrification, consumers are rapidly adopting a dynamic and efficient home energy management systems. These systems help in monitoring the usage of electricity, managing backup with the help of battery storage, and also ensuring the efficient use of solar energy. The growing awareness regarding these benefits has resulted in the widespread adoption of energy management solutions by users across the residential sector, which is significantly driving the market growth. Some of the other factors, including the growing penetration of high-speed internet, a growing number of smart homes and the integration of Internet of Things (IoT) and Big Data in the energy management sector, are expected to further create a positive outlook for the market in the coming years.

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Home Energy Management System Market Segmentation:

Market Breakup by Product

Lighting Controls
Self-Monitoring Systems and Services
Programmable Communicating Thermostats
Advanced Central Controllers
Intelligent HVAC Controllers

Market Breakup by Communication Technology

Z-Wave
Zigbee
Wi-Fi
Others

Market Breakup by Software & Service

Behavioral
Proactive

Market Breakup by Region

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

View Report TOC, Figures and Tables: https://www.imarcgroup.com/home-energy-management-systems-market

Some of the major players operating in the industry worldwide include Honeywell International, Inc. (NYSE: HON), Nest Labs, Inc., Vivint, Inc., General Electric Company, Ecobee, Inc., Alarm.Com, Comcast Cable (Xfinity), Panasonic Corporation, Ecofactor, Inc. and Energyhub, Inc.

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This release was published on openPR.