Home Energy Management Systems Market To Hit US$ 7.1 Billion by 2028, At a CAGR of 17% | Top Players Like Honeywell International, Inc., Nest Labs, Inc., Vivint, Inc., General Electric Company, Ecobee and Others

According to the latest report by IMARC Group, titled "Home Energy Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the global home energy management systems market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.1 Billion by 2028, exhibiting a growth rate (CAGR) of 17% during 2023-2028.   

Global Home Energy Management Systems Market Trends:

The rising rates of electricity are primarily driving the home energy management systems market. Additionally, the growing consumer awareness towards the sustainable utilization of energy is further propelling the demand for energy-efficient appliances. Besides this, the altering climatic conditions across several countries is augmenting the adoption of heating, ventilating, and air conditioning (HVAC) systems, which is acting as another significant growth-inducing factor. Moreover, the inflating per capita income levels of individuals and the increasing number of smart homes are positively influencing the global market. Apart from this, the introduction of the Internet of Things (IoT) and big data-based solutions is projected to fuel the home energy management systems market in the coming years.

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Year considered to estimate the market size:

• Base year of the analysis: 2022
• Historical period: 2017-2022
• Forecast period: 2023-2028

Global Home Energy Management Systems Market 2023-2028 Competitive Analysis and Segmentation:

Key Market Segmentation:

The report has segmented the global home energy management systems market on the basis of product type, Communication Technology, Software & Service and region.  

Breakup by Product Type:

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

Breakup by Communication Technology:

• Z-Wave
• Zigbee
• Wi-Fi
• Others

Breakup by Software & Service:

• Behavioral
• Proactive

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Competitive Landscape With Key Players:

The competitive landscape of the home energy management systems market has been studied in the report with the detailed profiles of the key players operating in the market.

Home Energy Management Systems Market Key Players:

• Honeywell International, Inc. (NASDAQ: HON)
• Nest Labs, Inc.
• Vivint, Inc. (NYSE: VVNT)
• General Electric Company (NYSE: GE)
• Ecobee, Inc.
• Alarm
• Comcast Cable (Xfinity) (NASDAQ: CMCSA)
• Panasonic Corporation
• Ecofactor, Inc.
• Energyhub, Inc.

Industry Definition and Application:

Home energy management systems (HEMS) represent the smart electronic devices that are used for managing the consumption of energy across the domestic sector. The hardware part of the system usually includes a hub that is operated virtually through a wireless device. It can also be connected to other smart devices at home. The software part of the HEMS allows individuals to track and customize their usage. It can be accessed via apps and web portals. Home energy management systems create optimal schedules by taking numerous factors, such as load profiles, environmental concerns, consumer comfort, etc., into consideration. Some of the basic functions of the equipment include efficient use of solar energy and management of backup with the aid of battery storage.

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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