Home Energy Management Market size is Anticiapted to Grow $8.73 Billion by 2030 | Registering a CAGR of 15.6%

Allied Market Research published a report on the Home Energy Management Market by Offering, Product Type, and Technology: Global Opportunity Analysis and Industry Forecast, 2021-2030. 

The global home energy management market size is expected to reach $8.73 billion by 2030 from $2.28 billion in 2020, growing at a CAGR of 15.6% from 2021 to 2030.

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Home energy management are gaining popularity around the world, helping accelerate the transition to renewable energy. With advances in smart home technology and machine-to-machine communication, home energy management will not only change how homeowners consume energy, but how they actively look to reduce energy usage. With home energy management, end users can access real-time energy consumption data through mobile phones, tablets, and other communication devices to monitor and manage energy consumption in the house.

Governments play a vital role in energy savings and supporting initiatives toward construction of smart buildings. They have formulated regulations and policies to improve energy efficiency and reduce a building's footprint of renewable energy, HVAC, lighting, and location. For instance, the U.S. Green Building Council (USGBC) is a government body that developed and released criteria for improving the environmental performance of smart home through the leadership in Energy and Environmental Design (LEED) rating system for new building construction.

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The prominent factors that impact the home energy management market growth are rising demand for energy-efficient solution, rising urbanization in developing economies, and increasing number of connected devices through Internet of Things. However, high initial costs related to deploying of energy management systems is a major restraint to the global home energy management market growth.

On the contrary, government initiatives toward the construction of smart home is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect global home energy management industry during the forecast period.

Businesses can evaluate the Porter's Five Forces Analysis to determine the structure, level of competition, and industry's strengths and weaknesses. The report also contains information and statistics, tables and figures that are used in strategic planning for the company's success. The report will be remarkable in its ability to provide worldwide investors with the information they need to make informed judgments about the market. Also, these research report provides accurate economic, global, and country-level predictions and analysis.

Competitive Analysis:
The home energy management industry key players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the global home energy management industry include:
⦁ Energyhub, Inc.
⦁ Ecobee, Inc.
⦁ Vivint Inc.
⦁ Panasonic Corporation
⦁ EcoFactor, Inc.
⦁ Honeywell International Inc.
⦁ SCHNEIDER ELECTRIC SE
⦁ Alphabet, Inc. (Google, Inc.)
⦁ Comcast Cable Communications, LLC (Xfinity)
⦁ General Electric Company

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Top Impacting Factors:
The prominent factors that impact the home energy management market growth are rising demand for energy-efficient solution, rising in urbanization in developing economies, and increasing number of connected devices through Internet of Things. However, high initial cost related to deploying of energy management systems is a major restraint to the global home energy management market growth. On the contrary, government initiative toward the construction of smart home is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the global home energy management industry during the forecast period.

Key Benefits for Stakeholders:
⦁ This study comprises analytical depiction of the global home energy management market outlook along with the current trends and future estimations to depict the imminent investment pockets.
⦁ The overall home energy management market analysis is determined to understand the profitable trends to gain a stronger foothold.
⦁ The report presents information related to key drivers, restraints, and home energy management market opportunities with a detailed impact analysis.
⦁ The current home energy management market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
⦁ Porter's five forces analysis illustrates the potency of the buyers and the home energy management market share of key vendors.
⦁ The report includes the market trends and the revenue share of key vendors.

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