Global Home Energy Management Systems Market is Projected to Surpass USD 6,992.5 Million By the End of 2030 with a Growing CAGR of 12.93% | Infinium Global Research

Infinium Global Research, a renowned market research firm, has released an exhaustive report that offers a deep dive into the Global Home Energy Management Systems Market. The report delivers an in-depth analysis of market segments and sub-segments on both a global and regional scale. It shines a light on the impact of market drivers, restraints, and macro indicators in the short and long term, providing a comprehensive view of trends, forecasts, and the financial landscape of the global home energy management systems market.

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Home Energy Management Systems Market on the Rise

The global home energy management systems market, which was valued at USD 2,702.0 million in 2022, is poised for significant growth, expected to reach USD 6,992.5 million by 2030. This growth represents an impressive Compound Annual Growth Rate (CAGR) of 12.93% during the forecast period. The substantial rise in the market can be attributed to various factors, with increasing internet penetration in both developed and developing economies, and the burgeoning role of Big Data and the Internet of Things (IoT) in energy management as key drivers.

Revolutionizing Home Energy Management

A home energy management system is an intelligent electronic device designed to regulate energy consumption within households. It empowers homeowners to efficiently monitor their energy needs, gain insights into individual appliance electricity consumption patterns, and access power consumption data. Additionally, these systems can be integrated with other smart devices in homes. The surging market for smart homes is also contributing to the growth of the home energy management systems market. The proliferation of smart home devices has expanded homeowners' energy monitoring and usage control capabilities.

The impact of spiraling energy prices on household expenses has bolstered the demand for energy management solutions. Growing awareness of energy management and increased investment in smart grids present promising growth opportunities for the home energy management systems market. However, challenges such as high implementation costs and interoperability issues may impede the market's growth.

Key Players Shaping the Market

The global home energy management systems market is steered by influential players, including Honeywell International, Inc., Nest Labs, Inc., Vivint, Inc., General Electric Company, Ecobee, Inc., Alarm.Com, Xfinity, Panasonic Corporation, Ecofactor, Inc., and Energyhub, Inc.

Energy Consumption in Residential Sectors

The residential sector accounted for approximately 15% of global delivered energy consumption in 2040, as per the EIA. The demand for energy in the residential sector is steadily increasing worldwide, especially in large emerging countries, driven by economic growth, demographic changes, and technological advancements. U.S. Energy Information Administration (EIA) reports indicate that the majority of energy consumption in the United States comes from the residential sector. The projection by EIA indicates that energy consumed in buildings will grow by 1.3% annually on average from 2018 to 2050. In non-Organization for Economic Cooperation and Development (OECD) countries, the energy consumed in buildings is expected to grow at a rate exceeding 2% annually, approximately five times faster than OECD countries. China leads in residential electricity consumption, while India is projected to experience the fastest growth rate in electricity use from 2018 to 2050. Rising energy costs are driving the demand for Home Energy Management Systems (HEMS) to improve energy efficiency in homes and buildings.

The Smart Home Revolution

The smart home market is rapidly expanding, with an expected 375.3 million AI-centric households worldwide by 2024. Europe is set to have 84 million connected homes by 2022, with Germany, the UK, and France leading the charge. Growing internet usage and the increasing adoption of smart devices, coupled with the need for energy-saving and low carbon emission solutions, are driving the demand for smart home systems. The desire for remote home monitoring, safety, security, and convenience among the general population further fuels the smart home market's growth. While various systems contribute to energy savings in smart homes, smart thermostats are touted as the most energy-efficient.

Interoperability Challenges and Smart Grid Adoption

Home energy management systems must offer seamless device interaction. However, the presence of numerous home appliance manufacturers and communication technologies creates interoperability challenges. Different models of the same type of device can have varying functionalities. Users seek an easy, one-size-fits-all solution without compatibility concerns. Consequently, the variety of technologies and the diversity of producer's present challenges in HEMS. Deployment and installation complexities, including the need for expert setup, can restrict the market's growth.

In recent years, the adoption of smart grid technologies has surged. The smart grid benefits from digital technology, enabling enhanced sensing and control of grid elements, improved information sharing, communication, and advanced computing. The integration of digital and physical grid structures is rapidly evolving, driven by falling technology costs and changing customer expectations. As per the U.S. Energy Information Administration (EIA), U.S. utilities invested an estimated $3.4 billion in smart grid technologies at the distribution level in 2016. The smart grid enables residential customers to autonomously participate in demand response programs via Home Energy Management System (HEMS) applications, fostering improvements in power systems.

Market Segmentation

The report on the global home energy management systems market covers various segments, including product type, component, and communication technology. Product types of sub-markets include lighting controls, self-monitoring systems and services, programmable communicating thermostats, advanced central controllers, and intelligent HVAC controllers. Component sub-markets are categorized as hardware and software, while communication technology sub-markets include z-wave, zigbee, Wi-Fi, and others.

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Table of Content

Chapter 1. Preface

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

2.1. Home Energy Management Systems Market Highlights

2.2. Home Energy Management Systems Market Projection

2.3. Home Energy Management Systems Market Regional Highlights

Chapter 3. Global Home Energy Management Systems Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1.Drivers

3.2.2.Restraints

3.2.3.Opportunities

3.3. Analysis of COVID-19 impact on the Home Energy Management Systems Market

3.4. Porter's Five Forces Analysis

3.5. IGR-Growth Matrix Analysis

3.5.1.IGR-Growth Matrix Analysis by Product Type

3.5.2.IGR-Growth Matrix Analysis by Component

3.5.3.IGR-Growth Matrix Analysis by Communication Technology

3.5.4.IGR-Growth Matrix Analysis by Region

3.6. Value Chain Analysis of Home Energy Management Systems Market

Chapter 4. Home Energy Management Systems Market Macro Indicator Analysis

Chapter 5. Global Home Energy Management Systems Market by Product Type

5.1. Lighting Controls

5.2. Self-monitoring Systems and Services

5.3. Programmable Communicating Thermostats

5.4. Advanced Central Controllers

5.5. Intelligent HVAC Controllers

Chapter 6. Global Home Energy Management Systems Market by Component

6.1. Hardware

6.2. Software

Chapter 7. Global Home Energy Management Systems Market by Communication Technology

7.1. Z-Wave

7.2. Zigbee

7.3. Wi-Fi

7.4. Others

Chapter 8. Global Home Energy Management Systems Market by Region 2023-2030

8.1. North America

8.1.1.North America Home Energy Management Systems Market by Product Type

8.1.2.North America Home Energy Management Systems Market by Component

8.1.3.North America Home Energy Management Systems Market by Communication Technology

8.1.4.North America Home Energy Management Systems Market by Country

8.2. Europe

8.2.1.Europe Home Energy Management Systems Market by Product Type

8.2.2.Europe Home Energy Management Systems Market by Component

8.2.3.Europe Home Energy Management Systems Market by Communication Technology

8.2.4.Europe Home Energy Management Systems Market by Country

8.3. Asia-Pacific

8.3.1.Asia-Pacific Home Energy Management Systems Market by Product Type

8.3.2.Asia-Pacific Home Energy Management Systems Market by Component

8.3.3.Asia-Pacific Home Energy Management Systems Market by Communication Technology

8.3.4.Asia-Pacific Home Energy Management Systems Market by Country

8.4. RoW

8.4.1.RoW Home Energy Management Systems Market by Product Type

8.4.2.RoW Home Energy Management Systems Market by Component

8.4.3.RoW Home Energy Management Systems Market by Communication Technology

8.4.4.RoW Home Energy Management Systems Market by Sub-region

Chapter 9. Company Profiles and Competitive Landscape

9.1. Competitive Landscape in the Global Home Energy Management Systems Market

9.2. Companies Profiles

9.2.1.Honeywell International, Inc.

9.2.2.Nest Labs, Inc.

9.2.3.Vivint, Inc.

9.2.4.General Electric Company

9.2.5.Ecobee, Inc.

9.2.6.Alarm.Com

9.2.7.Xfinity

9.2.8.Panasonic Corporation

9.2.9.Ecofactor, Inc.

9.2.10. Energyhub, Inc.

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of home energy management systems.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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