Residential Energy Management Market: Unveiling Trends and Strategies for Sustainable Home Energy Solutions

The residential energy management market size has grown rapidly in recent years. It will grow from $2.86 billion in 2023 to $3.23 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to rising energy costs, environmental awareness, government regulations, consumer awareness, smart grid development.

The residential energy management market size is expected to see rapid growth in the next few years. It will grow to $5.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to internet of things (iot) expansion, energy storage solutions, demand response programs, increased home automation, big data analytics. Major trends in the forecast period include advancements in artificial intelligence, technological advancements, renewable energy adoption, advanced energy analytics, energy storage solutions.

Market Overview -
Residential energy management refers to the use of technology platforms for effectively controlling and optimizing energy consumption within a household to maximize energy efficiency and minimize costs. It can help homeowners reduce their energy consumption and carbon footprint.

Download Free Sample of Report -

https://www.thebusinessresearchcompany.com/sample.aspx?id=13223&type=smp

Residential Energy Management Market Surges With The Surge In Residential Building Construction
Rising residential building construction is expected to propel the growth of the residential energy management market going forward. Residential buildings refer to structures specifically designed and constructed for people. Residential buildings can range from single-family houses to apartments and townhouses. Residential energy management is extensively used in residential buildings to optimize energy consumption, enhance efficiency, and promote sustainability. For instance, in June 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, US-based government administrations, in May 2023, privately owned home starts were occurring at a seasonally adjusted annual pace of 1,631,000, representing a 21.7% increase over the revised April 2023 prediction of 1,340,000 and a 5.7% increase over the May 2022 rate of 1,543,000. The number of privately owned home completions in May 2023 was 1,518,000 on a seasonally adjusted yearly basis. This is 5.0% over the May 2022 rate of 1,446,000 and 9.5% above the revised April 2023 estimate of 1,386,000. Therefore, rising residential building construction is driving the growth of the residential energy management market.

Competitive Landscape -
Major companies operating in the residential energy management market report are Samsung Electronics Co. Ltd., Microsoft Corporation, Tesla Inc., Siemens AG, General Electric Company, LG Electronics Inc., Panasonic Holdings Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., Toshiba Corporation, Daikin Industries Ltd., Haier Smart Home, Johnson Controls International PLC, Eaton Corporation PLC, Carrier Global Corporation, Trane Technologies plc, Enphase Energy Inc., SunPower Corporation, Vivint Smart Home Inc., ecobee, SmartRent, Tado Gmbh, Dandelion Energy, Span.IO Inc., Bosch Thermotechnik GmbH, OhmConnect, Sunverge Energy Inc., The Mobility House Gmbh, Mixergy Ltd.

Transforming Homes With Smart And Sustainable Residential Energy Management Solutions
Major companies operating in the residential energy management market are integrating their efforts into introducing intelligent and sustainable home energy management solutions, such as Schneider Home, to gain a competitive edge in the market. Sustainable home energy management solutions are technological system that allow homeowners to manage their energy consumption efficiently, reduce their carbon footprint, and improve the sustainability of their homes. For instance, in January 2023, Schneider Electric SE, a France-based multinational company, launched Schneider Home, a first-of-its-kind, simple, and comprehensive residential energy management solution that can help homeowners save energy and money and reduce their environmental impact. The solution includes various components, such as a home battery, solar inverter, smart electrical panel, electric vehicle charger, and connected electric sockets and light switches, all controlled by a user-friendly app. This app automates energy production and storage, offers geofencing and occupancy sensing features, and helps homeowners save on energy costs while reducing their environmental impact.

Browse Full Report @

https://www.thebusinessresearchcompany.com/report/residential-energy-management-global-market-report

Key Segments -

The residential energy management market covered in this report is segmented -

1) By Component: Hardware, Software
2) By Type: Energy Management Platform (EMP), Energy Analytics, Customer Engagement Platform (CEP)
3) By Application: Power Monitoring And Control, Load Shedding And Management, Flexible Load Management

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.