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Home Energy Management Systems Market - Demand for HEMSs is Expected to Rise Considerably over the Forecasted Period

02-06-2017 03:38 PM CET | IT, New Media & Software

Press release from: TMR - Research Reports

Home Energy Management Systems Market - Demand for HEMSs

Home energy management systems (HEMS) are intermediary devices that enable home-owners to monitor and manage their electricity consumption wisely.

In its nascent stage of development, the global HEMS industry is striving to meet the demand of a universal platform solution that is expected to solve problems of interface and complexity involved in installations. Rising electricity prices across the globe has led the demand for optimum energy management systems and solutions.

With electricity prices predicted to rise exponentially in the coming years, the demand for HEMSs is expected to rise considerably over the forecasted period. Variable pricing schemes offered by utilities and service providers is expected to encourage home-owners to use electricity during off-peak hours and reduce their peak hour demand.

Thus, the growing need of curbing electricity bills and wisely managing the energy consumption is expected to fuel market growth in the coming years. Partnerships with real estate players and builders for offering HEMSs as a part of amenities offer a sound opportunity for manufacturers as well as service providers.

North America occupied the largest market share in 2012, which can be attributed to large scale deployment of wireless technologies like HAN (Home Area Network), Wi-Fi, and ZigBee among others. The Europe HEMS market was valued at USD 155.7 million in 2012, and is expected to be the fastest growing market over the forecasted period.

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Complete roll-out of smart meters by 2019 coupled with favorable government regulations promoting optimum home energy management are key growth factors for this geography.

In case of technologies, ZigBee is expected to exhibit fastest growth, surpassing Wi-Fi as the major technology over the forecasted period from 2013 to 2019. This is majorly on account of its growing demand in big markets like Europe and North America. The growing demand is attributed to it being more scalable, interference tolerant, and compatible with HAN devices than Wi-Fi.

Although control device segment including thermostats, home lighting and automation systems is the dominant functionality segment, enabling technologies are expected to exhibit fastest growth rate in the coming years, owing to increasing use of technologies like sensing, HAN and others offering connectivity for energy management.

Some of the key players in the market include Panasonic Corporation (Japan), Honeywell International, Inc (U.S.), General Electric Company (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), and Sharp Corporation (Japan) among others.

About TMR

TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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