The demand within the global market for home energy management systems has been escalating on account of improvements in the energy sector and increasing impetus on the need to conserve energy. Home energy management systems help users in monitoring the energy consumption in their houses and optimizing those levels to prevent wastage of energy. The energy crunch across the globe has hugely benefitted market vendors within the global market for home energy management systems. The international organizations engaged in the promotion of methods for energy conservation have been actively encouraging the deployment of home energy management systems.
The electricity bill of households can be reduced with the help of energy management systems and the net power output can be enhanced. The government has also stipulated strict laws with regards to the conservation of energy in the residential sector. This has also created commendable demand within the global market for home energy management systems. The depletion of non-renewable sources of energy such as fossil fuels has also played to the advantage of the global home energy management systems. Statistics show that the residential sector is a substantial consumer of electric power, thus, necessitating the conservation of energy across this sector.
The global market for home energy management systems is projected to grow at an astral CAGR of 25.0% over the period between 2013 and 2019. Furthermore, the market was valued at US$393.8 mn in 2012 and is expected to elevate to a value of US$1.90 bn by 2019-end.
ZigBee to Emerge as Leading Technological Segment
The efficiency of several technologies within the residential sector has improved due to the deployment of home energy management systems. Amongst these technologies, ZigBee has benefitted the most in terms of rate of implementation and quality advancements. Other key technologies that have benefitted from the deployment of home energy management systems are Wi-Fi, Z-Wave, and HomePlug. Better scalability and greater tolerance are amongst the key advantages served by home energy management systems to these technologies. Furthermore, based on functionality, the global home energy management system is segmented along the following parameters: enabling technologies, user interface, and control devices. Enabling technologies are projected to fetch the highest revenues for the global market over the forthcoming years. It is expected that the cumulative share of the enabling technologies segment would outdo the share of all other functionality segments.
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North America to Outdo Other Regional Markets
The residential sector in the US and Canada has been undergoing rapid advancements and is projected to attain a distinct mark of sophistication over the coming years. Furthermore, the government in the aforementioned countries has been steadfast in promoting methods of energy conservation across multiple industries and sectors. Owing to these reasons, the demand within the market for home energy management systems is projected to reach new heights in the years to come.
The market for home energy management systems in Europe has been expanding on account of the presence of several international organizations working towards energy conservation. The exponential population in India and China has necessitated the conservation of energy in these regions, and hence, the market for home energy management systems in Asia Pacific is projected to progressively expand over the years to come.
Some of the key players in the global home energy management systems market are Honeywell International, Inc., Panasonic Corporation, General Electric Company, Cisco Systems, Inc., Intel Corporation, and Sharp Corporation.