Home Energy Management Systems Market 2023, Size, Share, Companies Analysis and Research Report by 2028
IMARC Group has recently released a new research study titled "Home Energy Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
How big is the home energy management systems market?
The global home energy management systems market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.1 Billion by 2028, exhibiting a growth rate (CAGR) of 17% during 2023-2028.
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| Home Energy Management Systems Market Report |
List of Home Energy Management Systems Key Companies Covered in this Market Report:
- Honeywell International, Inc. (NASDAQ: HON)
- Nest Labs, Inc.
- Vivint, Inc. (NYSE: VVNT)
- General Electric Company (NYSE: GE)
- Ecobee, Inc.
- Alarm
- Comcast Cable (Xfinity) (NASDAQ: CMCSA)
- Panasonic Corporation
- Ecofactor, Inc.
- Energyhub, Inc.
Market Outlook:
Home energy management systems represent smart electronic devices that are used to manage the consumption of energy in households. They are of various types, such as lighting controls, programmable communicating thermostats, self-monitoring systems and services, advanced central controllers, etc. Home energy management systems enable homeowners to efficiently monitor their energy requirements and get individual electricity consumption patterns and power consumption data of the appliances. They even allow the users to customize the usage of electricity, ensure management of backup with the help of battery storage, and facilitate efficient use of solar energy. As a result, home energy management systems are in extensive demand among consumers across the globe.
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Market Trends:
The rising awareness among consumers about the sustainable use of energy resources is primarily driving the home energy management systems market. In addition to this, the elevating need for energy-efficient appliances and the shifting preferences toward smart home solutions that help in reducing energy expenses and play a major part in making the available energy resources more sustainable are acting as significant growth-inducing factors. In line with this, the launch of favorable initiatives by government bodies aimed at promoting the construction of smart buildings to enhance energy efficiency is further stimulating the market growth.
Apart from this, the expanding penetration of high-speed internet connectivity in both developing and developed countries and the increasing integration of the internet of things (IoT) and big data in energy management are also positively influencing the global market. Moreover, the escalating adoption of smart meters and smart grids for effectively serving the mounting energy requirement across countries is expected to propel the home energy management systems market over the forecasted period.
Global Home Energy Management Systems Market 2023-2028 Competitive Analysis and Segmentation:
Key Market Segmentation:
The report has segmented the global home energy management systems market on the basis of product type, Communication Technology, Software & Service and region.
Based on Product Type:
- Lighting Controls
- Self-Monitoring Systems and Services
- Programmable Communicating Thermostats
- Advanced Central Controllers
- Intelligent HVAC Controllers
Based on Communication Technology:
- Z-Wave
- Zigbee
- Wi-Fi
- Others
Based on Software & Service:
- Behavioral
- Proactive
Geographical Analysis:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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