A home energy management system is responsible for monitoring the usage of electricity. The monitoring of electricity usage helps consumers in knowing the amount of electricity wasted and thereby helps in saving money by reducing such wastage.
Various types of software can also help in determining the usage of products such as boiler systems. The efficient management of the energy utilized in homes can help in saving a lot of energy. The market is growing effectively since 2010 owing to the resolutions that were passed by many countries for curbing energy wastage.
Low maintenance costs, accurate results, and efficient functioning of these systems are the primary reasons driving the market. Once installed, the system performs efficiently and keeps track of energy usage. The systems are also known to prevent pipes from freezing, owing to which they are preferred in North America and in European regions.
High installation costs and the high cost of production are some of the major factors that are inhibiting the market growth for these systems. Lack of awareness amongst the population and benefits derived out of home energy management systems are also responsible for restraining market growth.
The UK government has recently passed a resolution which advises the population to utilize home energy management systems. This resolution was passed in 2006 which is effectively practiced in many countries and in the UK from 2010. It is expected that the home energy management system would reach USD 45 billion by the year 2020.
Some of the key players of the market include, Opower Software, Bizee Software Ltd., Solent Electronic home, and Green Energy Options.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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