Global Home Energy Management Systems Market: Overview
The global home energy management systems market is estimated to gain substantial popularity across the globe with the relentless improvement of the underlying technology. In addition, with the increasing feasibility of battery and small-scale solar power storage, the global home energy management systems market is likely to prosper in the years to come. Both software and hardware technologies comprise the entire technological platform of a home energy management system. These software and hardware tools enable user to supervise energy production and use so as to manually regulate its use within the household. The use of energy within a household could also be automated.
The global home energy management systems market is likely to grow at an accelerated pace in the forthcoming years. The concept of home energy management systems solutions has evolved over the years and it has become a valuable element of a household these days. Rise in the price of electricity together with augmented demand for generation of distributed energy is likely to shoot up the demand of this product.
Considering three different parameters, the global home energy management systems market has been split to offer deeper insight into the market. These parameters are component, technology, and region.
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Global Home Energy Management Systems Market: Notable Developments
One of the recent market developments related to the global home energy management systems market is as mentioned below:
- In October 2016, Panasonic Corporation and Schneider Electric developed an integrated building management and HVAC equipment solution. This new development is likely to present a new level of energy efficiency and HVAC control in buildings. This integration enables building managers and owners to view their core building system comprising electrical and power distribution, HVAC equipment, security, and lighting from anywhere and at anytime through one single interface. This new development encourages use of home energy management systems solutions.
Some well-known organizations in the global Home Energy Management Systems market comprise the below-mentioned:
- Panasonic Corporation
- Honeywell International
- General Electric Company
- Comcast Cable Communications, LLC (Xfinity)
- Vivint, Inc.
- EcoFactor, Inc.
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Global Home Energy Management Systems Market: Key Trends
The below-mentioned restraints, opportunities, and drivers characterize the global home energy management systems market during the assessment period, from 2019 to 2027.
Increased Use of this Technology Makes Available Resources More Sustainable
The global home energy management systems market is estimated to be driven by the increased awareness about the sustainable utilization of energy resources. Such awareness is exhibited in the purchasing pattern of customers who are now going for energy-efficient electronic appliances. Along with the purchase of energy-saving appliances, customers are also adopting home energy management systems. Customers are increasingly realizing that energy management systems not only reduce bills, saves energy but it also helps in making available energy resources a more sustainable one.
The emergence of the Internet of things and artificial intelligence are likely to influence the global home energy management systems market substantially and shape its future course. In addition, as data analytics, business model innovation, and cloud solutions make a foray into the market, the home energy management systems are taken to a new level altogether.
Global Home Energy Management Systems Market: Geographical Analysis
Considering regions, the global home energy management systems market is likely to be dominated by North America. Wide use of home energy management solutions together with augmented awareness about this technology is likely to bolster its demand in North America. However, with increased awareness and rising disposable income, Asia Pacific home energy management systems is estimated to expand at a rapid over the period of assessment.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.