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.
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.
Home energy management systems (HEMS) are devices that allow home-owners to monitor and manage their electricity consumption wisely. The global home energy management system (HEMS) market is striving to meet the basic demand for a universal platform that solves the problem of interface and complexities involved in installations. Escalating electricity prices and thus growing need for optimum energy management is the major factor offering impetus for the growth of home energy management system (HEMS) market. In order to increase awareness about the cost efficiency offered by home energy management system (HEMS), the manufactures and solution providers across the globe have started employing variable pricing schemes. This has lead to the growth of home energy management system (HEMS) market, even in cost sensitive countries of Africa, Middle East and Asia Pacific. Alliance with real estate players and builders for offering home energy management systems (HEMSs) as a part of basic amenities present a sound opportunity for manufacturers as well as service providers.
This report provides strategic analysis of the global home energy management system (HEMS) market, and the market growth forecast for the period 2013 to 2019. The scope of the report includes competitive analysis of various market segments based on the products, technologies and in-depth cross sectional scrutiny of the home energy management system (HEMS) market across different geographic segments. To aid in strategic decision making, the report also includes competitive profiling of leading players in the industry, their market share, various business winning strategies adopted by them, and recent developments. The value chain analysis included in the report provides information on the raw material suppliers, manufacturers, service providers, and distributors of home energy management systems (HEMSs). The market attractiveness analysis and Porter’s Five Forces analysis included in the report provide insight into market dynamics, industry competition, and most profitable segments in home energy management system (HEMS) market. The home energy management system (HEMS) market is segmented on the basis of functionality, technology, and geography. On the basis of functionality, the home energy management system (HEMS) market is segmented into control devices, user interface, and enabling technologies.
The market revenue and forecast for functionality has been provided for the period 2011 to 2019 in terms of USD million, along with the CAGR for the forecast period 2013 to 2019. The types of technology protocols studied in the report include Wi-Fi, ZigBee, HomePlug, and Z-Wave among others. This section provides the historical revenue sales for 2011 and 2012 along with the forecast for the period 2013 to 2019. Each of these segments provides market size and forecast for the period 2012- 2019, highlighting key, influencing, and challenging factors for that segment. The regional market analysis gives in-depth analysis of the current trends prevailing in different regions including North America, Europe, Asia Pacific, and Rest of the World (RoW) countries.
The report also provides breakdown and review of various factors affecting the market growth, which are appropriately described as market drivers, restraints, and opportunities. These factors determine various existing trends and their impact on market growth. In all, the report includes a holistic analysis of the global HEMS market, and provides an estimate of growth for the period 2013 to 2019, keeping in mind the various factors affecting the market.
The global home energy management system (HEMS) market can be segmented as follows:
Home Energy Management System (HEMS) Market, by Functionality (Revenue)
- Control devices
- User Interface
- Enabling technologies
Home Energy Management System (HEMS) Market, by Technology (Revenue)
- Others (Insteon, Wavenis, Enocean, Ethernet, and so on)
Home Energy Management System (HEMS) Market, by Geography (Revenue):
- North America
- Asia Pacific
- Rest of the World (Latin America, Middle East and Africa)