Home Energy Management Market Outlook 2025: Top Companies, Trends and Future Prospects Details for Business Development
According to a new report published by Reports Monitor titled, “Home energy management market by technology and by type: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the home energy management market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America dominates the home energy management market, in terms of value, and is expected to maintain this trend throughout the forecast period.
Combination of hardware and software creates home energy management system which helps to monitor and control the energy usage in household.
Increasing demand fluctuation in electricity requires adequate management of energy this raises the market.
Rising prices of the electricity led to rapidly growing installation of renewable energy source which need to be monitor for efficient performance resulting increasing installation of home energy management system.
Rising demand of computer or Smartphone based system in household fuels the growth of the market.
Increasing government initiative to spread awareness and installation of home energy management system creates opportunity for the market.
Lack of awareness and high cost of installation can restraints the growth of the market.
• Control devices of type segment expected to grow at higher rate.
• Wi-Fi technology is widely used among all available technology segments owing higher number of installation.
• North America anticipated to the potential market followed by Europe region.
The major companies profiled in the report include Honeywell International, Inc., Nest Labs, Inc., Vivint, Inc, General Electric Company, Ecobee, Inc. Alarm.Com, Comcast Cable (Xfinity), Panasonic Corporation, Ecofactor, Inc. and Energyhub, Inc.
Home energy management system is segmented on the basis of technology and type. On the basis of technology the market is segmented as Z-wave technology, zigbee technology, Wi-Fi technology and others. Wi-Fi technology is widely use due to offering of other feature but rising adaptation of zigbee technology can overcome the use of Wi-Fi. On the basis of type the market is segmented as control devices, user interfaces, enabling technologies. Control devices in type segment expected to grow at higher rate due to wide usage such as automation system, home lighting and others.
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