The global market is expected to peak in 2020 following Great Britain’s government-mandated smart meter rollout
A recent report from Navigant Research examines regional and global trends in the home energy management (HEM) market, including global HEM market forecasts, broken out by segment and world region, through 2023.
Shortly after Google purchased Nest Labs in January 2014, HEM stakeholders began reporting increased market activity, as the acquisition signaled to vendors, utilities, service providers, and retailers that the value in home energy management and automation was finally gaining recognition. Similarly, consumer awareness began to increase, bringing into focus products and services that can help better manage and control home energy consumption.
“Competition is heating up among vendors and, at the same time, HEM products are becoming more accessible to consumers, with retailers such as Best Buy, Staples, and Lowe’s marketing products that include energy management features,” says Neil Strother, principal research analyst with Navigant Research. “Even though the HEM market is still in its early stages of growth, 2015 is shaping up to be a pivotal year for expansion.”
Annual HEM revenue is expected to peak in 2020, according to the report, following the government-mandated deployment of millions of smart meters and related HEM equipment in homes and small businesses across Great Britain. After the rollout is complete, industry revenue is expected to continue to be fueled by market-driven forces, including a steady rise in energy costs and the increasing availability of new energy management products and services residential customers are likely to adopt.
The report, “Home Energy Management,” examines regional and global HEM trends, with an emphasis on products and services along a continuum of five segments: paper bills, web portals, standalone HEM systems, in-home displays (IHDs), and networked HEM systems. The report examines the key drivers and inhibitors affecting the market and delves into the major technology issues. Global HEM market forecasts, broken out by segment and world region, extend through 2023. The report also provides key vendor profiles and analysis of new players, as well as details on specific HEM case studies.