Technavio, a tech-focused market research firm, has published a new report on the global home energy management systems market, which is expected to grow at a CAGR of close to 19% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global home energy management systems market into the following key regions: the Americas, APAC, and EMEA.
Top three contributors for the global home energy management systems market are elaborated below
Home energy management systems in the Americas: The high growth of the market in the Americas is attributable to the increasing energy prices and the rising focus on demand response and energy efficiency to decrease the electricity cost. The US is the largest revenue contributor in the region. During the forecast period, growing awareness about energy efficiency and products which can help in achieving it, coupled with rising income levels are anticipated to reflect positively on the growth of the market.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio, specializing in research on smart grid, “Many companies in the market space are providing end-to-end HEM solutions, while others are forging strategic alliances to remain competitive in a maturing market. Utilities are educating their consumers on ways to conserve energy and offering energy management bundles as an extension of their services.”
Home energy management systems in EMEA: Increased awareness and rising anxieties about energy usage by end-users drive growth of the home energy management systems market in EMEA. With energy efficiency being in the forefront of European commission’s long-term energy-saving policy, the demand for home energy management systems in the region is likely to experience an upsurge.
Home energy management systems market in APAC: The market in APAC is growing significantly because of new construction developments, which, in turn, are contributing to the demand for EMS in these countries. The market share of APAC is largely contributed by countries such as China, Japan, India, Taiwan, Singapore, and Australia. Increased focus on achieving energy efficiency in buildings by governments in APAC countries is expected to facilitate further growth of the market.
The leading vendors operating in the global home energy management systems market are:
Other prominent vendors in the market include Allure Energy, C3 IoT, Capgemini, GE Appliances and Lighting, Hitachi, Intel, Johnson Controls, Liricco Technology, Siemens, SmartThings, and Toshiba.