The requirement to acquire power efficacy is the main aspect that is predicted to stimulate the growth and expansion of the global home energy management systems market in future. Rising trend towards proficient energy management is predicted to play a vital role in market growth. Current technological trends like sensor, diminishing computation and display costs combined with the roll out of smart utility meters offer many avenues for growth.
Home energy management systems are the intermediate equipments that help home owners to observe and handle utility of electricity intelligently. Due to rise in prices of electricity worldwide, homeowners are reluctant to choose substitute methods of detecting & regulating their power consumption, minimize electricity expenses and efficiently manage the power consumption. Thus the growing need for power savings and regulated use of power by homeowners is predicted to stimulate the demand and growth of the global home energy management systems market in coming years.
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The home energy management systems market is still in its emerging phase and is featured by low customer acceptance. Hence, many industry participants like Cisco, Google and Microsoft took a business decision to quit the industry. But, government initiatives to educate the customers regarding the advantages of these items provide many opportunities for the growth of the home energy management systems industry.
In its nascent phase of growth, the worldwide home energy management systems market is determined to fulfill the demand of a global platform service predicted to solve interface problems and intricacy involved in set ups. Growing charges of electricity across the world has led the demand for maximum energy management systems solutions. Due to the rise in the costs of electricity the demand for home energy management systems solutions is going to increase boosting the growth of the home energy management systems market during the estimated period. Further, growing requirement of cutting electric costs and intelligently handling the power consumption is projected to propel the growth as well as expansion of the global home energy management systems industry in future.
In order to enhance the consciousness about the cost efficacy and increase market penetration, producers as well as service providers/utilities have followed the dynamic electricity pricing structure by implementing dynamic costs for distribution of electricity depending upon the key business strategy to enhance the growth and expansion of the global home energy management systems market. These initiatives have resulted in growth and expansion of the home energy management systems market also in the price sensitive regions of Asia Pacific Zone, Middle East sub continent and African continent.
Major initiatives like consumer based programs and easy accessibility of smart meters taken by utilities or service providers are predicted to favorably affect the demand for the home energy management systems products during the projected period. Home energy management systems have the potential to minimize the costs of power consumptions, increase power efficacy and reduce carbon footprints. Production/creation of web based cloud computing uses& applications can also offer many growth avenues for the industry during the forecasted time span.
In addition to this, enhanced connectivity provided by home energy management systems devices and growing smart phone applications is predicted to stimulate the demand and growth of the home energy management systems items as well as the global home energy management systems market in future.
Home Energy Management Systems Market By Component:
The global home energy management systems market is divided into enabling technologies, user interface and control equipments. User interface components offer power feedback to the consumers while enabling technologies helps to process and communicate information related to power utilization. Control equipments regulate the energy use and provide high level of automation.
Even though control equipments like automation, home lightening and thermostats have dominated the industry, enabling technologies are predicted to display rapid growth and expansion in next few years owing to enhanced use of technologies like Han and sensing providing connectivity for power management.
Home Energy Management Systems Market By Technology:
Key home energy management systems technologies includes ZigBee, Z-Wave, Enocean, HomePlug, Wi Fi, Insteon, Ethernet, Wavenis and Wireless M-Bus. Growing use of internet is the main aspect predicted to stimulate the demand for Wi-Fi market section during the projected period.
ZigBee is predicted to display rapid growth during the forecasted period and it is expected to surpass Wi Fi technology during this period. Its rapid growth and expansion is due to its rising demand from big market sectors such as North America and Europe. The enhanced demand can be credited to it being more interference tolerant, scalable and compatible with HAN equipments than Wi Fi.
Home Energy Management Systems Market By Region:
Depending upon the geographical locations, the universal home energy management systems market is bifurcated into continent of Europe, Asia Pacific zone, sub continent of North America and regions of Rest of the World comprising of African continent, Latin American sub continent and regions of Middle East.
In year 2012, sub continent of North America dominated the universal home energy management systems market owing to large scale installation up of wireless technologies like Wi Fi, home area networks and ZigBee in this region. In addition to this, aging energy infrastructure is predicted to drive the demand, growth and expansion of the home energy management systems industry in this region.
In year 2012, the home energy management systems market of Europe was evaluated at 156 million US dollars and it is predicted to grow rapidly during the forecasted period. In year 2013, the home energy management systems market sector of Europe evolved as the biggest regional market sector contributing about more than 36% of total market revenue share of the global market. The growth of the market in this region can be attributed to factors such as complete roll out of smart meters combined with favorable government policies. The market of Europe is projected to exhibit highest growth rate during the forecasted period.
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Further, the growing pressure to fulfill the power proficiency is predicted to propel the demand and growth of the home energy management systems industry in regions of Europe.
Market participants involved in the global home energy management systems business are expected to get benefitted due to growing amalgamation of home energy management systems with smart equipments, high demand for home energy management systems and tax evasion/ exemption from carbon tax procedures as well as energy policies. Further market players are constantly using and introducing new innovative technologies in market and introducing new products in market. They are thus helping and contributing towards the growth, development and expansion of the market by making the market more competitive, efficient and cost effective.
Key market players profiled in the global home energy management systems market report includes firms like Cisco Systems Incorporation, Panasonic Corporation, Sharp Corporation, Vivint Incorporation, Schneider Electric SA, Honeywell International Incorporation, AlertMe Company Limited, General Electric Company, Intel Corporation, Freescale Semiconductor Incorporation and General Electric.
These firms concentrate more on product innovation, product differentiation and research & development activities to gain competitive advantage and occupy maximum market share in the global market industrial sector.
Though the worldwide home energy management systems market is predicted to grow at a moderate and healthy rate, its growth and expansion can be restrained by aspects like lack of consciousness about the perceived health caused due to the use of the systems and high costs and complexities involved in installations of the systems.
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