The global smart home energy management device market is projected to witness a rapid growth during the forecast period. High growth opportunities in emerging economies and rising adoption of energy efficient device are the major factors driving the growth of the market. Other factors such as increasing real-time energy conservation approach, accessibility of cloud computing and data analytics and advanced device interconnectivity technology are aiding the market growth.
The global Smart Home Energy Management Device Market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the smart home energy management device market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. The U.S and Canada are anticipated to drive the growth of the North American smart home energy management device market owing to the presence of large number of established key players such as Nest Labs (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), C3 Energy (U.S.), Energyhub, Inc. (U.S.), Trilliant (U.S.), General Electric Company (U.S.). General Electric Company (U.S.) in this region. Owing to the presence of major players and developing more efficient, convenient, and economic HEM products and solutions. Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. Increasing need for innovations and advancements in the technology are other major factors responsible for the growth of the smart home energy management device market.
In the global smart home energy management device market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of energy efficient device, emerging economies and technological advancement in smart home energy management device in the region.
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The global smart home energy management device market is projected to reach USD 3 billion at a CAGR of over 18% by the end of the forecast period 2017-2023.
The global smart home energy management device market can be segmented by components and communication technology.
Based on the communication technology, the smart home energy management device market includes ZigBee, Z-Wave, home plug, Wi-Fi among others. The components segment includes hardware, software, and services. The hardware segment can be sub-segmented into sensors, power management devices, smart meter, display units, smart controllers & others. Wi-fi segment is fast picking up the pace in a bid to take charge of the market.
By the service segment, the market is bifurcated into managed service and professional service.
Some of the prominent players in the global smart home energy management device market: Aclara (U.S.), Energate Inc. (Canada), Trilliant (U.S.), Honeywell (U.S.), Nest Labs (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), C3 Energy (U.S.), Energyhub, Inc. (U.S.), Trilliant (U.S.), General Electric Company (U.S.), Panasonic Corporation (Japan), Alarm.com (U.S.), Ecofactor (U.S.), Comcast Cable (U.S.), Ecobee (Canada) among others.
Based on the region-specific analysis, the global smart home energy management device market charts throughAsia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America accounts for the largest share of the market. Technological brilliance, robust commercial sector, and burgeoning residential sectors are expected to provide the regional market some much-needed thrust. In addition, the presence of several market titans is expected to cement the ground for the regional market further.
Europe is also showing significant promise and is anticipated to grow with considerable force during the forecast period. The region is also blessed by government initiatives as norms strictly follow the lead to protect the environment. This sets up the ground for the further awakening of possibilities for the regional smart home energy management device market.
The APAC can record the fastest CAGR during the forecast period. With increasing purchase power of people, and emerging economies interested in uplifting the standard of lives around can boost the regional market.
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- HEMS software and service providers
- The product/ system integrators
- Original equipment manufacturers
- Energy conservation related associations, organizations, forums, and alliances
- Government and Residential sector
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