The smart home energy management device market is set to scale new heights as the percolating smartphones, and better connectivity is widening the horizon for the segmental growth. The smarthome energy management device market was warming up for the moment for quite some time now with the increasing adoption of smart homes. Optimization and conservation of energy have become a chief driving factor that is providing much sustenance to the market. The global smarthome energy management device market is all set to attain an impressive 18% CAGR during the forecast period (2017-2023) and surpass a valuation of USD 3 billion by that time.
Reports published by Market Research Future (MRFR) has a detailed analysis of segments and factors that can influence the market in the coming years. The report is further enriched by inputsfrom the market doyens for a comprehensive understanding of the Smart Home Energy Management Device Market in the coming years. Among the drivers, the growing need for real-time energy conservation, easy accessibility of cloud computing & data analytics, and cutting-edge device interconnectivity technology can propel the market growth.
Despite such level of integration, the high cost of installation can deter the expected growth of the smart home energy management device market during the forecast period. It can get heightened by system complexity and lack of awareness among the consumers. However, the market can get back to its easy rolling ways as the price of sensors and displays are plummeting.
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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.
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.
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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