DUBLIN, 31 January 2023 /PRNewswire/ — The “Home Energy Management Systems (HEMS) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030” report has been added to ResearchAndMarkets.com’s offering.
The increasing cost of electricity resulting in the need for optimal energy management has been identified as a major factor driving the home energy management system market.
However, the lack of awareness about the benefits offered by these systems along with the high initial cost has somewhat inhibited the growth of the market.
To effectively address these challenges, suppliers and solution providers have started offering variable pricing schemes to encourage consumers to make optimal use of electricity during off-peak hours and reduce consumption during peak hours. These factors are expected to contribute to a compound annual growth rate (CAGR) of 14.6% during the forecast period 2022-2030.
In 2021, the control devices segment consisting of home automation systems, home lighting control systems, thermostats, smart plugs, and smart appliances, among others, was the largest contributor to the global home energy management systems (HEMS) market. It is expected that the trend will continue during the forecasted period of 2022 – 2030, whereby the mentioned segment will retain its dominant position.
While the control devices segment is expected to continue its dominance, the user interface devices segment covering in-home display units and web control panel/portals is expected to show maximum growth during the forecast period 2022 – 2030. The (user interface devices) segment is rapid growth is expected due to the increasing desire of consumers to study and analyze household energy consumption by device or product. Additionally, the declining cost of displays and thus display products is expected to have a positive impact on market momentum during the forecast period of 2022-2030.
In 2021, Wi-Fi and ZigBee were the main communication technologies used in home energy management systems (HEMS). Together, these communication technologies accounted for over 45 percent of the global home energy management system (HEMS) market value in 2021. This trend is expected to continue in the coming years as integrated technology using Wi-Fi as a backbone and ZigBee as an interface for several endpoints is poised to witness growing acceptance.
ZigBee technology is expected to gain maximum adoption during the forecast period. This is primarily due to growing demand from emerging markets and regulated demand from developed economies such as North America and Europe. ZigBee technology is easy to use and can be easily integrated with multiple home network devices. Moreover, the technology is scalable and highly tolerant to the intrusion of other technologies such as Wi-Fi and Bluetooth. Other communication technologies including Z-Wave and Insteon are also expected to show strong growth during the forecast period 2022-2030.
in 2021 North America was the largest home energy systems (HEMS) market to follow Europe. The regions collectively accounted for over 60% of the global market revenue in 2021. This dominance is mainly attributable to technological advancements and higher adoption of wireless technologies, including ZigBee, Z-Wave, and Wi-Fi for energy management. Moreover, the growing demand for HAN (Home Area Network) devices further strengthened their leading position.
The US is the largest single HEMS market in the world. The US dominance can be attributed to the presence of a large base of energy management solutions and service providers. During the forecast period, Asia Pacific maximum growth is expected, mainly due to the growing desire of consumers to control and manage electricity consumption in households.
Control devices (lighting control systems, thermostats, smart plugs, etc.)
User interface devices (home energy display, web dashboard, etc.)
Others (Wireless M-Bus, Insteon, X#, etc.)
Answers to key questions in this report
What are the key micro and macro environmental factors influencing the growth of the Home Energy Management Systems (HEMS) market?
What are the key investment pockets in terms of product segments and geographies currently and during the forecast period?
Estimated forecast and market projections until 2030.
Which segment represents the fastest CAGR during the forecast period?
Which market segment has the larger market share and why?
Are low- and middle-income economies investing in the home energy management systems (HEMS) market?
Which is the largest regional market for Home Energy Management Systems (HEMS) Market?
What are the market trends and dynamics in developing markets such as Asia Pacific, Latin Americaand Middle East & Africa?
What are the key trends driving the growth of the Home Energy Management Systems (HEMS) market?
Who are the key competitors and what are their key strategies to improve their presence in the global Home Energy Management Systems (HEMS) market?
The mentioned companies
For more information on this report, visit https://vvv.researchandmarkets.com/r/6gu199-energi?v=5
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