According to the latest report by IMARC Group, titled “Home Energy Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global home energy management systems market reached a value of US$ 2.18 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 16.3% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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A home energy management system refers to an innovative electronic system utilized to manage energy consumption in households. This system allows homeowners to monitor their energy requirements, electricity consumption patterns, and power consumption data efficiently. The hardware part of the system comprises of a hub that is mounted on an electrical board. The hub mediates between the user and software. It can be operated virtually through a wireless device and connected to other smart devices at home. Some of the essential functions of the device include monitoring the usage of electricity, management of backup with the help of battery storage, efficient use of solar energy, etc.
The growing awareness among consumers towards the sustainable use of energy resources is primarily driving the global home energy management systems market. Home energy management systems aid in reducing energy expenses and playing a significant part in making the available energy resources more sustainable. Additionally, inflating disposable incomes and the increasing internet penetration across both developed and developing economies are also catalyzing the product demand. Besides this, the rising usage of the Internet of Things (IoT) and Big Data in energy management, along with the emergence of smart homes, is anticipated to fuel the home energy management systems market over the forecasted period.
Home Energy Management Systems Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the home energy management systems market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Honeywell International, Inc.
- Nest Labs, Inc.
- Vivint, Inc.
- General Electric Company
- Ecobee, Inc.
- Comcast Cable (Xfinity)
- Panasonic Corporation
- Ecofactor, Inc.
- Energyhub, Inc.
Key Market Segmentation:
The report has segmented the home energy management systems market on the basis of product type, Communication Technology, Software & Service and region.
Breakup by Product Type:
- Lighting Controls
- Self-Monitoring Systems and Services
- Programmable Communicating Thermostats
- Advanced Central Controllers
- Intelligent HVAC Controllers
Breakup by Communication Technology:
Breakup by Software & Service:
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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