Dallas, Texas, United states, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Global Home Energy Management Market is estimated to grow from USD 2880 million in 2020 to USD 8730 million by 2027, at a CAGR of 15.6%.
The global home energy management systems market is expected to expand at a rapid pace in the coming years. The concept of home energy management system solutions has evolved over time, and it is now a valuable component of any family. The rise in the price of power, combined with increased need for distributed energy generation, is projected to drive rising demand for this product.
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Key Players
The key players profiled in Home Energy Management market analysis Honeywell International, Inc., General Electric Company, Panasonic Corporation, Cisco Systems Inc., Nest Labs, Inc., Vivint Inc., Schneider Electric SA, Comcast Cable Communications, LLC (Xfinity), EcoFactor, Inc., Energyhub, Inc
Market Segmentation Analysis
Based on the Product Type, the market is segmented into Lighting Controls, Self-Monitoring Systems and Services, Programmable Communicating Thermostats, Advanced Central Controllers, Intelligent HVAC Controllers. Self-Monitoring Systems and Services segment has largest market share during the forecast period.
COVID-19 Impact on the Home Energy Management Market
The COVID-19 pandemic has had a substantial impact on worldwide economy, resulting in labour and travel limitations, supply chain and production interruptions, and decreased demand and expenditure across a wide range of industries. A sharp drop in infrastructure development and installation projects is likely to stymie market growth for home energy management.
The construction business is projected to experience a sharp decline this year as a result of the ongoing COVID-19 issues. However, a gradual recovery is expected to begin next year. It is also predicted that the construction market will suffer numerous obstacles, resulting to the COVID-19 crisis and stagnation in many countries. Electronics component shortages are a problem.
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Market Segmentation
By Product Type
- Lighting Controls
- Self-Monitoring Systems and Services
- Programmable Communicating Thermostats
- Advanced Central Controllers
- Intelligent HVAC Controllers
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Analysis
Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. North America is expected to have the largest revenue share. The wide usage of home energy management solutions, combined with increased knowledge of this technology, is expected to boost its demand in North America. However, with growing knowledge and rising disposable income, Asia Pacific home energy management systems are expected to grow rapidly over the assessment period.
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