Selbyville, Delaware,, March 06, 2024 (GLOBE NEWSWIRE) --
The home energy management system market is estimated to hit USD 10.8 billion by 2032, as reported in a research study by Global Market Insights Inc.
The market is driven by environmental consciousness and the pressing need for sustainable living. Consumers are increasingly recognizing the importance of managing and optimizing their energy consumption, not only to reduce costs but also to contribute to global environmental goals.
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The growing adoption of smart home technologies, including connected devices and IoT solutions, is empowering homeowners to monitor and control their energy usage efficiently. In May 2023, Sky and Zurich Insurance, launched a smart home protection IoT service that offers smart home technology. This shift towards sustainability is anticipated to be a major driver for the HEMS market, creating lucrative opportunities for innovative solutions that cater to the evolving needs of homeowners.
The home energy management system market from the software component segment is anticipated to record strong CAGR from 2023 to 2032 as advanced solutions help in analyzing real-time data, offering actionable insights, and automating energy optimization processes. Machine learning algorithms and artificial intelligence are increasingly integrated into HEMS software, enabling predictive analytics and personalized energy management strategies. Homeowners benefit from the ability to remotely monitor and control their energy usage, optimize peak demand periods, and receive customized recommendations for energy efficiency improvements.
The home energy management system market from the lighting controls segment is expected to grow significantly through 2032 as homeowners are increasingly adopting smart lighting solutions to enhance energy efficiency and create personalized ambiance within their living spaces. Smart lighting controls, integrated with HEMS, allow users to customize lighting schedules, adjust brightness levels, and even leverage daylight harvesting techniques to maximize natural light usage. The integration of sensors and automation features further contributes to energy savings by ensuring lights are only in use when needed. As the demand for energy-efficient lighting solutions grows, lighting controls gain prominence with a seamless blend of functionality, comfort, and energy conservation for homeowners worldwide.
Europe home energy management system market size will expand significantly through 2032, with the region displaying a robust commitment to sustainability and energy efficiency. Government initiatives promoting energy conservation, coupled with increasing awareness among consumers, are driving the adoption of HEMS solutions across the households. Stringent regulations and policies emphasizing environmental responsibility have further propelled the demand for smart home technologies. The European market is characterized by a diverse range of offerings, with a focus on interoperability and seamless integration of HEMS into existing infrastructure.
Some of the key players in the global home energy management system market are General Electric, Alphabet, Inc., Comcast Cable Communications, LLC, Honeywell International Inc., Ecobee, Inc., Panasonic Corporation, Vivint Inc., EcoFactor, Inc., Robert Bosch Gmbh, Energyhub, Inc., Schneider Electric, Alarm.com, Johnson Controls, Ingersoll Rand, NX Technologies, Nest Labs, Inc., and Siemens.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Home energy management system industry 3600 synopsis, 2019 - 2032
Chapter 3 Home Energy Management System Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's Analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
