About Home Energy Management Systems
Home energy management system (HEMS) involves the use of both software and hardware to automate the household energy consumption. Various components of HEMS include smart lighting solution, smart switch and smart monitor among others. Growing energy consumption and need to reduce it has led to various initiatives taken by government which drives the very market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.6% |
Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Home Energy Management Systems market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AlertMe [United Kingdom], Cisco Systems [United States], Freescale Semiconductor [United States], General Electric [United States], Honeywell International [United States], Intel Corporation [United States], Panasonic Corporation [Japan], Schneider Electric [France], Sharp Corporation [Japan] and Vivint [United States] are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Allure Energy [United States], C3 IoT [United States], Capgemini [France], Hitachi [Japan], Johnson Controls [United States], Nest Labs, Inc. [United States], Ecobee [Canada], EnergyHub, Inc. [United States], Vivint, Inc. (U.S., Alarm.com [United States] and Ecofactor [United States].
Segmentation Overview
AMA Research has segmented the market of Global Home Energy Management Systems market by Type (Wi-Fi, ZigBee, Wireless M-Bus, HomePlug, Z-Wave and Others), Application (Home Energy Management and Building Energy Management) and Region.
On the basis of geography, the market of Home Energy Management Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. If we see Market by Industry Verticals, the sub-segment i.e. Power and Energy will boost the Home Energy Management Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Device Type, the sub-segment i.e. In-House Display will boost the Home Energy Management Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solution, the sub-segment i.e. Carbon Energy Management will boost the Home Energy Management Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Uses of Smart Meters and Government Emphasis on Home Energy Management Amid Energy Scarcity
Market Growth Drivers:
Growing Focus on Energy Conservation and Rising Adoption of Smart Grid Technology
Challenges:
Heavy Dependency on Analytics Software and Issues Related with Interoperability
Restraints:
Additional Cost for Supplementary Tools and Services and Lack of Awareness Leads to Low Penetration Rate in Emerging Countries
Opportunities:
Rising Demand for Smart Homes and Growing Disposable Income in Emerging Countries
Market Leaders and their expansionary development strategies
In September 2023, DNV has announced the acquisition of Houston-based ANB Systems, a prominent software as a service company providing energy program services to utility and regulatory body customers. This strategic move is part of DNV's ongoing commitment to support customers in leading and accelerating the energy transition
In December 2021 /3BL Media/ Kohler Co., owner and operator of Kohlers Power Group a global leader in engines, power generation and clean energy, announces a new division within its Residential and Power Products business the Home Energy Management Systems (HEMS) team led by Jennifer Rindt, General Manager HEMS.
Key Target Audience
HEMS Chips and Hardware Device Providers, HEMS Technology Providers, HEMS Software and Service Providers, The Product/System Integrators, Research Organizations and Manufacturing Companies, Energy Conservation Related Associations, Organizations, Forums, and Alliances, Government, Residential Sector, Venture Capitalists, Private Equity Firms and Startup Companies, Distributors and Traders, Forums, Alliances and Associations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.