Wilmington, Delaware, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Global Home Energy Management Systems Market value is US$ 4 billion in 2023 and is expected to grow at a significant CAGR of over 14.1% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
The home energy management software market has been experiencing steady growth globally, driven by factors such as increasing awareness of energy efficiency, rising adoption of smart home technologies, and a focus on sustainable living. Ongoing technological advancements, including the integration of artificial intelligence (AI) and Internet of Things (IoT) technologies, enhance the capabilities of HEMS. This includes features like real-time energy monitoring, smart thermostats, and energy consumption analytics.
Moreover, increasing awareness among consumers regarding the environmental impact of energy consumption and the potential for cost savings drives the demand for home energy management software market. The R&D in the global home energy management software market is expected to accelerate in the coming years, driven by factors such as rising energy costs, increasing environmental awareness, and government support for energy efficiency programs. The R&D in the home energy management software market is expected to lead to the development of new home energy management software technologies and applications that can help consumers save more energy and money, and reduce their carbon footprint.
- According to a deep-dive market assessment by RationalStat, the global home energy management systems market has been analyzed on the basis of market segments, including type, crop type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global home energy management systems market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global home energy management systems market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Home Energy Management Systems Market: Segmental and Market Share Analysis
- On the basis of components, the hardware segment is dominating the market due to the high demand for smart thermostats and smart meters coupled with the growing popularity of other HEMS hardware devices.
- Based on the solution, the energy monitoring and control segment is dominating the global home energy management systems (HEMS) market. Governments across the globe are offering incentives to encourage consumers to adopt HEMS devices for energy monitoring and control. This is driving demand for these devices, as they are one of the most effective ways to reduce energy consumption.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 4 billion |
| Market Size Forecast | US$ 10.1 billion |
| Growth Rate | 14% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global home energy management systems market include,
- In January 2023, AVEVA announced the completion of its acquisition by Schneider Electric. The reason behind the acquisition was to focus on R&D investment, enhancing the potential benefits for customers and meeting their needs faster with a stronger portfolio of solutions.
- In June 2023, ABB acquired Eve Systems GmbH, a Munich-based provider of smart home products with operations in Europe and the US. The transaction is intended to make ABB a leader in smart home products based on Matter and Thread, the new interoperating standard and wireless connectivity technology.
Some of the prominent players and suppliers operating and contributing significantly to the global home energy management systems market growth include Honeywell International, Inc., Siemens AG, Schneider Electric SE, Johnson Controls, Inc., General Electric Company, Alphabet Inc., Vivint Smart Home, Panasonic, Johnson Controls, Cisco Inc., Intel, Liricco Technology, and Toshiba Corporation, among others.
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Global Home Energy Management Systems Market: Market Segmentation and Table of Content:
RationalStat has segmented the global home energy management systems market based on component, solution, and region.
- Global Home Energy Management Systems Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Component
- Hardware
- Software
- Global Home Energy Management Systems Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Solution
- Lighting Control
- HVAC Control
- Energy Monitoring & Control
- Global Home Energy Management Systems Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Home Energy Management Systems Market
- US
- Canada
- Latin America Home Energy Management Systems Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Home Energy Management Systems Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Home Energy Management Systems Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Home Energy Management Systems Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Home Energy Management Systems Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Home Energy Management Systems Market
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Key Questions Answered in the Home Energy Management Systems Report:
- What will be the market value of the global home energy management systems market by 2030?
- What is the market size of the global home energy management systems market?
- What are the market drivers of the global home energy management systems market?
- What are the key trends in the global home energy management systems market?
- Which is the leading region in the global home energy management systems market?
- What are the major companies operating in the global home energy management systems market?
- What are the market shares by key segments in the global home energy management systems market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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