New York, July 14, 2023 (GLOBE NEWSWIRE) -- Global Home Energy Management System (HEMS) Market Report by Reports Insights: Valued at USD 3,179.12 Million in 2022, Projected to Reach USD 12,649.02 Million by 2030, Growing at 19.1% CAGR.
A home energy management system is designed for monitoring and controlling energy generation, storage, and consumption within a household. Home energy management system consists of hardware and software that collectively enables users to simplify, manage, and reduce energy consumption of the building. Moreover, the deployment of home energy management system offers several benefits including lowered carbon footprint, cost reduction, and improved control over several aspects of a residential building’s energy performance among others. The market for home energy management systems is highly competitive, with the presence of a large number of players offering a wide range of solutions. The market is projected to continue to grow in the coming years, driven by the increasing demand for home energy management systems in residential buildings among others.
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The increasing utilization of home energy management systems in residential buildings is one of the key factors driving the market growth. The primary benefits of home energy management systems including monitoring of energy consumption, automated scheduling of running home appliances, higher energy savings, and others are key factors fueling the utilization of HEMS in residential buildings. For instance, according to the Home Builders Federation of the UK, the number of new residential units approved across Southern England reached up to 182,501 units in 2021. The rising residential construction is driving the utilization of home energy management system for energy monitoring and management, owing to its above-mentioned benefits. Thus, the growing residential construction is among the prime factors driving the adoption of home energy management system, in turn proliferating the market growth.
Further, the rising green building initiatives is a vital factor fostering the growth of the market. Home energy management systems help in managing electricity demand by optimizing energy consumption without compromising consumers' comfort. Moreover, home energy management systems are equipped with the ability to monitor and control various devices and home appliances to schedule automated operations. Home energy management systems play a significant role in improving energy efficiency of a building through the reduction of electricity consumption, which makes it ideal for deployment in green buildings. Further, factors including rising government initiatives for sustainable building practices, and increasing initiatives for development of green buildings are among the key prospects fostering the application of home energy management system.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 12,649.02 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 19.1% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Panasonic Industry Co., Ltd., Honeywell International Inc., GE Digital, Nest Labs, Vivint Inc., Alarm.com, Ecobee, EnergyHub, Comcast, Eaton, Schneider Electric |
| By Component | Hardware and Software |
| By Technology | Wi-Fi, Z-Wave, ZigBee, and Bluetooth |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
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Home Energy Management System (HEMS) Market Growth Drivers:
- Rising residential construction is driving the adoption of home energy management systems
- Increasing green building initiatives is spurring the market growth
Restraints
- High installation cost of energy management system is restraining the market growth
Global Home Energy Management System (HEMS) Market Segmentation Details:
Based on type, the hardware segment contributed to largest share to the market growth in 2022. Home energy management system hardware includes various components such as smart circuits, smart plugs, smart panels, consumption monitors, light & temperature sensors, and others. Moreover, factors including factors including increasing residential projects, rising adoption of smart devices and appliances, and growing demand for energy monitoring solutions are among the prime determinants driving the growth of the hardware segment.
Based on technology, the Wi-Fi segment is anticipated to offer substantial shares to the global home energy management system (HEMS) market growth during the forecast period. The benefits of Wi-Fi technology including increased communication efficiency, higher accessibility, flexibility, affordability, and others are prime aspects driving the growth of the segment. Factors including the increasing smart city projects, advancements in network technology including 5G, and rising adoption of wireless technology for connected devices are expected to fuel the market growth during the forecast period.
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Based on region, North America accounted for the largest share contribution to the market growth in 2022. The prevalence of significant home energy management system providers in North America including Honeywell International Inc., GE Digital, Nest Labs, Vivint Inc., and others lead to significant innovations in home energy management system in the region. In addition, factors including rising investments in residential projects and increasing demand for home energy monitoring and management solutions is driving the growth of the market in North America.
Recent Developments
- In October 2020, Honeywell acquired Rocky Research, a U.S.-based company specializing in energy and power management solutions. The acquisition aims at expanding Honeywell's existing product portfolio and attaining growth opportunities.
Key Market Highlights
- The global home energy management system (HEMS) market size is estimated to exceed USD 12,649.02 million by 2030 and grow at a CAGR of 19.1% during the forecast period (2023-2030).
- Globally, home energy management systems are divided based on the component into hardware and software.
- On the basis of technology, the market is classified into Wi-Fi, Z-Wave, ZigBee, and Bluetooth.
- The market is geographically divided into five regions: Europe, Latin America, the Asia-Pacific, North America, and the Middle East and Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in home energy management system.
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List of Major Global Home Energy Management System (HEMS) Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
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- Panasonic Industry Co., Ltd
- Honeywell International Inc.
- GE Digital
- Nest Labs
- Vivint Inc.
- Alarm.com
- Ecobee
- EnergyHub
- Comcast
- Eaton
- Schneider Electric
Global Home Energy Management System (HEMS) Market Segmentation:
- By Component
- Hardware
- Software
- By Technology
- Wi-Fi
- Z-Wave
- ZigBee
- Bluetooth
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