Increasing electricity expense resulting in need for optimum energy management is identified as the major factor driving the home energy management systems market. However, lack of awareness regarding the benefits offered by these systems coupled with the high upfront cost has somewhat inhibited the market growth. However, to address these challenges effectively, suppliers and solution providers have started offering variable pricing schemes to encourage consumers to make optimum use of the electricity during off-peak hours and reduce consumption during peak hours. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 22.3% during the forecast period 2015 – 2022. The home energy management systems (HEMS) market is expected to reach US$ 3,241.9 Mn by 2022.
1.1 Market Scope and Segmentation
This report analyzes the global home energy management systems (HEMS) market in terms of product type, technology, and geographical distribution. On the basis of technology, the market is segmented into Wi-Fi, ZigBee, Z-Wave, and other technologies (Insteon, X10, Wireless M-Bus, etc.). Similarly, on the basis of product type, the home energy management systems market is further classified as control devices (home automation systems, home lighting control systems, thermostats, smart plugs, smart appliances, etc.) and display/user interface devices. The geographical distribution of the global home energy management systems (HEMS) market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa and Rest of the World.
1.2 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Global Home Energy Management Systems (HEMS) Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2022” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global home energy management systems (HEMS) industry.
Target Audience
USP and Key Offerings
The report titled “Global Home Energy Management Systems (HEMS) Market- Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2022” offers strategic insights into the global home energy management systems (HEMS) market along with the market size and estimates for the duration 2013 to 2022. The said research study covers in-depth analysis of multiple market segments based on product type, technology, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading home energy management system (HEMS) manufacturers, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments.
Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global home energy management systems (HEMS) market, offering market size and estimates for the period from 2015 to 2022, keeping in mind the above mentioned factors.
On the basis of technology deployed, the global home energy management systems (HEMS) market is categorized into following segments:
The contribution of these communication technologies to the global home energy management systems (HEMS) market in 2014 and 2022 is as shown in the figure below
In the base year of 2014, Wireless-Fidelity (Wi-Fi) and ZigBee were the major communication technologies used in home energy management systems (HEMS). These communication technologies collectively accounted for over 45 percent of the global home energy management systems (HEMS) market revenue in 2014. This trend is expected to continue in the coming years since the integrated technology using Wi-Fi as the back-bone and ZigBee as an interface to several end-points is poised to witness growing acceptance. The ZigBee technology is expected to witness maximum adoption during the forecast period. This is primarily on account of the growing demand from the emerging markets and regulated demand from the developed economies like North America and Europe. The ZigBee technology is easy to use and can be easily integrated with multiple home area networking devices. Furthermore, the technology is scalable and highly tolerant of intrusion from other technologies like Wi-Fi and Bluetooth. Other communication technologies including Z-Wave and Insteon are also anticipated to exhibit robust growth during the forecast period 2015 – 2022.
On the basis of geography, the global home energy management systems (HEMS) market is segmented into following regions and countries.
The contribution of these regions (North America, Europe, Asia Pacific, and RoW) to the global home energy management systems (HEMS) market in 2014 is as shown in the figure below.
In the base year of 2014, North America was the largest home energy systems (HEMS) market followed by Europe. The regions collectively accounted for over two-third of the global market revenue in 2014. This dominance can be majorly attributed to the technological advancements and greater adoption of wireless technologies including ZigBee, Z-Wave, and Wi-Fi for energy management. Furthermore, growing demand for HAN (Home Area Network) devices has further cemented their leading position. The U.S. is the largest individual HEMS market worldwide. The dominance of the U.S. can be attributed to the presence of large base of energy management solution and service providers. Over the forecast period, Asia Pacific is expected to witness maximum growth, majorly on account of the growing desire among consumers to control and manage residential electricity consumption.