Growing number of players are capitalizing on avenues emerging due to the integration of home energy management systems (HEMS) with smart grid technologies. Several companies in the global home energy management systems market are tapping into substantial revenue streams to bolster their positions, finds Transparency Market Research (TMR). Developed markets also offer incumbent and new entrants vast lucrative avenues, and are supported by favorable carbon tax policies. A large number of prominent companies in the global home energy management systems market are domiciled in the U.S.
Key players operating in the global home energy management systems market include Panasonic Corporation, General Electric Company, Intel Corporation, Cisco Systems, Inc., and Honeywell International, Inc.
The global home energy management systems market is expected to register a promising CAGR of 25.0% during 2013–2019. Expanding at this growth rate, the global market will reach a revenue worth of US$1.91 Bn by the end of 2019.
Among the various technologies, ZigBee over the past few years has emerged as the most attractive segment in the home energy management systems market. This is attributed to the vast rate of its deployment in HEMS, and substantial advancements relating to quality and scalability features in recent years.
Among the various key regions, North America was expected to hold the sway in the global home energy management systems market over the assessment period. The growth in the regional market was driven by the extensive uptake of technologies that reduce energy usage in the residential sector. The demand for home energy management systems was substantial in countries such as the U.S. and Canada.
The global home energy management systems market has been driven on the back of rising demand for technologies among customers for improving their home energy consumption. The need is fueled by rising concerns related to global warming. Increasing uptake of smart grid infrastructure and smart metering systems that could improve grid operation substantially is a crucial trend underlying the evolution of the market. The ever rising demand for electricity in various regions across the world is a key trend propelling the growth of the home energy management systems market.
Rapid emergence of smart grids in several countries has greatly benefitted the demand for home energy management systems. These systems take into account a wide range of factors that include environmental concerns, individual load profiles, and energy costs to identify optimal consumption schedules for homes. The drive for automating energy usage in household through home energy management systems stems from the need for monitoring the energy usage and production.
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Rising Deployment of Renewable Energy Production Technologies unlocks Vast Prospects
Rising deployment of solar panels and the integration of renewable energy with conventional sources have reflected well on the uptake of home energy management systems. The use of photovoltaics and wind generators in electricity network is case in point.
The global home energy management systems market has been benefitting from a variable electricity pricing regimes prevalent in different countries and regions. The deployment of home energy management systems is also witnessing attractive push from improvements made in connectivity technologies such as in ZigBee. In addition, the rising use of smartphones in home energy management systems is also boosting the home energy management systems market. Furthermore, constant improvements made in apps and other software used in a HEMS is catalyzing new prospects in the market.