Market Research Future published a research report on “Smart Home Energy Management Device Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The smart home energy management device market is set to scale new heights as the percolating smartphones, and better connectivity is widening the horizon for the segmental growth. The smarthome energy management device market was warming up for the moment for quite some time now with the increasing adoption of smart homes. Optimization and conservation of energy have become a chief driving factor that is providing much sustenance to the market. The global smarthome energy management device market is all set to attain an impressive 18% CAGR during the forecast period (2017-2023) and surpass a valuation of USD 3 billion by that time.
Reports published by Market Research Future (MRFR) has a detailed analysis of segments and factors that can influence the market in the coming years. The report is further enriched by inputsfrom the market doyens for a comprehensive understanding of the Smart Home Energy Management Device Market in the coming years. Among the drivers, the growing need for real-time energy conservation, easy accessibility of cloud computing & data analytics, and cutting-edge device interconnectivity technology can propel the market growth.
Despite such level of integration, the high cost of installation can deter the expected growth of the smart home energy management device market during the forecast period. It can get heightened by system complexity and lack of awareness among the consumers. However, the market can get back to its easy rolling ways as the price of sensors and displays are plummeting.
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In November 2018, Legrand, FrenchWire management and electrical installation giant, has taken over Netatmo, a startup that has expertise in making smart home devices. Netatmo’s technology will help Legrand in controlling switches and outlets verbally through Google Assistant or Siri.
In March 2018, AVEVA completed their merger against Schneider Electric. The focus of this merger would be on capital-intensive industries that would like to achieve digital transformation across the entire value chain in an all-encompassing way. Schneider eyes for an increase in the value proposition of its Industrial IoT platform.
The global smart home energy management device market is segmented by components and communication technology. Based on the communication technology, the market is segmented into ZigBee, Z-Wave, home plug, Wi-Fi among others. The components segment is bifurcated into hardware, software, and services. The hardware segment is further sub-segmented into sensors, power management devices, smart meter, display units, smart controllers & others. By the service segment, the market is bifurcated into managed service and professional service.
Some of the prominent players in the global smart home energy management device market: Aclara (U.S.), Energate Inc. (Canada), Trilliant (U.S.), Honeywell (U.S.), Nest Labs (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), C3 Energy (U.S.), Energyhub, Inc. (U.S.), Trilliant (U.S.), General Electric Company (U.S.), Panasonic Corporation (Japan), Alarm.com (U.S.), Ecofactor (U.S.), Comcast Cable (U.S.), Ecobee (Canada) among others.
The global smart home energy management device market is studied for Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America region accounts for the largest share of the market. North American region accounts for largest market share in smart home energy management device market owing to the presence of major players and developing more efficient, convenient, and economic HEM products and solutions. Asia Pacific region is expected to show highest growth opportunities in the market owing to increasing purchasing power of people, emerging economies from developing region.
• Technology Investors
• Research/Consultancy firms
• Technology Solution Providers
• HEMS software and service providers
• The product/ system integrators
• Original equipment manufacturers
• Energy conservation related associations, organizations, forums, and alliances
• Government and Residential sector
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