Smart Home Energy Management Device Market - Overview
The management of energy remains an important debate with consumption skyrocketing; thus, the Smart Home Energy Management Device Market 2020 is expected to develop beneficially in the coming years. The global smart home energy management devices market is expected to reach a valuation of USD 3 billion by 2023 and is expected to grow steadily over the forecast period and beyond. The report presents a comprehensive evaluation of the market’s growth over the forecast period and beyond with a detailed analysis of the market’s historical growth trajectory through the historical review period and its present condition. Accurate, studied forecasts for the market’s growth over the forecast period are provided in the report based on this analysis of the market’s historical growth trajectory. Major drivers and restraints affecting the global smart home energy management devices market are also profiled in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global smart home energy management devices market.
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Industry Highlights
Smart home technology is an emergent technology consisting of the use of Internet of Things (IoT) technology to operate home appliances and electronics such as HVAC devices and lighting devices remotely and intelligently according to ambient conditions. Home appliances, especially HVAC devices, are among the highest consumers of power in a building. Inadvertently leaving appliances running or using them when the ambient conditions don’t warrant them is among the key sources of power wastage around the world. Smart home technology allows remote operation of these appliances to reduce the chances of inadvertent operation. Using smart home energy management devices, users can switch off the appliances remotely, enabling complete control over whether the appliances remain on. Using smart home energy management devices, users can also turn HVAC devices on remotely, allowing them to create a cool ambient temperature in their houses before they get home. This convenience has also been a major driver for the global smart home energy management devices market.
The growing consumer electronics industry is likely to be a major driver for the global smart home energy management devices market over the forecast period. Growing technological development in the field of wireless and remote connections is also likely to be a major driver for the global smart home energy management devices market over the forecast period. The development of wireless connectivity solutions such as Wi-Fi and ZigBee to provide high bandwidths is likely to remain a major driver for the smart home energy management devices market over the forecast period. Growing government support for energy conservation devices and solutions such as smart home energy management devices is also likely to be a major driver for the global smart home energy management devices market over the forecast period.
Segmental Analysis
The segmental examination of the smart home energy management device market is segmented by components, regions, and communication technology.
On the basis of communication technology, the smart home energy management device market is segmented into Z-Wave, ZigBee, Wi-Fi, home plug, among others. The components based segmentation of the smart home energy management device market is segmented into hardware, services, and software. The hardware segment is additionally sub-segmented into power management devices, sensors, display units, smart controllers, smart meter, and others. The service sub-segment in the market is divided into managed and professional service.
Based on the regions, the smart home energy management device market includes regions such as North America, Asia Pacific, Europe, and other regions.
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Detailed Regional Analysis
The evaluation of the regions in the smart home energy management device market includes North America, Asia Pacific, Europe, and other regions.
The study makes the observation that the North American region is responsible for the larger share of the global market. The incidence of major players in the region who are creating well-organized, expedient, and cost-effective HEM products and solutions are expected to aid in the dominance of the North American region in this market. The Asia Pacific region is projected to demonstrate the top growth prospects in the smart home energy management device market due to the escalating purchasing power of the public, development of the economies in the region.
Competitive Analysis
The top-most players in the smart home energy management device market are C3 Energy (U.S.), Energate Inc. (Canada), Trilliant (U.S.), Honeywell (U.S.), Nest Labs (U.S.), Aclara (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), Energyhub, Inc. (U.S.), Panasonic Corporation (Japan), General Electric Company (U.S.), Alarm.com (U.S.), Ecofactor (U.S.), Trilliant (U.S.), Comcast Cable (U.S.), Ecobee (Canada) among others.
Industry Updates:
Mar 2020 Evervolt energy storage system has been launched by Panasonic, which is unique as it is offered in an AC and DC design that optimizes the energy flow involving the battery, the solar system, and the home. When set up in a novel home, the DC version of Evervolt allows rooftop solar generation to gush straight into the batteries with no extra losses that come with converting the power to AC first, then reverse to DC again for storage.
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