Smart Home Energy Management Device Market Share, Trends, Industry Analysis, Growth Drivers, Business Revenue and Forecast 2027
Research Reports
May 20, 2022
Market Overview
The smart home energy management device market is expected to garner significant growth in the upcoming period. According to Market Research Future (MRFR), by the end of 2023, the global smart home energy management device market is expected to create a valuation of USD 3 BN, with an 18% CAGR throughout the review period. MRFR also predicts that the smart home energy management device market will expand at a phenomenal CAGR from 2020 to 2027.
With the help of these energy management systems, smart homeowners can save up to half of the energy that would otherwise get used or wasted. Therefore, these devices are rapidly getting integrated with smart home solutions, which drive the growth of the market. Resultantly, most organizations are increasingly deploying energy management systems, which drive the market’s growth.
Besides, substantial investments in developing energy management devices and technologies impact the market growth positively. Moreover, the advantages of using these systems, such as reduced costs required to manage energy consumption, escalate the market value. The rising awareness for improved environmental quality and a green environment worldwide substantiate market shares.
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Smart Home Energy Management Device Market – Segments
The report is segmented into components, communication technologies, sales channels, and others. The component segment comprises hardware (power management devices, display units, smart meters, others) and software & services (behavioral and proactive).
The communication technology segment comprises (ZigBee, home plug, Z-wave, Wi-Fi, others). The sales channel segment comprises (direct and indirect). The region segment comprises the Middle East & Africa, Americas, Asia Pacific, Europe, and the Rest-of-the-World.
Smart Home Energy Management Device Market – Regional Analysis
North America dominates the global smart home energy management device market. The increasing demand for home energy management systems and the popularity of the smart home concept create a healthy environment for the market. Besides, advances in energy management technologies drive the regional market’s growth.
The increasing energy demand and growing carbon footprints, alongside the concerns related to energy leaks for wastage, boost the region’s market shares. Also, government initiatives and utility-scale policies support the market value. Moreover, substantial investments in developing smart home and energy management devices in the region substantiate market revenues.
Europe stands second in the global smart home energy management device market. The large presence of notable industry players and smart home technology providers fosters regional market growth. Additionally, rising deployments of renewable energy generation systems in the residential sector and increasing demand for power management technologies influence market revenues in this region.
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Global Smart Home Energy Management Device Market – Competitive Landscape
Highly competitive, the smart home energy management device market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive advantage.
Major Players
Players leading the global smart home energy management device market are Energate Inc. (Canada), Aclara (US), Trilliant (US), Nest Labs (US), Honeywell (US), Logitech (US), C3 Energy (US), Icontrol Networks (US), Energyhub, Inc. (US), General Electric Company (US), Trilliant (US), Panasonic Corporation (Japan), Ecofactor (US), Alarm.com (US), Comcast Cable (US), and Ecobee (Canada), among others.
Industry/Innovation/Related News:
May 13, 2022 — SolarEdge Technologies, a smart energy technology company, introduced its Home portfolio at Intersolar Europe 2022. SolarEdge Home products are innovative home energy management solutions allowing property owners to optimize the use and storage of solar energy.
SolarEdge’s product portfolio includes home inverters, home batteries, backup interfaces, and smart energy devices (EV charger, hot water controller & smart meters, and operating systems that synchronize and manage the devices).
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Smart Home Energy Management Device Market: By Components (Hardware, Software, Services), By Hardware (Power Management Devices, Smart Meter, Display Units), By Communication Technology (ZigBee, Z-Wave, Home Plug, Wi-Fi) – Forecast till 2027
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