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Residential Energy Management Market Segmentation by Component (Hardware, and Software); by Communication Technology (Wired, Wireless, and Others); and by Application (Power Monitoring & Control, Load Shedding & Management, Flexible Load Management, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Residential Energy Management Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·   August 10, 2020: Schneider Electric to organize an Innovation Summit World Tour to promote its digital technologies for sustainable future.

·  October 14, 2019: C3.ai, to collaborate with ENGIE, an electric utility company, to launch an AI-powered energy management solution for universities, municipalities, corporate campuses, and hospitals.

Global Residential Energy Management Market Highlights over 2022 – 2030

The global residential energy management market is estimated to grow at a CAGR of ~13% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing awareness regarding energy conservation, and energy management at home, along with the increasing adoption of energy management systems (EMS). Residential energy management systems are hardware-software systems designed to observe and regulate the energy consumption in a residential building, to optimize energy utilization. The development of green buildings, backed by growing environmental awareness is estimated to further propel the market growth. Moreover, the growing application of HVAC systems at homes, which are the major consumers of electricity, is another major factor projected to boost the market growth.

The growing global population has surged the need for residential buildings, and has also led to a rise in energy consumption. According to the data by the World Bank, the global population touched the mark of 7.753 billion in 2020, registering a growth of 1.03%. The need to conserve energy to sustain the growing population is estimated to boost the market growth.

Residential Energy Management Market

The market is segmented by application into power monitoring & control, load shedding & management, flexible load management, and others, out of which, the power monitoring & control segment is anticipated to hold the notable share in the global residential energy management market over the forecast period on account of growing demand for efficient power monitoring in order to reduce the overall power consumption. A resident can have various electronic devices running at the same time. Proper monitoring and control of power can help plan, and limit the use of appliances that consume more energy, in order to optimize power consumption. Such factors are estimated to boost the segment growth.  CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Residential Energy Management Market Regional Synopsis

On the basis of geographical analysis, the global residential energy management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high awareness regarding energy conservation amongst the people, along with various government initiatives to curb energy wastage in households. The report by the World Bank stated that 10.11% of the total energy consumed in the United States was generated from renewable sources in 2018. Along with this, the growing digitalization of power sector, and adoption of smart grids in the region is estimated to boost the market growth in the region.

The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of technological advancements, along with increasing residential development and rapid urbanization, backed by growing population. Moreover, government incentives to adopt green energy and optimization of energy utilization amongst various administrations across the region, particularly in China, Japan, and India, are estimated to further stimulate the market growth.

Residential Energy Management Market

The global residential energy management market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global residential energy management market includes the following segments:

By Component

  • Software
  • Hardware

By Communication Technology

  • Wired
  • Wireless
  • Others

By Application

  • Power Monitoring & Control
  • Load Shedding & Management
  • Flexible Load Management
  • Others

Growth Drivers

  • Growing Requirement for Optimization of Energy Utilization
  • Increasing Adoption of Green Buildings
  • Rising Need to Monitor Power Consumption

Challenges

  • Huge Initial Investment and Deployment
  • Lack of Awareness Regarding Adoption of Renewable Energy

Top Featured Companies Dominating the Market

  • Yokogawa Electric Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Siemens AG
  • C3.ai, Inc.
  • GridPoint, Inc.
  • Schneider Electric
  • The General Electric Company
  • DEXMA Sensors, SL
  • Johnson Controls International plc
  • Honeywell International Inc.
  • Energate, Inc. (Tantalus Systems Corp.)

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