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.
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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.
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.
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.
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The global residential energy management market is further classified on the basis of region as follows:
Our in-depth analysis of the global residential energy management market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing requirement for optimization of energy utilization is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~13% over the forecast period, i.e., 2022 – 2030.
High initial investment and deployment are estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities over the forecast period owing to the growing energy conservation awareness amongst the people.
The major players in the market are C3.ai, Inc., GridPoint, Inc., Schneider Electric, The General Electric Company, DEXMA Sensors, SL, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, communication technology, application, and by region.
The hardware segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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