Smart Home Energy Management Device Market Growth Drivers and Regional Forecast 2027

Market Highlights

The global smart home energy management device market is projected to witness a rapid growth during the forecast period. High growth opportunities in emerging economies and rising adoption of energy efficient device are the major factors driving the growth of the market. Other factors such as increasing real-time energy conservation approach, accessibility of cloud computing and data analytics and advanced device interconnectivity technology are aiding the market growth.

The global Smart Home Energy Management Device Market, by geography, is segmented into North America, Europe, Asia Pacific, and Rest of the World. As compared to other regions, the smart home energy management device market in North America is expected to witness a significant growth and hold the largest market share during the forecast period. The U.S and Canada are anticipated to drive the growth of the North American smart home energy management device market owing to the presence of large number of established key players such as 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.). General Electric Company (U.S.) in this region. Owing to the presence of major players and developing more efficient, convenient, and economic HEM products and solutions.  Additionally, North America also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. Increasing need for innovations and advancements in the technology are other major factors responsible for the growth of the smart home energy management device market.

In the global smart home energy management device market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to the growing adoption of energy efficient device, emerging economies and technological advancement in smart home energy management device in the region.

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The global smart home energy management device market is projected to reach USD 3 billion at a CAGR of over 18% by the end of the forecast period 2017-2023.

Segments:

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.

Key Players:

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.

Regional Analysis:

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.

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Intended Audience

  • 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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