The Global Home Energy Management System Market to Reach $9.41 Billion by 2029, Growing at a CAGR of 15.23% - Arizton

According to Arizton's latest research report, the global home energy management system market is growing at a CAGR of 15.23% during the forecast period.

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Increasing Investment in Residential Construction Projects Boosts Home Energy Management System Market
The demand for smart home technologies will grow rapidly over the next few years. A significant share of expenditure on smart homes comprises IoT and networked appliances in homes. However, with the rising adoption of AI and networking within the house, the demand for wireless access control is expected to rise globally. Millennials are strongly willing to adopt smart home technologies as the number of millennial homeowners has increased rapidly. In 2022, millennials accounted for the largest population, adopting smart home appliances at 43%, followed by Gen X at 33% and baby boomers at 24%. In the same year, about 38% of the millennials within the age group of 27-36 years owned smart technology products. Among the remaining millennials, 58% are highly interested in smart home technologies. The main challenge for implementing smart homes is their high cost. However, approximately 72% of tech-savvy millennials are willing to spend $1,500 for a home equipped with smart technology, and 45% are willing to pay $3,000 more. Thus, the increasing demand for smart home appliances is expected to increase the demand for home energy management systems.

There has been a new trend in urbanization recently, with more people moving into metropolitan cities and urban and semi-urban towns to find better job openings and a high standard of living. This rising trend will likely persist, driving the demand for housing property in urban areas. This shift encourages the key real estate players to invest in residential building construction projects in urban cities. Hence, booming housing investments will gradually drive the demand for home energy management systems. On the other hand, one of the major reasons for the high adoption of new and innovative home energy management systems among developing countries' households is the rising per capita disposable income. The improving economy in many European, North American, and APAC countries increased the disposable income among the population. Apart from macroeconomic indicators that have affected the customer base by making them more price-sensitive, regulations in countries continue to become more stringent. This has pushed stakeholders in the housing sector, including new constructions and renovations, to adapt to the regulatory aspects of the market and comply with stringent regulations that require high investment in product development. These factors have made the market complex to maintain profitability. However, the rise in new constructions in the residential sectors is underpinning the growth of the home energy management system market in Europe. In 2022, over 75% of the European buildings were found to be energy inefficient, and this building stock accounted for close to 40% of the total energy consumed in the region. Although renovation activities in the housing sector witnessed a slight decline, the increasing age profile of a large building stock presents an underlying need among consumers to invest in renovating buildings or at least their apartments. According to the stalwarts of the construction sector, renovation activities can upsurge energy efficiency and attain nearly zero-energy building status, presenting long-term growth opportunities for the market.

Recent Developments
• In 2023, Schneider Electric launched home energy management systems that integrate EV charging, storage, solar, and appliances. This Schneider Home platform is the consumer energy management system (EMS) that incorporates all household appliances and energy endpoints in one interface that can be monitored through a single smartphone application.
• In 2023, Enphase Energy launched its new home energy management system in Austria and Germany. It introduced its IQ™ Energy Router family of devices to allow the integration of select third-party heat pumps and electric vehicle (EV) chargers into its solar and battery systems. The IQ Energy Router incorporates EV chargers, whereas the IQ Energy Router+ works with both heat pumps and EV chargers.
• In 2023, at the 16th SNEC PV Power Expo in Shanghai, Huawei launched its brand new FusionSolar strategy and all-scenario Smart PV+Energy Storage System (ESS) solutions. These solutions show the company's obligation to compel global transformation toward carbon neutrality.
• At CES 2023, Samsung unveiled a technology that places sustainability at the core of user experience. Its efforts to expand and enrich SmartThings Energy have propelled the US Environmental Protection Agency (EPA) to award Samsung the industry's first mass-market Smart Home Energy Management Systems (SHEMS) certification.

APAC to witness Fastest Growth Rate in the Home Energy Management System Management System Market
The home energy management system market in APAC is expected to witness a CAGR of 16.23%, buoyed by spiking demand from the residential sector. The major economies in APAC, including China, Japan, and India, are witnessing increasing construction activities. In the region, the increasing demand for energy-efficient systems is growing and will offer enormous growth opportunities. The market is shifting toward eco-friendly products with a minimum Global Warming Potential (GWP) rate. The adoption of this energy-efficient technology in developed economies in the region is increasing the system demand. In Asian countries, the circular economy is a business model that has essential and broad effects on the home energy management system industry. The circular economy helps people to shift to more eco-friendly technologies, lowers GWP worldwide, and reduces energy consumption. However, rising global warming and other issues are the key factors creating the major environmental concerns in APAC countries. For instance, government bodies constantly boost the regulation of manufacturing standards for home energy management systems. The primary aim of these regulations is to make energy-efficient and eco-friendly products. The end-users indirectly benefit from these regulations as their overall energy spending is extensively reduced. For instance, there has been an increased demand for residential construction in countries such as China, Japan, and India. Therefore, construction activities across residential infrastructure are expected to strengthen the home energy management system market.

Vendors Strategize Expansion into New Geographies Amidst Growing Competition in Home Energy Management System Market
The large number of players characterizes the global home energy management system market. Honeywell, General Electric, Panasonic, Comcast Cable, and Bosch are a few prominent players in the market. Several players focus on developing innovative products and investing in R&D initiatives to expand their product portfolios. Although established players dominate the market, there are tremendous growth opportunities for new entrants that produce low-cost products to target the developing end markets. The developments, especially some precipitating to local levels, will create some demand for innovative products. Vendors always try to keep in tandem with ongoing trends and have catered to domestic and international markets. The market competition will intensify further due to product line extensions and technological innovations. Vendors compete in factors such as brand, geographical presence, product portfolio, quality of products, cost differentiation, and others. The scope for product differentiation is low in the market, and quality, price, and after-sales services are decisive variables affecting the sales of home energy management systems. The growth of vendors also depends on their financial well-being, impacting technological advances and investment in various projects in the home energy management system market.

The US and Europe have a large penetration of home energy management systems in adoption in the residential sector. The competition among companies has strengthened, establishing many innovative and advanced solutions over the next few years. Moreover, price is set to become a significant factor for competition among players to gain an edge over other vendors. Therefore, vendors need to expand into other geographies to attain sustainability and revive domestic demand.

The Home Energy Management System Market Report Encompasses Crucial Data, Including:
CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the home energy management system market over the specified time frame.
Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the home energy management system market growth from 2024 to 2029. This includes an analysis of various market influences.
Precise estimation of market size: Accurate assessments of the home energy management system market size and its contribution and focusing on key market segments.

Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the home energy management system market, helping businesses prepare for future market dynamics.
Geographical market growth: The report covers the development of the home energy management system market across different regions, including North America, Europe, APAC, Latin America, the Middle East, and Africa. This provides a comprehensive understanding of the market's global landscape.
Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the home energy management system market. This includes an overview of key players, their market share, strategies, and key developments.

Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the home energy management system market, providing a well-rounded view of the market dynamics.

About the Report
The global home energy management system market is provided for 2024 to 2029 and the base year of 2023. The market is segmented by component, system, technology, deployment type, residence type, application, and geography. The report provides a holistic approach to the global home energy management system market, enabling customers to analyze the industry thoroughly.

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Key Company Profiles
• Honeywell International
• General Electric
• Robert Bosch
• Panasonic
• Comcast (Xfinity)
• Alphabet
• ecobee
• EnergyHub
• Vivint (NRG)
• com
• EcoFactor
• Johnson Controls
• Schneider Electric
• LG
• Hitachi
• Toshiba
• Xiaomi
• TP-Link
• Netatmo
• Centrica
• Efergy
• FIBARO
• ABB
• Geo (Green Energy Options)
• Smappee
• Iltron
• Landis+Gyr
• tado
• Amazon
• Belkin
• Inavitas

Market Segmentation
Component
• Hardware
• Software
• Services
Hardware
• Smart Meters
• Smart Thermostats
• Lightning Controls
• Smart Plug
• Others
Technology
• Wireless Protocols
• Wired Protocols
• Hybrid
Wireless
• Wi-Fi
• Zigbee
• Z-wave
• Bluetooth
• Others
Residence Type
• Single-family
• Multi-family
Application
• New Construction
• Retrofit
Geography
• North America
o The US
o Canada
• Europe
o Germany
o The UK
o France
o Italy
o Norway
o Sweden
o Spain
• APAC
o China
o Japan
o India
o South Korea
o Australia
o Singapore
o New Zealand
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o Saudi Arabia
o The UAE
o South Africa

Check Out Detailed TOC @ https://www.arizton.com/market-reports/home-energy-management-system-market?details=tableOfContents

Key Questions Answered in the Report:  
How big is the home energy management system market?
What is the growth rate of the global home energy management system market?
Which region dominates the global home energy management system market share?
What are the significant trends in the home energy management system industry?
Who are the key players in the global home energy management system market?

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This release was published on openPR.