Home Energy Management Systems Market Would Beat $2 Billion By 2020: Grand View Research, Inc.
The
global home energy management systems (HEMS) market is
expected to exceed USD 2 billion by 2020, according to a new study by Grand
View Research, Inc. Owing to increasing energy cost coupled with growing
environmental concerns, energy management has emerged as a significant
priority, which is expected to fuel the HEMS market. The need to conserve and
optimize energy utilization is expected to serve as a key market driver.
Increased connectivity and widespread adoption of smartphones is also expected
to favorably impact the market growth. Energy management products demand has
gained momentum over the last few years owing to use of variable pricing
schemes offered by service providers. Favorable regulatory initiatives in the
U.S. pertaining to energy conservation are expected to propel regional HEMS
market growth.
High
installation cost coupled with system complexity is expected to pose a
challenge to market growth over the forecast period. Lack of consumer awareness
regarding home energy management systems and the benefits they offer may also
hinder the HEMS market. Technological proliferation along with decreased sensor
and display costs, improved device-level information processing capability, and
roll-out of smart utility meters provide avenues for market growth.
Browse full
research report on Home Energy Management Systems Market: www.grandviewresearch.com/industry-analysis/smart-home-energy-management
Further key
findings from the report suggest:
- Wi-Fi
emerged as the dominant segment in 2013; it is expected to continue
accounting for considerable market share over the forecast period. ZigBee,
a standard for wireless networks, is expected to be a high growth segment
over the forecast period. This can be attributed to its ability to support
needs of various utilities, government groups and product manufacturers.
- The
HEMS market is dominated by control devices and systems; these include
thermostats, whole home lighting systems and home automation systems.
Enabling technologies are expected to witness high growth over the next
six years due to popularity of technologies such as home area network,
ZigBee and sensing.
- On
account of favorable government initiatives and growing need to address
issues related to aging infrastructure, North America is expected to
emerge as the most dominant regional market over the forecast period.
Smart meter mandates by utilities is primarily expected to drive the HEMS
market in Europe.
- Key
market participants include Intel Corporation, Panasonic Corporation,
Cisco Systems Inc, General Electric Co. and Honeywell International.
Innovations and extensive product development are expected to be the key
growth strategies over the forecast period.
- include
new product launches, acquisitions and mergers, and collaborations.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the global HEMS market on the basis of
technology, component and region:
HEMS
Technology Outlook (Revenue, USD Million, 2012 - 2020)
- Wi-Fi
- ZigBee
- Wireless
M-Bus
- HomePlug
- Z-Wave
- Others
HEMS
Component Outlook (Revenue, USD Million, 2012 - 2020)
- Enabling
Technologies
- User
Interface
- Control
Devices
HEMS
Regional Outlook (Revenue, USD Million, 2012 - 2020)
- North
America
- Europe
- Asia
Pacific
- RoW
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Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-smart-home-energy-management
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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