Home Energy Management System Market Worth $3.15 Billion by 2022
North America held the largest market share in 2015, Asia-Pacific expected to hold the major share by 2022
PUNE, India — The global home energy management system (HEMS) market is forecast to grow from $864.2 million in 2015 to $3.15 billion in 2022, increasing at a compound annual growth rate (CAGR) of 18.36 percent between 2016 and 2022, according to a new report published by MarketsandMarkets.
The HEMS market is expected to grow substantially because of such factors as the ability to provide real-time energy conservation, the convenience of cloud computing and data analytics, and increased device interconnectivity.
The market for software and services is expected to grow at the highest rate during the forecast period. The HEMS software and service industry has been facing tremendous competition in developing technically advanced, user-friendly software solutions and is also providing real-time services to its customers as a result of the emerging awareness of the importance of reducing energy consumption within the household. Also, government bodies of many countries, developed and developing, are creating environmental regulations that are accelerating the rate of HEMS installations.
Control devices held the largest share of the HEMS hardware market in 2015. The controls market is dominated by devices such as thermostats, sensors, smart meters, smart plugs/strips, and lighting controllers, among others. Most smart home users prefer smart thermostats for controlling energy consumption. Smart plugs and lighting controllers are other major HEMS control products that are expected to account for substantial market growth. These devices are driving the hardware market and in turn spurring overall market growth.
North America held the largest market share in 2015, followed by Europe and Asia-Pacific. The HEMS market in North America is dominated by market leaders that are boosting their offerings by developing more efficient, convenient, and economic HEMS products and solutions as well as broadening their distribution. The implementation of HEMS in the Asia-Pacific countries such as of China, Japan, Australia, and the rest of Asia-Pacific (Rest of APAC) is increasing at a substantial rate, thereby making Asia-Pacific the region with the highest growth rate in the HEMS market. Asia-Pacific is expected to hold the major share of the HEMS market by 2022.
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Publication date: 3/8/2016