June 12, 2012: Home Energy Management Market Expected to Surpass $2 Billion in Revenue by 2020
BOULDER, Colo. — The home energy management (HEM) market has struggled to gain traction, but today that is starting to change, and over the remainder of the decade momentum is expected to build. According to a new report from Pike Research, global annual shipments of standalone home energy management systems will grow from a quarter million in 2011 to nearly 4.7 million in 2020, with a compound annual growth rate (CAGR) of 38.3 percent. Combined revenue for all home energy management segments will grow from a base of $93 million in 2011 to more than $2 billion in 2020, the firm forecasts.
“The home energy management market will make steady progress over the coming eight years,” said senior analyst Neil Strother. “It will be driven by government mandates, utility programs, and a growing number of consumers looking to manage their energy bills. Also, a combination of consumer desire to be more ‘green,’ home construction and retrofits with energy management objectives, and new technologies surrounding plug-in electric vehicles will help stimulate the market.”