March 9, 2015: Home Energy Management Revenue to Top $22 Billion from 2014-2023
Global Market Expected to Peak in 2020 Following Great Britain’s Government-Mandated Smart Meter Rollout
BOULDER, Colo. — Shortly after Google purchased Nest Labs in January 2014, home energy management (HEM) stakeholders began reporting increased market activity, as the acquisition signaled to vendors, utilities, service providers, and retailers that the value in home energy management and automation was finally gaining recognition, notes Navigant Research. Similarly, consumer awareness began to increase, bringing into focus products and services that can help better manage and control home energy consumption. According to a report from Navigant Research, cumulative HEM revenue is expected to exceed $22 billion from 2014 to 2023.
“Competition is heating up among vendors and, at the same time, HEM products are becoming more accessible to consumers, with retailers such as Best Buy, Staples, and Lowe’s marketing products that include energy management features,” said Neil Strother, principal research analyst with Navigant Research. “Even though the HEM market is still in its early stages of growth, 2015 is shaping up to be a pivotal year for expansion.”