DALLAS — The global residential energy management market was an estimated $2.86 billion in 2014 and is forecast to reach $15.6 billion by 2019, with a compound annual growth rate (CAGR) of 40.4 percent between 2014 and 2019, according to a new market research report published by MarketsandMarkets.
The residential energy management market is segmented by MarketsandMarkets in terms of platform including energy management platform, energy analytics, and customer engagement platform. The market is further segmented on the basis of user interface application including smart appliances, smart meters, smart thermostats, and in-house displays. It is also segmented by regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Residential buildings consume about 20-40 percent of the total energy intake of a country and therefore it forms a significant potential source of energy savings. Thus, the need for intelligent energy management for the residential sector has developed to optimize the use of energy. An intelligent energy management system can reduce energy waste as well as lessen energy bills for the consumer.
The key strategies followed by most companies in the residential energy management market are innovative technologies, customized solutions, and acquiring relatively small domain expert players. The leading players in this market are Elster, General Electric, Itron, Landis+Gyr, Schneider Electric, Opower, and several others.
In 2014, the North American market had the largest market share at 41.87 percent followed by Europe. Asia Pacific and Middle East and Africa are still at the adoption stage.
For more information on the residential energy management market report, click here.
Publication date: 5/11/2015