LONDON — The global home energy management systems (HEMS) market is forecast to grow at a compound annual growth rate (CAGR) of nearly 27 percent from 2015 to 2019, according to a new market research report published by Technavio.
The need for energy conservation will drive the market, as energy management is considered the most effective method to reduce usage in the residential sector. The various processes involved include recording, normalizing, analyzing, targeting, monitoring, reporting, and controlling.
“Home energy management systems products also facilitate the creation of targets for reducing energy consumption and monitor the consumption by checking if it matches the set target and report the outcome to the consumer,” said Faisal Ghaus, vice president of Technavio.
The report also discusses the use of distributed power generation, which is helping households implement HEMS and will further cause the demand for HEMS to increase during the forecast period.
“Home energy management systems help consumers get updates about the fluctuating electricity prices and can accordingly use less energy during peak hours,” said Ghaus.
Market challenges include high initial costs. Market trends include a rise in distributed generation.
More information is available here.
Publication date: 8/25/2015