According to the latest report by IMARC Group, titled “Home Energy Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global home energy management systems market size reached US$ 2.18 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit strong growth during the next five years.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Home energy management systems (HEMS) is a smart energy device that is used in the management and monitoring of energy consumption in the domestic sector. Consisting of hardware and software, it aids in keeping track of an individual appliance’s electricity consumption pattern and power consumption data. In addition to this, these systems create optimal consumption schedules by taking numerous factors such as load profiles, energy costs, environmental concerns and consumer comfort into consideration. Some of the primary functions of the system include efficient use of solar energy, along with monitoring the usage of electricity and management of backup with the help of battery storage. They can also be accessed through various web portals as well as mobile applications, which has led them to be widely adopted by a majority of the population.
Global Home Energy Management Systems Market Trends:
Altering climatic conditions across the globe have led to an increase in the adoption rates of heating, ventilating, and air conditioning (HVAC) systems. Consequently, the energy consumption has significantly risen across the residential and commercial sectors. This, along with rising electricity rates on a global level, is bolstering the sales of home energy management systems. Moreover, growing consumer awareness regarding the sustainable usage of energy has boosted the sales of these energy-saving systems across the globe. Inflating per capita income levels, rapid urbanization, a growing number of smart homes, and increasing rate of penetration of high-speed internet are some of the other factors contributing to the growth of the market.
Home Energy Management Systems Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the home energy management systems market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Honeywell International, Inc.
- Nest Labs, Inc.
- Vivint, Inc.
- General Electric Company
- Ecobee, Inc.
- Comcast Cable (Xfinity)
- Panasonic Corporation
- Ecofactor, Inc.
- Energyhub, Inc.
Key Market Segmentation:
The report has segmented the home energy management systems market on the basis of product type, Communication Technology, Software & Service and region.
Breakup by Product Type:
- Lighting Controls
- Self-Monitoring Systems and Services
- Programmable Communicating Thermostats
- Advanced Central Controllers
- Intelligent HVAC Controllers
Breakup by Communication Technology:
Breakup by Software & Service:
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/home-energy-management-systems-market
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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