ID: MRFR/SEM/0688-HCR | 100 Pages | Author: Ankit Gupta | May 2023
Smart Home Energy Management Device Market value that reaches up to 3 Billion US Dollars till the year 2023 and CAGR of 18% during the forecasting period 2017-2023
Globally, the size of the Smart Home Energy Management Systems Market is expected to reach USD 3 Billion by 2030 at a CAGR of 18% driven by, market drivers are the latest and updated device interconnectivity technologies that are aiding the rise in the international Smart Home Energy Management Device Market Growth.
However, this conservation approach of real-time energy and wide-range adoption of data analytics and cloud computing is another beneficial factor boosting the international market growth. Growing needs for eliminating security issues and recent advancements in the IoT also fosters international market growth. However, the huge cost involvements and cyber attacks are the restraining factors that can hinder market growth.
Overall, the significant driving factors positively affect the international Home Energy Management Systems Market and overcomes all the restraining and challenging factors to foster economic growth. All the factors discussed in this report are comprehensively important and contributed to the development of the international market.
The global COVID-19 pandemic seems to have an impact on several markets including the Smart Energy Monitoring Systems Market. The influence of the COVID-19 epidemic on the smart home market has been both favorable and unfavorable. Since the majority of the population was following works from home norms, there was surging demand for smart home products such as smart speakers and home healthcare during the COVID-19 epidemic. As the smart speakers’ production is simpler and different from other smart products like smart furniture, smart kitchens, and HVAC controls, its production capacity has not been pointedly obstructed.
Thus, there was an increase in the sales revenue that is estimated to rise in 2021. Moreover, in the healthcare segments, there was an ultimate increase in the demands of healthcare products including fitness trackers or other similar products. Undoubtedly, this is because people were more concerned about their health status during the covid 19 pandemics. Thus, there was a stable growth in the Global Smart Home Energy Management Device Market.
Market dynamics are the significant market key factors that depict all the Smart Home Energy Management Device Market Facts. This includes the factors such as drivers, opportunities, restraints, challenges, and cumulative growth analysis.
The most essential driving factor leading to the international market growth is the rising conversational approach of real-time energies. Moreover, the worldwide acceptance of cloud computing and data analytics is another essential factor propelling towards global market growth. However, market drivers are the latest and updated device interconnectivity technologies that are aiding the rise in the international Smart Home Energy Management Device Market Growth.
Connectivity is projected to become a more prevalent trend in the forthcoming years. It is expected that the interconnectivity will be a unified standard present in almost every household gadget and equipment. Users with remote access to home devices and this technological advancement will boost up the global market during the forecasting periods.
Due to the sudden outbreak of covid 19 pandemics and lockdown situation, people were bound to stay at their homes. This has increased the demands of several technological gadgets and the Internet of Things (IoT) in recent years. Staying at home consequently increases the disposal income of every household as well.
Indeed, it increases the demands of smart devices and smart gadgets like health monitoring devices and home security solutions. This increasing Smart Home Energy Management Device Market Demand paves a great opportunity to the smart device manufacturing industries. To cover up the demands the manufacturing industries have to maximize the production to maintain the demand-supply ratio.
The major restraining factor in the market that hampers the market growth is the huge costs involved in switching towards smart devices. Smart home products and devices need a huge cost and require a good amount of expenses for maintenance and installation. However, due to the involvement of high costs and expenses, the acceptances and adoption of smart devices and tools were limited to a certain point. Thus, there is an expectation that the Smart Home Energy Management Device Industry will face uncertain declines during the forecasting years.
This Smart Home Energy Management Device Market Report states that the smart home market is quite uneven. Many markets key players are currently operating on various systems that use a variety of technologies. It is simple to integrate and connect devices from the same manufacturers but, linking systems from multiple manufacturers is time-consuming work that could result in inadequate functionality and undependable services along with mismatch difficulties. As a result, the issue of device compatibility poses a hindrance to the market's growth. Undoubtedly, end-users frequently install devices that are only controllable through the manufacturer's app itself.
According to the Smart Home Energy Management Device Market Statistics, there is an estimation that the market will display an increase in CAGR by 18%. The market value will also rise in the upcoming years and will reach up to 81,645 million US Dollars. This is due to the wide range of acceptance of advanced technologies and cloud computing devices.
With growing demands for cloud computing and data analytics devices, the market is compelling to show a rising growth. Technological advancements and worldwide adoption of smart home devices and technologies will surge the market in the next coming years. The Smart Home Energy Management Device Market Expert estimated that all the drivers and opportunities prevailing in the global market will help the market to grow and overcome all the challenges faced during the past years including the pandemics.
According to the Smart Home Energy Management Device Market Analysis, this market segmentation is based on components, hardware, communication technology, software & services, and sales channels.
By Communication Technology:
By Software & Services:
By Sales Channels:
The smart home market is extended globally including most of the regions. The geographical distributions covered in this report are North America, South America, Europe, Asia Pacific, and the Rest of the World. The North American region consists of the largest Smart Home Energy Management Device Market Share. This is due to its advanced technologies and its popular and gaining energy and power industries.
The Smart Home Energy Management Device Market Size possesses a large competition including multiple market key players. As the smart home market offers fragmentation, the key players are continuously putting efforts to grow in the international markets. These companies are using innovative R&D activities and technologies to enhance their markets. Some of the popular companies dominating the markets are as follows:
This Smart Home Energy Management Device Market Forecast report depicts the market dynamics including drivers, challenges, and others. Moreover, this report also holds several factors including value chain analysis, market segmentation, dominating regions, and some other significant factors. Also, this report depicts the overall growth during past and future years. All the past and future statistics are collected from primary and secondary data sources.
|Market Size||USD 3 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Components, Hardware, Communication Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Aclara (U.S.), Energate Inc. (Canada), Trilliant (U.S.), Honeywell (U.S.), Nest Labs (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), C3 Energy (U.S.), Energyhub, Inc. (U.S.), Trilliant (U.S.), General Electric Company (U.S.), Panasonic Corporation (Japan), Alarm.com (U.S.), Ecofactor (U.S.), Comcast Cable (U.S.), Ecobee (Canada)|
|Key Market Opportunities||Increasing purchasing power of people, emerging economies from developing region.|
|Key Market Drivers||
An 18 % CAGR is expected to support the market in achieving its goals by the year 2023.
Nest Labs (U.S.), General Electric Company (U.S.), Logitech (U.S.), Panasonic Corporation (Japan), Icontrol Networks (U.S.), Alarm.com (U.S.) and C3 Energy (U.S.) are estimated to show potential in the coming years.
The prime factor that will enable the advances in the market is energy management solutions that enablement of Utility Internet of Things (IoT) which will permit next-generation energy management.
The leader in the terms of the regions is the North American region for the during of the forecast period.
The lack of awareness of the new technology and reliance on the old technology is expected to restrict the market’s potential for growth.
Key Questions Answered
Why Choose Market Research Future?