May 21, 2020
As per the report titled ‘Global Residential Energy Management Market Size study, by Platform (Energy Management Platform (EMP), Energy Analytics, Customer Engagement Platform (CEP), by User Interface Application ( Smart Appliances, Smart Meters, Smart Thermostat, In-House Displays), by Communication Technology ( Wi-Fi, ZigBee, Z-Wave, Wireless M-Bus Home Plugs, Threads), by Hardware (Gateways, Load Control Switches (LCS), Demand Response (DR) Devices, Heating, Ventilating, and Air-Conditioning (HVAC) Control Devices) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global residential energy management market share was worth USD 9 billion in 2019 and is slated to show robust growth, expanding at 40% CAGR over 2020-2026.
Residential Energy Management deals with efficiently managing the energy consumption and energy intake of devices in residential settings. It measures the energy consumed by individual appliances, home cooling, and lighting system to identify the maximum energy savings prospects, thereby encouraging the product adoption.
Increasing number of smart homes is accelerating the demand for REM solutions owing to the comparatively higher energy consumption in these households. As per the data revealed by the European Union, between 2014 and 2019, the number of households with smart home systems reached 38.2 million in 2019. Furthermore, according to Statista, global smart home penetration was about 5.7% in 2018 and is expected to reach 18.1% by 2023, which in turn, will propel the growth of global residential energy management market.
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Furthermore, integration of all user interface appliances over smart phones through advanced technologies such as IoT and increasing adoption of solar panel systems in residential areas are among the other factors contributing to the market growth. However, the report cites that high initial investment cost may hinder the adoption of REM systems during the forecast period.
From a regional perspective, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Among these, residential energy management market in North America holds significant market share on account of factors such as stringent government policies, economic incentives, and high adoption of cloud technology in the region.
Meanwhile, Asia Pacific residential energy management market is slated to display strong growth trends throughout the forecast duration, owing to growing adoption of smart meters and smart grid technology for efficient energy consumption.
Key players operating in global residential energy management market are Tendril Networks, Inc., Alertme.Com Ltd., Aclara Technologies LLC, Silver Spring Networks, Inc., Opower, Inc., Schneider Electric SE, Landis+Gyr AG, Itron, Inc., General Electric Company, and Elster Group Gmbh.