Home Energy Monitor Market Size, Share, Statistics | Industry Report 2020-2026
According to credible estimates, home energy monitor market is projected to secure noteworthy revenues through 2026.
Rising adoption of home energy monitor on account of its cost saving benefits is the key driving factor of the market growth. Home energy monitors help in tracking the amount of energy being consumed, its costs and greenhouse gas emission levels. Advanced home energy monitors enable setting daily electricity usage targets as well are capable of triggering an alarms on reaching a threshold, which aids in optimizing household electricity usage. Powered by the myriad benefits offered by these energy tracking gadgets, they are being deployed at a rapid pace across the residential sector, which is translating into revenues for this industry vertical.
Rising focus towards sustainable development coupled with growing consumer awareness about saving energy will further encourage the use of energy monitors in residential settings. Emergence of smart displays and smart electric meter will positively impact the home energy monitor market trends. Manufacturers are continuously engaging in R&D activities to improve their offerings by launching new features such real-time cost tracking, appliance recognition, and solar ready features. However, the risks associated with installation of home energy monitor may hamper the market growth in the coming years. Home energy monitors need to be connected to the circuit breaker which can potentially cause shock hazards, hence, requires a skilled electrician, which considerably increases the installation cost.
Based on the product landscape, home energy monitor market is categorized into two segments namely, solar ready and non-solar ready. Solar ready home energy market segment is expected to grow significantly during the forecast period on account of the steadily expanding solar energy market. Solar ready home energy monitors allow homeowners to track parameters such as when solar panels are generating energy, how much energy is being generated, and how it is being used. If reports are to be believed, over 102 GW of new photovoltaic (PV) systems were installed globally in 2018. Rising espousal of renewable energy is encouraging the installation of solar panels, which in turn is supporting the demand for solar ready home energy monitors.
Based on the application terrain, home energy monitor market is bifurcated into Android systems, iOS system, and others. Android system segment is anticipated to register substantial growth over the analysis period on account of rising affordability of android devices alongside the existing large consumer base of android users across the globe.
Considering the geographical outlook, the home energy monitor market is divided into are North America, Europe, Asia-Pacific, and Latin America, with a key focus on countries like U.S., Canada, Russia, Germany, U.K., France, Italy, China, Japan, South Korea, Taiwan, Mexico, Brazil and Southeast Asia. Home energy monitor market in emerging economies such as China, India, and South Korea is expected to show sizeable growth over the predicted timeline, driven by rapid urbanization and several ongoing residential construction projects. Furthermore, rising awareness about green building standards and regulatory norms pertaining to efficient energy use will propel the demand for home energy monitors in these geographies.
Sense, Smappee, Efergy, Emporia Energy, Curb, Eyedro, Neurio, and Rainforest Automation are the key players operating in the home energy monitor market.