Albany, New York (PRWEB) May 02, 2014
According to a new market report published by Transparency Market Research, "Home Energy Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the market was valued at USD 393.8 million in 2012, which is expected to reach USD 1,909.4 million by 2019, growing at a CAGR of 25.0% from 2013 to 2019.
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Rising electricity prices across the globe have compelled homeowners to look for different means by which they can monitor and control their electricity usage. The primary need of conserving and optimizing energy utilization is expected to increase the demand for energy management solutions, driving the HEMS market forward. Utilities and service providers offering variable pricing schemes are expected to generate greater interest for energy management products in the minds of cost-conscious consumers. Since HEMS products support cloud based services and other Internet related services, increased Internet connectivity and penetration across the globe are expected to have positive impact on the growth of the HEMS market.
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In 2012, Wi-Fi was the major technology employed in home energy managements systems, accounting for 25.1% of the total market. However, over the forecasted period from 2013 to 2019, ZigBee is expected to show the fastest growth and surpass Wi-Fi to become the major technology. This is majorly attributed to its growing demand in established markets like U.S and Europe on the account of its superior properties like scalability, more interference tolerant and compatibility with most of HAN (Home Area Network) devices. In 2012, control devices including thermostats, home lighting systems, power strips, home automation systems was the largest functionality segment, accounting for % of the global market. However, owing to increasing use of technologies like HAN, sensing and others offering connectivity for energy management, enabling technologies segment is expected to grow at the fastest growth rate over the forecasted period from 2013 to 2019, growing at a CAGR of 26.3%.
North America was the largest HEMS market in 2012, followed by Europe and Asia Pacific. Europe is expected to be the fastest growing HEMS market over the forecasted period from 2013 to 2019, growing at a CAGR of 26.2%. This swift growth is attributed to complete roll-out of smart meters and government regulations encouraging optimum management of electricity consumption. Owing to highly subsidized energy in Asia Pacific and RoW countries, the consumers in these regions are little encouraged to invest in an expensive technology, offering uncertain benefits. Therefore, the growth in these regions have been a little sluggish. Some of the major industry participants include Panasonic Corporation (Japan), Honeywell International, Inc (U.S.), General Electric Company (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), and Sharp Corporation (Japan) among others.
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The report studies the global HEMS market, and provides estimates in terms of revenue (USD Million) from 2013 to 2019. Market estimates on the basis of technology and functionality have also been provided for each region. The market has been segmented as follows:
HEMS Market, by Integration type
HEMS Market, by Geography: