Untapped potential in emerging markets expected to be a growth opportunity for industry participants.
San Francisco, California (PRWEB) December 12, 2014
The global Home Energy Management Systems (HEMS) market is expected to exceed USD 2 billion by 2020, according to a new study by Grand View Research, Inc. Owing to increasing energy cost coupled with growing environmental concerns, energy management has emerged as a significant priority, which is expected to fuel the HEMS market. The need to conserve and optimize energy utilization is expected to serve as a key market driver. Increased connectivity and widespread adoption of smartphones are also expected to favorably impact the market growth. Favorable regulatory initiatives in the U.S. pertaining to energy conservation are expected to propel regional HEMS market growth.
Browse full research report on Global Home Energy Management Systems (HEMS) Market at http://www.grandviewresearch.com/industry-analysis/smart-home-energy-management
High installation cost coupled with system complexity is expected to pose a challenge to market growth over the forecast period. Lack of consumer awareness regarding home energy management systems and the benefits they offer may also hinder the HEMS market. Technological proliferation along with decreased sensor and display costs, improved device-level information processing capability, and rollout of smart utility meters provide avenues for market growth.
Further key findings from the study suggest:
- WI-Fi emerged as the dominant segment in 2013; it is expected to continue to account for considerable market share over the forecast period. ZigBee, a standard for wireless networks, is expected to be a high growth segment over the forecast period. This can be attributed to its ability to support the needs of various utilities, government groups and product manufacturers.
- The HEMS market is dominated by control devices and systems; these include thermostats, whole home lighting systems and home automation systems. The enabling technologies are expected to witness high growth over the next six years due to popularity of technologies such as home area network, ZigBee and sensing.
- On account of favorable government initiatives and growing need to address issues related to aging infrastructure, North America is expected to emerge as the most dominant regional market over the forecast period. Smart meter mandates by utilities is primarily expected to drive the HEMS market in Europe.
- Key market participants include Intel Corporation, Panasonic Corporation, Cisco Systems Inc, General Electric Co. And Honeywell International. Innovations and extensive product development are expected to be the key growth strategies over the forecast period.
More Information on Home Energy Management Systems (HEMS) Market at http://www.grandviewresearch.com/industry-analysis/smart-home-energy-management
For the purpose of this study, Grand View Research has segmented the global HEMS market on the basis of technology, component and region:
HEMS Technology Outlook (Revenue, USD Million, 2012 - 2020)
- Wireless M-Bus
HEMS Component Outlook (Revenue, USD Million, 2012 - 2020)
- Enabling Technologies
- User Interface
- Control Devices
HEMS Regional Outlook (Revenue, USD Million, 2012 - 2020)
- North America
- Asia Pacific
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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