Home Energy Management Systems Market Thriving $2 Billion By 2020: Grand View Research Inc.

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According to report published by Grand View Research, owing to increasing energy cost coupled with growing environmental concerns, energy management has emerged as a significant priority, which is expected to fuel the home energy management systems market. The need to conserve and optimize energy utilization is expected to serve as a key market driver.

According to a new report, “Home Energy Management Systems (HEMS) Market Analysis By Technology (Wi-Fi, ZigBee, Wireless M-Bus, HomePlug, Z-Wave), By Component (Enabling Technologies, User Interface, Control Devices) And Segment Forecasts To 2020”, published by Grand View Research, Inc., the global home energy management systems (HEMS) market is expected to exceed USD 2 billion by 2020. 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 is also expected to favorably impact the market growth. Energy management products demand has gained momentum over the last few years owing to use of variable pricing schemes offered by service providers. Favorable regulatory initiatives in the U.S. pertaining to energy conservation are expected to propel regional HEMS market growth.

Key Takeaways from the report:

  • Wi-Fi emerged as the dominant segment in 2013; it is expected to continue accounting 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 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. 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.

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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 roll-out of smart utility meters provide avenues for market growth.

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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)

  • Wi-Fi

  • ZigBee

  • Wireless M-Bus

  • HomePlug

  • Z-Wave

  • Others

HEMS Component Outlook (Revenue, USD Million, 2012 – 2020)

  • Enabling Technologies

  • User Interface

  • Control Devices

HEMS Regional Outlook (Revenue, USD Million, 2012 – 2020)

  • North America

  • Europe

  • Asia Pacific

  • RoW

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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