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 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.
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.
In depth research report on Home Energy Management
Systems (HEMS) Market
Further key findings from the study suggest:
·
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.
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, 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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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