(I-BusinessNews.Com, August 15, 2019 ) According to the latest report by IMARC Group, titled ÂHome Energy Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024Â, the global home energy management systems market size reached US$ 1.6 Billion in 2018. Home energy management systems (HEMS) is a smart energy device that is used in the management and monitoring of energy consumption in the domestic sector. Consisting of hardware and software, it aids in keeping track of an individual applianceÂs electricity consumption pattern and power consumption data. In addition to this, these systems create optimal consumption schedules by taking numerous factors such as load profiles, energy costs, environmental concerns and consumer comfort into consideration. Some of the primary functions of the system include efficient use of solar energy, along with monitoring the usage of electricity and management of backup with the help of battery storage. They can also be accessed through various web portals as well as mobile applications, which has led them to be widely adopted by a majority of the population.
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Global Home Energy Management Systems Market Trends:
Altering climatic conditions across the globe have led to an increase in the adoption rates of heating, ventilating, and air conditioning (HVAC) systems. Consequently, the energy consumption has significantly risen across the residential and commercial sectors. This, along with rising electricity rates on a global level, is bolstering the sales of home energy management systems. Moreover, growing consumer awareness regarding the sustainable usage of energy has boosted the sales of these energy-saving systems across the globe. Inflating per capita income levels, rapid urbanization, a growing number of smart homes, and increasing rate of penetration of high-speed internet are some of the other factors contributing to the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.4 Billion by 2024, growing at a CAGR of around 17% during 2019-2024.
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Market Breakup by Product:
1. Lighting Controls
2. Self-Monitoring Systems and Services
3. Programmable Communicating Thermostats
4. Advanced Central Controllers
5. Intelligent HVAC Controllers
On the basis of the product type, the market has been divided into lighting controls, self-monitoring systems and services, programmable communicating thermostats, advanced central controllers and intelligent HVAC controllers. Amongst these, lighting controls represent the most preferred segment.
Market Breakup by Communication Technology:
Based on the communication technology, the market has been categorized into Z-Wave, Zigbee, Wi-Fi and others.
Market Breakup by Software & Service:
On the basis of the software & service type, the market has been bifurcated into behavioral and proactive.
Market Breakup by Region:
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been segregated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been analyzed with some of the key players being Honeywell International, Inc., Nest Labs, Inc., Vivint, Inc., General Electric Company, Ecobee, Inc., Alarm.Com, Comcast Cable (Xfinity), Panasonic Corporation, Ecofactor, Inc. and Energyhub, Inc.
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