Residential Energy Management Market To Reach USD 200 Billion By 2027

Global Residential Energy Management Market: Key Highlights

According to the new market research report “Residential Energy Management Market by Platform (Energy Management Platform, Energy Analytics and Customer Engagement Platform), by Communication Technology (Wi-Fi Technology, Wireless M- Bus Technology, Homeplug Technology, Zigbee Technology, Z- Wave Technology and Thread Technology), by Hardware (Load Control Switches, Demand Response Devices, Gateways and Heating, Ventilating, and Air-Conditioning (HVAC) Control Devices), by Application (Smart Appliances, Smart Meters, Smart Thermostats and In-House Displays (IHD)), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) – Global Forecast (2020 to 2027)”, the global Residential Energy Management Market is estimated to reach USD 200 Billion by 2027 at a CAGR of around 36.1% during the review period.
A residential energy management system is also refers as a technology platform which contain of both hardware as well as software, which helps the users track energy use as well as automate energy use within a household.
Moreover, residential energy management systems helps to calculate the energy consumed by the home cooling, lighting system for the purpose of generating maximum savings. These trend will lead to boost the growth of the market in the forecast period.

Residential Energy Management Market Global Residential Energy Management Market: Key Market Dynamics

With the rising growth of advanced metering infrastructure (AMI) is witness to boost the growth of the market in the forecast period. Whereas, the AMI helps to enables the technologies which includes smart devices as well as various other advanced metering devices to improve an information transfer in between customer and utility.
One of the major key concern of the market high cost of investment which may hamper the market growth. Whereas, high initial costs for material as well as the installation lead to hamper the market growth.
Growing adoption of smart homes as well as the government support to encourage the use of residential energy management is create a significant opportunities for the growth of the market in the forecast period.
The lack of awareness is also create a major restraining factor as it lead to cause electrical energy wastages.

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Global Residential Energy Management Market: Regional Overview

North America:

The North America is witness to have tremendous growth in the adoption of robust infrastructure as well as favorable governmental support which is projected to boost the residential energy management market. Moreover region is one of the major region for REM with the adoption of the technology. Also, the US is estimated to dominate this market with a sizeable share by Canada, and Mexico. Hence, this trend will fuel the residential energy management market growth in the forecast period.

Asia-Pacific:

The region is anticipate of play a major role for the growth and developments of the market in the forecast period. Whereas, the initiative by the government as well as the surge in investment for the development of smart cities will create an opportunities for the deployment of the market in the APAC region. Moreover, the countries such as China and India is which is one of the largest revenue generating countries in the region can also to improve the demand of the market in the forecast period.

Hence, the region is projected to grow at a highest rate during the forecast period, with the adoption and government support for the technological development.

Global Residential Energy Management Market: Key Players Overview

GENERAL ELECTRIC:

General Electric Company is an American multinational conglomerate, which mainly operates aviation, healthcare, power, renewable energy, and digital industry. Also, the GE Power is a one of the major player in power generation as well as the water technologies for utilities, independent power producers and industrial applications. In 2018, the company had announced innovative energy storage platform called the reservoir. Also, GE power launches new innovations at CIGRE 2018 including revolutionary HVDC control system.

Itron Inc.

The Itron is an American technology company, which offers products as well as services on energy and water resource management. Whereas, the company helps to provide solutions for collecting, communicating, and analyzing electric, gas, and water usage data. In 2017, the company has announced the acquisitions of Comverge to expand grid and customer experience solutions. Moreover, in 2018 the company has completes acquisition of Silver Spring networks to drive innovation and growth in Internet of Thing (IoT).

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