Residential Energy Management Market: Summary
The Global Residential Energy Management Market is projected to reach a value of over USD 200 billion by 2027 at a CAGR of around 36.1%.
Energy management refers to the planning as well as operation of energy production and energy consumption units. Also, it is the process of tracking and optimizing energy consumption to conserve usage in a buildings. Whereas, the residential energy management solutions are being designed to provide a solution to the demand of reduction in the consumption of energy by the residential consumers. Moreover, 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.
Hence, 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: Drivers & Restraints
- Rising Growth of Advanced Metering Infrastructure (AMI)
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 enable the technologies which includes smart devices as well as various other advanced metering devices to improve an information transfer in between customer and utility. Also, it help to provide customers and utility with the data on consumption such as electricity price as well as the energy consumed.
Hence, these also provide benefits to the electric customers with the features such as detecting early meter failures, accommodating faster service restoration, as well as enhancing the accuracy and flexibility of billing. These trend will fuel the growth of residential energy management market in the forecast period.
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. Moreover, the lack of awareness is also create a major restraining factor as it lead to cause electrical energy wastage. Also, lack of awareness as well as knowledge is a barrier to energy conservation and efficiency. However, the electrical energy management practice awareness among consumers is very essential to grow the market.
Hence, these will lead to create a major impact for the growth of the residential energy management market in the forecast period.
Residential Energy Management Market: Key Segments
- Segmentation based on Platform: Energy Management Platform, Energy Analytics and Customer Engagement Platform.
- Segmentation based on Communication Technology: Wi-Fi Technology, Wireless M- Bus Technology, Homeplug Technology, Zigbee Technology, Z- Wave Technology and Thread Technology.
- Segmentation based on Hardware: Load Control Switches, Demand Response Devices, Gateways and Heating, Ventilating, and Air-Conditioning (HVAC) Control Devices.
- Segmentation based on Application: Smart Appliances, Smart Meters, Smart Thermostats and In-House Displays (IHD).
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
Residential Energy Management Market: Report Scope
The report on the residential energy management market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million)
Platform, Communication Technology, Hardware, Application, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- GENERAL ELECTRIC (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Elster Group GmbH (Honeywell International Inc.)
- Itron Inc.
- Emerson Electric Co.
- Schneider Electric
- OPOWER, Inc. (Oracle)
- Aclara Technologies LLC.
- Carrier Global Corp
- Other Key Companies
Residential Energy Management Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Residential Energy Management Market, by Platform
- Energy Management Platform
- Energy Analytics
- Customer Engagement Platform
Residential Energy Management Market, by Communication Technology
- Wi-Fi Technology
- Wireless M- Bus Technology
- Homeplug Technology
- Zigbee Technology
- Z- Wave Technology
- Thread Technology
Residential Energy Management Market, by Hardware
- Load Control Switches
- Demand Response Devices
- Heating, Ventilating, and Air-Conditioning (HVAC) Control Devices
Residential Energy Management Market, by Application
- Smart Appliances
- Smart Meters
- Smart Thermostats
- In-House Displays (IHD)
Residential Energy Management Market, by End-User
Residential Energy Management Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Residential Energy Management Market Providers
- Residential Energy Management Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Residential Energy Management Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE RESIDENTIAL ENERGY MANAGEMENT MARKET STUDY