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.
Market Driver:
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.
Market Restraints:
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.
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.
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Report Features |
Specifics |
|---|---|
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Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
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Base Year for Market Calculation |
2020 |
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Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) |
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Segments Included |
Platform, Communication Technology, Hardware, Application, and Region |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Residential Energy Management Market, by Platform
Residential Energy Management Market, by Communication Technology
Residential Energy Management Market, by Hardware
Residential Energy Management Market, by Application
Residential Energy Management Market, by End-User
Residential Energy Management Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE RESIDENTIAL ENERGY MANAGEMENT MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
