Global Home Energy Management Systems Market to Grow at a CAGR of 19% Through 2021, Reports Technavio
Technavio
market research analysts forecast the global
home energy management systems (HEMS) market to grow at a
CAGR of close to 19% during the forecast period, according to their
latest report.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170321005110/en/
Technavio has published a new report on the global HEMS market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the
global HEMS
market for 2017-2021. The report also lists lighting
controls, self-monitoring systems, programmable thermostats and advanced
central controllers as the four major products segments for the HEMS
market.
Request a sample report: http://www.technavio.com/request-a-sample?report=57090
Technavio’s sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.
Technavio energy
analysts highlight the following three market drivers that are
contributing to the growth of the global home energy management systems
market:
-
Growing adoption of smart grid technologies
-
Rising need for energy conservation
-
Growth in green construction activities
Growing adoption of smart grid technologies
The growing adoption of smart grids is one of the key factors for the
increased use of HEMS. Globally, utilities are adopting smart grid
technologies as a measure to improve the reliability of the grid and for
achieving energy efficiency. Technologies such as remote terminal units,
intelligent electronic devices, and other supervisory control and data
acquisition systems are being adopted in the transmission and
distribution infrastructure, while smart meters are being installed in
consumer homes. Smart meters are the essential link between
utilities and homeowners. HEMS can be integrated with smart meters to
reduce power costs further. The installation of smart meters helps
consumers to participate in demand-response programs, which enables and
modifies their consumption pattern.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio
for smart
grid research, “The governments in countries such as the US, the
UK, Canada, and EU are installing smart meters. As the installation of
smart meters continues, consumers will be encouraged to adopt HEMS to
participate in demand response and improve energy efficiency at the
household level.”
Rising need for energy conservation
Owing to growing population and urbanization, there is a continuous
surge in electricity generation worldwide. Utilities are running power
plants at full capacity to generate maximum power from the existing
infrastructure. As power production increases, power prices increase
simultaneously. This is due to the investment made by power companies in
the T&D equipment, commodity prices, the addition of newer power
resources, and geopolitical factors.
The rising energy cost has led to the adoption of smart home energy
conservation measures, such as the installation of HEMS. The system
includes a range of sensors and devices, which can communicate with each
other through a hub and adapt to the occupants’ lifestyle. For instance,
utilities follow variable pricing for energy, based on different times
of the day and real-time pricing. The availability of such information
helps consumers change power intensive activities such as washing
clothes or charging the EV’s to non-peak hours or when the cost is low.
This enables consumers to lower their energy costs, which is driving the
installation of HEMS.
Growth in green construction activities
The construction, establishment, and the subsequent operation of a
building consumes substantial amounts of energy. Residential and
commercial buildings alone account for 40% of the total energy
consumption worldwide. Generating that quantity of energy for regular
operations in a building turns out to be very expensive. Moreover,
buildings are responsible for emitting the world’s largest quantity of
greenhouse gasses, exceeding those emitted from the transportation
sector.
This highlights the need for appropriate energy-efficient green
buildings that are ergonomically designed to consume minimal amounts
of energy. Additionally, the by-products from the buildings that are
released into the environment are recycled. Such buildings thereby help
conserve energy in nature and at the same time operate efficiently.
“The green building market is expected to grow significantly during
the forecast period. This growth may be attributed to the rising
awareness of global warming and climate change, and these frameworks
prioritize energy efficiency and ecological sustainability, which, in
turn, favors the growth of the HEMP market,” says Thanikachalam.
Browse Related Reports:
Become a Technavio
Insights member and access all three of these reports for a
fraction of their original cost. As a Technavio Insights member, you
will have immediate access to new reports as they’re published in
addition to all 6,000+ existing reports covering segments like energy
storage, oil
and gas, and power.
This subscription nets you thousands in savings, while staying connected
to Technavio’s constant transforming research library, helping you make
informed business decisions more efficiently.
About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170321005110/en/
Copyright Business Wire 2017
