Smart Home Energy Management Device Market: By Components (Hardware, Software, Services), By Hardware (Power Management Devices, Smart Meter, Display Units), By Communication Technology (ZigBee, Z-Wave, Home Plug, Wi-Fi) – Global Forecast till 2023
Smart home is an innovative concept, which is being adopted rapidly. These homes are similar to normal homes but consist lots of smart devices and technologies, which allows the residents of these homes to control the things like, power, fan, television, etc. with their smartphones. As these system requires lots of hardware, which runs on power, the energy management becomes the most significant thing for the residents of these homes. The global smart home energy management device market has been growing rapidly from the past few years.
Technology giants such as Aclara (U.S.), Energate Inc. (Canada), Trilliant (U.S.), Honeywell (U.S.), Nest Labs (U.S.) and others. Energate Inc. is one of the prominent player in home energy management device market, which provides ZigBee SEP interactive energy management solutions that enable the Utility Internet of Things (IoT) next-generation energy management and the connected home solutions. Trilliant is a key player in home energy management device market, which has designed a UnitySuite platform that is a secure management platform that acts as a control panel for all device interactions. It provides scalable management of multiple smart grid communications technologies with unified business process integration to other utility systems.
Major factors driving the Smart Home Energy Management Device Market includes factors such as increasing real-time energy conservation approach, accessibility of cloud computing and data analytics and advanced device interconnectivity technology is aiding the market growth.
The global smart home energy management device market has been segmented on the basis of solution, service, technology, and end user. The service segment is further classified into professional service and managed service. The HEMS software and service industry is facing rapid development. The factors such as technically advanced and user-friendly software solutions providers is driving the market growth. However, professional services segment is expected to hold the major share of the market. The professional service companies possess an expertise solution and knowledge of tools and process that makes user’s workflow seamless and high performing. These companies are highly experienced and projects a detailed focus while offering services to small and mid-sized business.
The North American region holds the largest share of the global market followed by Europe, and Asia Pacific regions. The U.S. and Canada are dominating the North American market owing to rising technological enhancements and the well-established energy & power industry. Asia Pacific region is expected to grow at the highest CAGR owing to growing media and entertainment industry, advanced mobile devices and electronic devices.
The global smart home energy management device market is expected to grow at a CAGR of approximately 18% during the forecast period 2017-2023.
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Some of the prominent players in the global smart home energy management device market: Aclara (U.S.), Energate Inc. (Canada), Trilliant (U.S.), Honeywell (U.S.), Nest Labs (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), C3 Energy (U.S.), Energyhub, Inc. (U.S.), Trilliant (U.S.), General Electric Company (U.S.), Panasonic Corporation (Japan), Alarm.com (U.S.), Ecofactor (U.S.), Comcast Cable (U.S.), Ecobee (Canada) among others.
The global smart home energy management device market is segmented by components and communication technology. Based on the communication technology, the market is segmented into ZigBee, Z-Wave, home plug, Wi-Fi among others. The components segment is bifurcated into hardware, software, and services. The hardware segment is further sub-segmented into sensors, power management devices, smart meter, display units, smart controllers & others. By the service segment, the market is bifurcated into managed service and professional service.
The global smart home energy management device market is studied for Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America region accounts for the largest share of the market. North American region accounts for largest market share in smart home energy management device market owing to the presence of major players and developing more efficient, convenient, and economic HEM products and solutions. Asia Pacific region is expected to show highest growth opportunities in the market owing to increasing purchasing power of people, emerging economies from developing region.
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- HEMS software and service providers
- The product/ system integrators
- Original equipment manufacturers
- Energy conservation related associations, organizations, forums, and alliances
- Government and Residential sector
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