According to the latest report by IMARC Group, titled “Home Energy Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 1.6 Billion in 2018. Home energy management systems (HEMS) is a smart energy device that is used in the management and monitoring of energy consumption in the domestic sector. Consisting of hardware and software, it aids in keeping track of an individual appliance’s electricity consumption pattern and power consumption data. In addition to this, these systems create optimal consumption schedules by taking numerous factors such as load profiles, energy costs, environmental concerns and consumer comfort into consideration. Some of the primary functions of the system include efficient use of solar energy, along with monitoring the usage of electricity and management of backup with the help of battery storage. They can also be accessed through various web portals as well as mobile applications, which has led them to be widely adopted by a majority of the population.
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Global Home Energy Management Systems Market Trends:
Altering climatic conditions across the globe have led to an increase in the adoption rates of heating, ventilating, and air conditioning (HVAC) systems. Consequently, the energy consumption has significantly risen across the residential and commercial sectors. This, along with rising electricity rates on a global level, is bolstering the sales of home energy management systems. Moreover, growing consumer awareness regarding the sustainable usage of energy has boosted the sales of these energy-saving systems across the globe. Inflating per capita income levels, rapid urbanization, a growing number of smart homes, and increasing rate of penetration of high-speed internet are some of the other factors contributing to the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.4 Billion by 2024, growing at a CAGR of around 17% during 2019-2024.
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Market Summary:
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