Residential Energy Management Market Scope
The global Residential Energy Management market is expected to witness high demand in the forecasted period due to increasing applications such as lighting controls, HVAC controllers, programmable thermostats and self-monitoring systems. A residential energy management system is a technology platform consisting of both hardware and software that enables users to track energy use and output and manually control and/or automate energy use within a household. This is very beneficial as they manage the power utilization which can automatically decrease the utility bill.
The market study is being classified, by Application (Smart Appliances, Smart Meters, Smart Thermostat and In-House Displays) and major geographies with country level break-up.
The global residential energy management market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The factors that are acting favorable for this growth are the stringent government policies and economic incentives. In order to expand their global presence, the manufacturers are seeking residential energy management solutions. Europe is adopting smart meter technology and China is adopting smart grid technology to consume energy economically. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Residential Energy Management market throughout the predicted period.
Schneider Electric SE (France), General Electric Company (United States), Comverge, Inc. (United States), Opower Inc. (United States), Elster Group(United States), EcoFactor, Inc. (United States), Itron Incorporation (United States), AlertMe.com Ltd (United States) and Landis+Gyr AG (Switzerland) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Carrier Corporation (United States).
AdvanceMarketAnalytics has segmented the market of Global Residential Energy Management market by Type, Application and Region.
On the basis of geography, the market of Residential Energy Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
On 14th October 2019, C3 IoT, Inc. and ENGIE announced the launch of smart institutions which is an AI-powered holistic Energy-as-a-Service software solution that is specially designed for large institutions. Through Smart Institutions, organizations can control their buildings and energy resources proactively and automatically to improve efficiency and reduce energy costs. This launch will help the company to provide better solutions and services to its customer
- Advanced Metering Infrastructure (AMI) Rollout
- Rising Demand for Smart Homes
- The Increasing Inclination towards Efficient Energy Management
- High Demand due to Requirements of Improvise Utility Sector Efficiency
- Growing Interest of Smart Appliances Manufacturers’ in REM Market
- Integration of All the User Interface Appliances Over Smart Phones
- High Installation Cost Associated with Residential Energy Management
- Lack of Support From Network Service Providers
Key Target AudienceResidential Energy Management Service Providers, Government Regulatory Bodies, Private Research Organizations, Government Research Organizations and Others
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