The global home energy management systems market was valued at $1,875.7 million in 2017 and is projected to reach $6,521.6 million by 2025, growing at a CAGR of 17.0% from 2018 to 2025. The software segment is anticipated to grow at the highest rate during the forecast period.
Home energy management system (HEMS) is a combination of hardware and software systems that can track and provide necessary feedback about energy usage in a house. In addition, these systems provide different control systems, which help users to adjust to energy usage settings.
Factors such as rise in energy cost and technological innovations in sensors, displays, and other electronic products drive the global home energy management systems market during the forecast period. Furthermore, increase in adoption of home energy management system services from developing economies of Asia-Pacific such as Japan and China, also contribute to the growth of the home energy management systems industry. However, high installation costs and compatibility issues with various devices hinder the growth of the market.
The report offers a detailed segmentation of the global home energy management systems market based on offering, service, component, market vertical, and region. Based on offering, the market is bifurcated into component and service. In 2017, the service segment dominated the global market in terms of revenue and is expected to maintain this trend during the forecast period. Based on service, the market is classified into monitoring & control, implementation & integration, maintenance, and consulting & training.
The component segment is divided into sensor, controller, software, and others. Depending on market vertical, the market is broadly segmented into power & energy, telecom & IT, manufacturing, enterprise, healthcare, and others segment. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
An overview for each key player is provided to help stakeholders gain an understanding of the competition prevailing in the industry. The financial segments of each player, as well as their recent developments, are also discussed in the study. The key market players studied in the report include Honeywell International Inc., Nest Labs, Sharp Corporation, General Electric Company, Panasonic Corporation, Schneider electric, Johnson control, Siemens AG, Intel Corporation and Cisco Systems Inc.