LONDON--(BUSINESS WIRE)--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.
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.
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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.
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