LONDON--(BUSINESS WIRE)--The new home energy management systems market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growing adoption of smart grid technologies,” says a senior analyst for the industrials industry at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their position in the slow-growing segments. As the markets recover, Technavio expects the home energy management systems market size to grow by USD 1.23 billion during the period 2021-2025.
Home Energy Management Systems Market Segment Highlights for 2020
- The home energy management systems market is expected to post a year-over-year growth rate of 5.27%.
- Based on the product, the lighting controls segment led the market in 2019. The market is driven by the availability of a wide range of smart home products.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 34% of the growth will originate from the North America region.
- The market growth in North America is driven by the increasing awareness about energy monitoring system.
- The US is a key market for home energy management systems in North America. Market growth in this region will be slower than the growth of the market in Europe, APAC, and MEA.
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Notes:
- The home energy management systems market size is expected to accelerate at a CAGR of almost 8% during the forecast period.
- The home energy management systems market is segmented by product (Lighting controls, Programmable thermostats, Self-monitoring systems, and Advanced central controllers) and geography (North America, Europe, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Alphabet Inc., Cisco Systems Inc., Emerson Electric Co., Honeywell International Inc., Johnson Controls International Plc, Lennox International Inc., Panasonic Corp., Robert Bosch GmbH, Schneider Electric SE, and Siemens AG
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