A home energy management system facilitates a user in order to manage the energy consumption in a house. The upcoming industry provides solutions to various home owners which efficiently optimizes their energy requirements and consequently enhances performance.
The technology provides numerous benefits to user such as reduced energy spending, security from theft and improved performance of equipment. The solutions are gaining popularity among users in order to protect their electronic assets. The research elaborates the competitive strategies for businesses with detailed market dynamics.
The market is driven by increasing demand of energy management solutions and rising differences in energy distribution prices across world. The market faces limitations due to high cost of installation and lack of awareness. The growth opportunities of the market are due to increasing awareness and government regulations.
Home Energy Management Market by Type
According to integration types, market is classified into segments such as control devices, user interfaces and enabling technologies. Control device segment is dominating the market due to functionalities such as home lighting, automation systems, etc. However, in future, enabling technologies are expected to grow rapidly due to increasing use of technologies such as sensing, energy management, etc.
Home Energy Management Market by Technology
According to technologies, market is categorized into technology types such as Wi-Fi, Zigbee, Z-Wave, homeplug and others. Wi-fi technology is currently leading the market, which is expected to be surpassed by Zigbee in future. Zigbee is becoming more popular due to higher scalability and interface support.
Home Energy Management Market by Geography
Geographically, market is segmented into regions such as North America, Europe, Asia-Pacific, Middle East & Africa and Rest of the World (RoW). North American region is leading the market due to increased deployment of services such as wi-fi and home area network. European region is expected to drive the growth in future due to rapidly increasing roll-out of smart meters.
To penetrate into the home automation market, companies are adopting strategies such as product innovations. For example, AlertMe has lauched cloud based water heating solution. The market is fragmented into numerous players such as Panasonic Corporation, Honeywell International, Inc., Intel Corporation, Sharp Corporation, AlertMe.com Ltd., General Electricals, Vivint Inc., Freescales Semiconductors, Inc. Schneider Electric SA and Cisco Systems, Inc.
High Level Analysis
The bargaining power of customers is expected to increase due to entry of multiple companies in the market. Whereas, the bargaining power of suppliers is expected to remain moderate due to easier availability of necessary equipment. Degree of intersegment rivalry is expected rise higher as numerous players are present in the market and many other players are expected to step in. Threat of substitutes is low/moderate due to unavailability of feasible substitutes.
The global home energy management market is classified according to technology, type and geographies.
Market by Type
Market by Technology
Market by Geography