Global revenue attributed to home energy management devices is expected to grow from almost $2.3 billion in 2016 to $7.8 billion in 2025, according to a new report from Navigant Research.
A new report from Navigant Research examines the global home energy management market, with a focus on home energy reports, digital tools, standalone home energy management, and networked home energy management, providing forecasts of device shipments, users, reports sent, and revenue, broken out by segment and world region, through 2025.
Home energy management is a broad market segment covering technologies and services that consumers use to better manage and control their home energy consumption. The concept has shifted in the last few years, and hardware and software vendors and non-energy service providers are seizing market momentum, making energy management a natural progression of their business.
“Non-traditional players have a claim on the home energy management market with their existing in-home offerings, and are driving a shift in the market from holistic home energy management to energy management as a component of the connected home,” says Paige Leuschner, research analyst with Navigant Research. “Relatively flat electricity prices and the ability to offer HEM without smart metering has caused utilities to take a passive role in this market in place of non-energy service providers.”
In terms of technology, several trends are further shaping the market. According to the report, in-home displays are losing traction while standalone home energy management is triumphing over networked home energy management. Regionally, the market is gaining speed in Europe and Asia Pacific after having been largely focused in North America.