FELTON, Calif., March 8, 2022 — The global smart home energy management market size is expected to reach USD 24.47 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 14.7% from 2021 to 2028. Consumers’ increased interest to achieve efficient energy management by actively measuring and monitoring the real-time uses and controlling remotely will drive the market.
Growing awareness to reduce the carbon footprints and protect the environment by less energy consumption will further fuel the market growth. A connected device in smart homes is an assuring and efficient way of achieving comfort and safety and enhancing the quality of life. Rising demand for these technologically advanced products will fuel the market growth.
Smart Home Energy Management Market Report Highlights
North America held the largest share of over 35.0% in 2020. The growing number of smart homes, the presence of top manufacturing companies, and consumers’ increased inclination toward reducing energy bill spending will propel the regional market growth. By product, smart thermostats captured the largest share of over 45.0% in 2020. Rising demand for smart thermostats among consumers owing to their use for maintaining room temperature as per the regular pattern of the households will propel the segment growth.
Asia Pacific is estimated to register the fastest CAGR of 15.5% from 2021 to 2028. A large working population, increased disposable income, and increased adaptability of smart homes will fuel the market growth. Based on technology, wired devices held the largest share in 2020 as they are efficient, have better speed, and are cost-effective than others. The wireless segment is forecasted to register the fastest CAGR of 15.1% from 2021 to 2028.
Smart Home Energy Management Market Growth & Trends
Consumers’ increased inclination to reduce the home electric utility bills by achieving energy efficiency primarily contributes to the market growth. In addition, growing awareness among the consumers regarding efficient energy management and technological advancements in energy management devices will propel the market growth. In addition, suggesting the energy-saving actions based on room occupancy and weather forecast will further help in reducing energy consumption.
The growing penetration of smart home devices, increase in disposable income, increasing buzz about smart homes among consumers, and growing concerns over energy efficiency are key factors positively influencing the growth of the market. New product establishments by the manufacturing companies will further propel the market growth. For instance, in October 2020, Schneider Electric launched energy management devices for its suite of solar offerings, which is suitable for a single family with up to 26 kW of storage.
The coronavirus pandemic positively affected the market for smart home energy management in 2020. Due to the Covid-19 pandemic, governments imposed countrywide lockdowns to control the rising cases of coronavirus, which resulted in the acceptance of work-from-home culture. A large population started working from home, which increased the demand for electricity in households during the period. Demand for energy management devices has risen during the Covid-19 era as a number of working people stayed at home and the use of electricity increased for purposes, such as maintaining room temperature.
Read synopsis or request for a free sample of market research report, “Smart Home Energy Management Market Size, Share & Trends Analysis Report by Product (Smart Thermostats, Digitally Connected Devices for Energy Saving), By Technology, By Region, And Segment Forecasts, 2021 – 2028”, published by Million Insights.
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