A report on the Global Residential Energy Management Market was added by Kenneth Research which covers the market size and growth over the forecast period 2022-2031. The market study involves analysis of the product demand and market on the basis of various factors and through a number of analytical tools. It is anticipated to grow at a significant CAGR during the forecast period. This can be attributed to the growth in the energy and power industry at a global scale.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Residential Energy Management Market products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Global Residential Energy Management Market is valued approximately at USD 9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 40% over the forecast period 2020-2026. Residential Energy Management is an integrated system or any device that is accomplished of managing the energy consuming devices at residential places. REM helps to identify the energy saving prospects and evolve the best ways for managing the utilization of energy resources. It manages the energy consumption of all the appliances that are utilized in the resident and also manages the energy intake. It calculates the energy consumed by the individual appliances, home cooling, and lighting system in order to accomplish maximum savings. Increasing demand for effective energy management coupled with an increasing number of smart homes is key factors accelerating the market growth. As per the European Union, between 2014 and 2019, the number of households adopted smart home systems result in about 38.2 million smart homes by 2019. Furthermore, according to Statista, Smart home penetration in 2018 was around 5.7% that is expected to reach 18.1% by 2023 across the globe. Furthermore, integration of all the user interface appliances over smartphones is likely to create significant growth opportunity in the market over the forecast period. However, high initial cost impedes the growth of the market over the forecast period of 2020-2026.
The regional analysis of the global Residential Energy Management market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to stringent government policies, economic incentives along high penetration of cloud technology in the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2026. Factors such as the adoption of the smart meters technology and smart grid technology to consume the energy economically would create lucrative growth prospects for the Residential Energy Management market across the Asia-Pacific region.
Major market players included in this report are:
Elster Group Gmbh
General Electric Company
Schneider Electric SE
Silver Spring Networks, Inc.
Aclara Technologies LLC
Tendril Networks, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Energy Management Platform (EMP)
Customer Engagement Platform (CEP)
By User Interface Application:
By Communication Technology:
Load Control Switches (LCS)
Demand Response (DR) Devices
Heating, Ventilating, and Air-Conditioning (HVAC) Control Devices
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
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Target Audience of the Global Residential Energy Management Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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