According to this latest research, The global HEMS market is expected to grow from USD 864.2 Million in 2015 to USD 3.15 Billion by 2022, at a CAGR of 18.36% between 2016 and 2022. The HEMS market is expected to grow substantially because of factors such as increasing real-time energy conservation approach, convenience of cloud computing and data analytics, and increased device interconnectivity.
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"Home Energy Management System Market by Hardware (Control Device, Display/ Communication Device), by Communication Technology (Z-Wave, ZigBee, Wi-Fi) and by Software & Service (Behavioral, Proactive) - Global Forecast to 2022"
Lighting controller, sensor, smart meter, smart plug/strip, thermostat, monitoring system, and communication device are different hardware devices used in Home Energy Management System. The thermostats later evolved to smart thermostats and connected thermostats. These devices are widely used for controlling the heating or cooling of various household appliances such as air conditioners, ovens, and refrigerators among others. Most of the smart home users prefer smart thermostats for controlling the energy consumption. The home owners of cooler regions such as North America and Europe, nowadays widely prefer to have a wireless, automated facility to control the room temperature more than to control the electronic devices. The necessity of controlling home temperature in the users’ absence is more, considering the amount of electricity consumed by heaters and coolers of such regions, than other electronic devices. Smart thermostats solve the purpose of controlling the room temperature, as per the requirement, thereby driving the overall HEMS hardware market.
North America accounted for the largest share of the Home Energy Management System Market in 2015, followed by Europe and Asia-Pacific. The U.S. is expected to dominate the HEMS market in North America.
HEMS demands for the installation of software and service tools. The consumers need to invest in additional tools such as home energy displays, software, sensors, and analytical solutions. The associated cost has a great influence in reducing the importance of energy efficiency solutions. This acts as a restraint in the market growth, resulting in a low rate of implementation of HEMSs. This report describes drivers, restraints, opportunities, and challenges pertaining to the HEMS market. Furthermore, it analyzes the current market scenario and forecasts the market till 2022, including the market segmentation based on hardware, communication technology, software and service and geography.
Some of the major companies included in the report are Honeywell International, Inc. (U.S.), Nest Labs, Inc. (U.S.), Ecobee (Canada), General Electric Company (U.S.), EnergyHub, Inc. (U.S.), Vivint, Inc. (U.S.), Panasonic Corporation (Japan), Alarm.com (U.S.), Ecofactor (U.S.), and Comcast Cable (Xfinity, U.S.).
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