HEMS Market Value at $3.15 Billion By 2022
MarketsandMarkets recently published a new report which shows that the global home energy management system or HEMS market is expected to have an increase from $864.2 million in 2015 to $3.15 billion in 2022, with a compound annual growth rate (CAGR) of 18.36 percent between 2016 and 2022.
The HEMS market is forecasted to increase considerably due to several factors such as the ability to give a real-time energy conservation, an increased device interconnectivity, and the convenience of cloud computing and data analytics.
The software and services market is anticipated to grow at the highest rate within the forecast period. The HEMS software and service industry has been dealing with enormous competition in developing technically advanced and user-friendly software solutions and also providing real-time services to its clients as an outcome of the emerging awareness of the importance of reducing energy consumption within the household. Government bodies of many countries are also creating environmental regulations that are accelerating the rate of HEMS installations.
Control devices have the largest percentage of the HEMS hardware market last year and it is dominated by devices such as smart meters, thermostats, sensors, lighting controllers, and smart plugs and strips. The majority of the smart home users are in favor of smart thermostats for managing energy consumption. Lighting controllers and smart plugs are some of the HEMS control products that are forecasted to account for substantial market growth. These devices are the major factors in boosting the hardware market and prompting overall market boost.
North America has the largest market share last year followed by Europe and Asia-Pacific. Market leaders who boost their offerings by creating more convenient, economic, and efficient HEMS products and solutions and broadening their distribution market dominate the HEMS market in North America. On the other hand, the Asia-Pacific region has the highest growth rate in the HEMS market because of the implementation of HEMS in countries like Australia, Japan, China, and the rest of the countries in the said region. It is anticipated to have the major share of the HEMS market by 2022.
The intended audience for this report includes HEMS providers who want to know more about HEMS and latest technological developments in this certain market, HEMS software and service providers, HEMS chips and hardware device providers, HEMS technology providers, government and residential sectors, distributors and traders, forums, alliances, associations, venture capitalists, startup companies, private equity firms, research organizations, and manufacturing companies.