The report "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", 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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The market for software and services is expected to grow at the highest rate during the forecast period
The HEMS software and service industry has been facing tremendous competition in developing technically advanced, user-friendly software solutions and is also providing best and real-time services to its customers as a result of the emerging awareness of the importance of reducing the energy consumption within the household. Also the government bodies of most of the countries, developed and developing are forming environmental regulations to accelerate the rate of HEMS installations.
The control devices held the largest share of the HEMS hardware market in 2015
The control device market is dominated by trending HEMS devices such as thermostat, sensor, smart meter, smart plug/ strip, and lighting controller among others. Most of the smart home users prefer smart thermostats for controlling the energy consumption. Smart plugs and lighting controllers are another major HEM control products which are expected to account for a substantial market growth. These devices are driving the overall HEMS hardware market and in turn spurring the market growth.
Asia-Pacific is expected to hold the major share of the HEMS market by 2022
North America held the largest market in 2015, followed by Europe and Asia-Pacific. The HEMS market in North America is dominated by market leaders that are boosting their HEMS offerings by developing more efficient, convenient, and economic HEM products and solutions as well as broadening their distribution. The implementation of HEMS in the Asia-Pacific countries such as of China, Japan, Australia, and the Rest of APAC (RoAPAC) is increasing at a substantial rate, thereby making Asia-Pacific the region with the highest growth rate in the HEMS market.
The major companies in the global HEMS market that have been included in this 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.).
The report describes market dynamics that include the key drivers, restraints, challenges, and opportunities with respect to the HEMS market and forecasts the market till 2022. This global report provides a detailed view of the market across hardware, communication technology, software and service, and region.
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