The residential energy management market is expected to grow from an estimated USD 2.2 billion in 2020 to USD 4.1 billion by 2025, at a CAGR of 12.9% during the forecast period. The growth of this market is driven by the need for increasing investments to upgrade the aging grid infrastructure and upcoming smart city projects.
A few major players that have a wide regional presence dominate the residential energy management market. The residential energy management market is dominated by both global and regional players, such as ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), Honeywell International (US) and Siemens (Germany).
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The major strategies adopted by these players include new product launches, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Partnerships & collaborations and new product launches were the two most commonly adopted strategy from January 2017 to December 2020.
ABB is a leading provider of power and automation-related solutions. It operates through four business segments, namely, electrification, industrial automation, motion, and robotics & discrete automation. The electrification business segment modular substation packages, distribution automation products, switchgear, residential energy management systems, measuring and sensing devices, control products, solar power solutions, EV charging infrastructure, wiring accessories, and enclosures and cabling systems, including KNX systems (the recognized global standard for home and building control) and data communication networks. The company has a focus on product launches. For instance, in May 2018, ABB launched the energy and asset management portfolio. The portfolio includes two energy monitoring solutions, the CMS-700 circuit-monitoring system, and the EQmatic energy analyzer. The portfolio simplifies energy management for buildings, enabling savings of up to 30 percent.
Eaton is one of the leading power management equipment manufacturers, which provides energy-efficient solutions to manage electrical, mechanical, and hydraulic power. The company operates through six business segments, namely, Electrical Products, Electrical Systems and Services, Hydraulics, Aerospace, Vehicle, and eMobility. Electrical Products and Electrical Systems & Services business segments offer electrical components, industrial components, residential products, lighting products, wiring devices, structural support systems, circuit protection, fire detection, single-phase power quality, and emergency lighting. The company has a focus on partnership & collaboration. For instance, in June 2020, Eaton entered into a collaboration with Sunverge for providing intelligent and dynamic energy management of in-home appliances. Integrating Eaton’s energy management residential energy management with the Sunverge platform delivered utilities an all-in-one solution for smart home energy management, DER control, and dynamic, flexible load management.
Residential Energy Management Market by Component (Hardware (RTU, Relays, LCS, DR devices, Control Devices, In-house Displays), Software(EMP, Energy Analytics, CEP); Communication Technology (Wired, Wireless); Application; Region - Global forecast to 2025
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