Residential Energy Management Market Review 2018-2023 and Forecast to 2028, Featuring ABB, Eaton Corporation, Schneider Electric, Honeywell International, Siemens, and More
Dublin, April 19, 2024 (GLOBE NEWSWIRE) -- The "Residential Energy Management Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to * ResearchAndMarkets.com's* offering.
Global Residential Energy Management Market has valued at USD 2.08 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 12.19% through 2028.
The Residential Energy Management market refers to a rapidly evolving sector within the energy industry that focuses on empowering homeowners with the tools and technologies to effectively monitor, control, and optimize their energy consumption in residential settings. This market encompasses a wide range of products, systems, and services designed to enhance energy efficiency, reduce energy costs, and contribute to environmental sustainability within households. At its core, the Residential Energy Management market revolves around the integration of smart devices, sensors, software, and automation solutions within homes. These components enable homeowners to gain real-time insights into their energy usage patterns, identify areas of energy wastage, and implement strategies to reduce consumption. Key offerings within this market include smart thermostats, energy monitoring systems, home automation hubs, and renewable energy technologies like solar panels and energy storage systems.
The market is driven by various factors, including a growing awareness of environmental concerns, rising energy costs, technological advancements, government policies promoting energy efficiency, and the increasing trend of home automation. It serves as a crucial platform for homeowners to actively participate in energy conservation efforts, reduce their carbon footprint, and enjoy cost savings through improved energy management practices. As the world's focus on sustainability intensifies, the Residential Energy Management market is poised for continued growth, offering innovative solutions to address the evolving energy needs of residential consumers.
*Key Market Drivers*
· Growing Environmental Awareness and Sustainability Initiatives
· Increasing Energy Costs
· Technological Advancements
· Energy Efficiency Regulations
· Increased Focus on Home Automation
· Energy Grid Modernization
· Government Policies are Likely to Propel the Market
· Energy Efficiency Standards and Mandates
· Financial Incentives and Rebates
· Net Metering and Feed-in Tariffs
· Demand Response Programs
· Building Codes and Energy Performance Certifications
· Research and Development Funding
*Key Market Challenges*
· High Initial Costs and Return on Investment
· Interoperability and Compatibility Issues
*Report Scope*
In this report, the Global Residential Energy Management Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
*By Offering:*
· Hardware
· Software
· Services
*By Product Type:*
· Lighting Controls
· Self-Monitoring Systems and Services
· Programmable Communicating Thermostats
· Advanced Central Controllers
· Intelligent HVAC Controllers
*By Technology:*
· Z-Wave
· ZigBee
· Wi-Fi
· Ethernet
· Others
*Key Attributes*
*Report Attribute* *Details*
No. of Pages 190
Forecast Period 2022-2028
Estimated Market Value (USD) in 2022 $2.08 billion
Forecasted Market Value (USD) by 2028 $4.18 Billion
Compound Annual Growth Rate 12.1%
Regions Covered Global
*A selection of companies mentioned in this report includes, but is not limited to:*
· ABB Ltd
· Eaton Corporation plc
· Schneider Electric SE
· Honeywell International Inc
· Siemens AG
· General Electric Company
· Emerson Electric Co.
· Itron Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2n2j0m
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*Attachment*
· Global Residential Energy Management Market
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