Smart Home Energy Management Segment To Grow By 30% In 2021 – $8B Revenue Globally – Scoop.co.nz

Smart Homes are becoming more common with millions of
households around the world now utilising some form of smart
technology. One of the more popular segments within the
Smart Home industry is the energy management segment.
According to data presented by TradingPlatforms.com,
the energy management segment of the smart home industry is
projected to experience a 29.9% growth in global revenue
amounting to $8.01B in 2021.

Energy Management To
Generate $8B Revenue in 2021; US Has Largest Share –
$2.6B

More recently, the real value of smart
technology has become more and more apparent, particularly
in the energy management segment. The segment includes sales
of products and services for the control and reduction of
energy consumption as well as connected sensors. Notably,
smart plugs and bulbs are not included within the
segment.

In 2021 revenue from the energy management
segment is projected to reach $8.01B – a 29.9% YoY
increase. From 2021-2025 the energy management segment is
projected to grow at a compound annual growth rate (CAGR) of
15.23%, reaching $14.12B by the end of the forecast
period.

The US and China lead the world in generating
revenue from the smart home energy management segment. The
US is projected to generate the most in the world with
$2.57B in 2021 while China was the only other country to
generate more than $1B in revenue for an estimated total of
$1.12B.

Number of Active Households To Reach 100M In
2022

The number of active households in the energy
management segment is projected to amount to 89.1M in 2021
and cross the 100M mark sometime in 2022. From 2021-2025,
the number of active households in the energy management
segment is projected to experience a 31.19% CAGR, reaching
263.9M by the end of the forecast period.

The
penetration rate for the energy management segment of the
smart home industry is projected to reach 4.2% in 2021. This
rate is expected to cross the 10% benchmark sometime in 2025
when it is projected to reach up to 11.6%. In 2021, the
Netherlands had the highest penetration rate globally at
15.2% while the UK had the second highest at
14.5%.

Smart Thermostats Most Popular
Product

Smart thermostats were the most popular form
of energy management in the smart home industry, registering
a 1.8% penetration rate globally. In the leading smart home
market that is the US, smart thermostats have a deeper
penetration rate and is projected to reach 8.9% in 2021 and
breach the 10% mark some time in 2022.

Radiator
Controllers and AC controls are the two next most popular
forms of smart home energy management technology also
breaching the 1% mark at 1.4% and 1.1%
respectively.

Rex Pascual, editor at TradingPlatforms.com,
commented:

“Smart technology used to be a party
trick used to impress houseguests with the latest craze in
voice activation technology. More recently, the real value
of smart technology for our homes is slowly being realized
with many aimed at making the home more energy-efficient.
Still, the industry is in its infancy as the low global
penetration rates are quick to show, providing ample growth
opportunities for the energy management segment in the
coming years.”

You can read more about the
story with more statistics and information at: https://tradingplatforms.com/blog/2021/07/27/smart-home-energy-management-segment-to-grow-by-30-in-2021-8b-revenue-globally/

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Original Source: https://www.scoop.co.nz/stories/BU2107/S00449/smart-home-energy-management-segment-to-grow-by-30-in-2021-8b-revenue-globally.htm