Home Energy Management Systems Market 2022-2027: Global Size, Growth, Key Players and Industry Trends – EIN News

The rising rates of electricity are primarily driving the home energy management systems market.

SHERIDAN, WY, USA, July 19, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “Home Energy Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global home energy management systems market reached a value of US$ 2.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6 Billion by 2027, exhibiting a CAGR of 16.5% during 2022-2027.

Home energy management systems (HEMS) represent the smart electronic devices that are used for managing the consumption of energy across the domestic sector. The hardware part of the system usually includes a hub that is operated virtually through a wireless device. It can also be connected to other smart devices at home. The software part of the HEMS allows individuals to track and customize their usage. It can be accessed via apps and web portals. Home energy management systems create optimal schedules by taking numerous factors, such as load profiles, environmental concerns, consumer comfort, etc., into consideration. Some of the basic functions of the equipment include efficient use of solar energy and management of backup with the aid of battery storage.

COVID-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Home Energy Management Systems Market Trends:

The rising rates of electricity are primarily driving the home energy management systems market. Additionally, the growing consumer awareness towards the sustainable utilization of energy is further propelling the demand for energy-efficient appliances. Besides this, the altering climatic conditions across several countries is augmenting the adoption of heating, ventilating, and air conditioning (HVAC) systems, which is acting as another significant growth-inducing factor. Moreover, the inflating per capita income levels of individuals and the increasing number of smart homes are positively influencing the global market. Apart from this, the introduction of the Internet of Things (IoT) and big data-based solutions is projected to fuel the home energy management systems market in the coming years.

Global Home Energy Management Systems Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the home energy management systems market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Honeywell International, Inc.
• Nest Labs, Inc.
• Vivint, Inc.
• General Electric Company
• Ecobee, Inc.
• Com
• Comcast Cable (Xfinity)
• Panasonic Corporation
• Ecofactor, Inc.
• Energyhub, Inc.

Key Market Segmentation:

The report has segmented the global home energy management systems market on the basis of product type, Communication Technology, Software & Service and region.

Breakup by Product Type:

• Lighting Controls
• Self-Monitoring Systems and Services
• Programmable Communicating Thermostats
• Advanced Central Controllers
• Intelligent HVAC Controllers

Breakup by Communication Technology:

• Z-Wave
• Zigbee
• Wi-Fi
• Others

Breakup by Software & Service:

• Behavioral
• Proactive

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Elena Anderson
IMARC Services Private Limited
+1 6317911145
email us here

Original Source: https://www.einnews.com/pr_news/581999928/home-energy-management-systems-market-2022-2027-global-size-growth-key-players-and-industry-trends