New York, Jan. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Home Energy Management Market By Product Type, By Technology, By Offering, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06222248/?utm_source=GNW
Thus, consumers will be able to optimize their renewable energy use. The HEMS and environmental sensors will provide data to the servers. The cost of energy can then be regulated by combining renewable and fossil fuel energy sources. Different servers and types of EMS will be networked as the use of smart grid grows. Power system operations will be further optimized as they are able to work together. This kind of interconnection is known as a smart network.
Factors such as rapidly pervasive urbanization in developing countries, increased supply of connected devices through IoT, and increasing demand for power conservation solutions can expedite the growth of global home energy management devices in the forecasting period.
The global home energy management system market went under a significant loss during the COVID-19 pandemic. Due to the government guidelines of closing of all the industries across the world to prevent COVID spread, production of all home energy management systems was stagnated. Along with this, the disruption in the supply-chain activities of electronic products and other required materials become another major reason for the halted production of home energy management systems. Moreover, there are various factors that indirectly impacted the home energy management system market such as reduced capital budgets and postponed projects. However, economies across the globe are slowly recovering from the COVID-19 impact and may witness a rise in the demand for home energy management devices again. But, the fact that the pandemic slammed the home energy devices market across the world cannot be reversed.
Market Growth Factors
Ever-increasing power consumption in the residential sector
The power consumption in the residential sector which includes power used for lighting, heating, cooling, water heating, and consumer products, is constantly increasing. In addition, the power consumption of the residential sector is at its peak especially in developed countries. With the emergence of new consumer convenience technologies that require a huge amount of power, the need for an energy-efficient and cost-effective solution is also rising.
Energy conservation initiatives
The continuously increasing initiatives being conducted by the government and Non-government organizations in numerous countries with the purpose to conserve power and restricting the wastage of energy are crucial factors in spreading awareness for saving and better managing energy. Due to the rising awareness of energy conservation, people around the world are more attentive toward leveraging the methods to save energy.
Market Restraining Factors
Interoperability of home energy management systems
The issue of interoperability gets more serious due to the need of establishing a connection between traditional building equipment such as electric meters, roof-top chillers, and lighting control panels with advanced over the top instruments like sensors and switches in the electric power system to drive up the synchrony of energy flow and concurrent information and analysis flow. Setting up interoperability between smart homes and today’s EMS is a challenging task. Moreover, the interoperability of traditional home systems and advanced home energy management systems hampers the smooth functioning of different devices.
Product Type Outlook
Based on Product Type, the market is segmented into Lighting Controls, Programmable Communicating Thermostats, Advanced Central Controllers, Intelligent HVAC Controllers, and Self-Monitoring Systems and Services. The programmable communicating thermostats are easy-to-interact devices that can be operated wirelessly through the connected device. The programmable communicating thermostats connect with the utility through a meter over a wide-area network.
Based on Technology, the market is segmented into Ethernet, Z-Wave, ZigBee, Wi-Fi, and Other technologies. ZigBee is a wireless, cost-effective, and low-power mesh networking standard which is highly used to monitor the consumption of the energy in the premises. The cost-saving feature of this technology allows the user to use technology in wireless monitoring and control application without disruptions.
Based on Offering, the market is segmented into Software, Services, and Hardware. The software segment of the system is the major component that enables the user to monitor and control the home energy consumption and devices. It can be operated through apps and dedicated web portals. The key offerings of this segment are managing, monitoring, backup, and solar power.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would exhibit a significant growth rate in the market throughout the forecast period. The ongoing technological developments in the region can be responsible for the rise in the demand of the home energy management solutions.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google, Inc. the major forerunners in the Home Energy Management Market. Companies such as Schneider electric S.E., Generac Holdings, Inc., Alarm.com Holdings, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Schneider Electric SE, General Electric (GE) Co., Intel Corporation, Honeywell International, Inc., Panasonic Corporation, Google LLC, Comcast Corporation, Vivint Smart Home, Inc., Alarm.com Holdings, Inc., and Generac Holdings, Inc.
Recent Strategies Deployed in Home Energy Management Market
Partnerships, Collaborations, and Agreements:
Jul-2021: Vivint partnered with Freedom Forever, a residential solar installation company, following this partnership, the companies would launch a portfolio of integrated Smart Energy. Through this partnership, the customers of Freedom Forever would have a Vivint smart home system perfectly installed as the first step in the solar installation process, and they have an opportunity of adding clean energy production. In addition, the company would also focus on enhancing its relations with homeowners by integrating solar in its portfolio.
May-2021: Ecobee, a subsidiary of Generac Holdings came into a partnership with Alarm.com, a developer of Security and Smart Home Solutions. The partnership aimed to allow Alarm.com’s customers to integrate Ecobee thermostats into the smart home and security solutions of Alarm.com. In addition, the integration would allow the customers to control Ecobee thermostats through Alarm.com’s platform. The new solution would be focused on reducing costs, and helping develop a sustainable world.
Mar-2021: Schneider Electric partnered with Workbench Energy, an artificial intelligence, machine learning, software, and consulting services provider. Through this partnership, the companies aimed to bring Energy Management Solutions to large-scale electrical users in Ontario. Together, the companies give abilities to the customers to manage and monitor the energy consumption during the peak time and significantly decrease their exposure to Ontario’s Global Adjustment (GA). In addition, this partnership would allow gathering data from connected devices and assists customers in making well-informed decisions regarding their energy patterns and behaviors.
Mar-2021: Ecobee, a subsidiary of Generac Holding partnered with Parity, a developer of core blockchain infrastructure. Under this partnership, the companies would combine Ecobee’s smart thermostats into Parity’s software allowing it to connect with the HVAC system of the building to increase energy efficiency. Moreover, the integration would enable the solution to monitor and optimize the operating system of the building to conserve energy as well as save cost.
Oct-2020: Schneider formed a technological and commercial partnership with SolarEdge, a provider of power optimizer, solar inverter, and monitoring systems for photovoltaic arrays, based in Israel. Through the partnership, the company aimed to expedite the residential solar market with a smart Home energy solution to offer impeccable energy management to homeowners in North America. In addition, the companies would fulfill the demands of their customers along with focusing on the sustainable and all-electric new energy world.
Jun-2020: Panasonic came into a partnership with Span, a developer of a residential energy storage device base in the US. Through this partnership, the companies aimed to introduce a combined energy storage and management portfolio for homeowners to experience enhanced control of their battery backup power with instinctive energy management for the entire home. Under this partnership, the companies would fulfill the demand of their customers for better energy management solutions by providing this integrated solution to both the homeowners as well as the installers. In addition, the smart panel would be available as a complementary to the existing solar system or in a combination for new solar installation.
Acquisitions and Mergers:
Dec-2021: Generac completed the acquisition of ecobee, a leading vendor of sustainable smart home solutions. Through this acquisition, Generac would expand its portfolio of intelligent home energy ecosystems by leveraging the energy management products of ecobee. Through this, the company aimed to assist homeowners to reduce the expenses of their energy consumption and help grid operators to balance demand and supply more affordably.
Sep-2021: Generac took over Tank Utility, a company that streamlines energy delivery for those that rely on truck-delivered propane or oil. Through this acquisition, the companies aimed to integrate Tank Utility’s monitoring and analytics expertise into Generac’s propane-powered backup generators, home energy management, and battery storage portfolio intending to facilitate vendors enhancing their performance as total home energy advisors for homeowners and to keep up with customer’s evolving requirements for off-grid and backup capabilities.
Product Launches and Product Expansions:
Sep-2021: Generac rolled out PWRmanager, a device that enables the customer to utilize their phone or tablet to easily operate circuits in their home. The new product aimed to allow customers to seamlessly experience extended battery runtime over long powercuts by de-energizing non-essential circuits.
Mar-2021: Alarm.com launched the Alarm.com Connected Car system, a plug-in that connects cars with smart homes. Through this, the company would offer customers, a seamless experience of monitoring the status and real-time location of their car through their home automation system. In addition, customers would also be able to operate a few smart home functions through the connected car.
Jan-2021: Schneider Electric launched enhancements in its Wiser smart home ecosystem at CES 2021 that focuses beyond smart to resilient and sustainable homes. Through the addition of sustainable energy products in its existing product offerings, the company aimed to enhance its proficiency, resilience, and sustainability. Moreover, the new enhancements would offer better safety and control while delivering sustainable energy management choices to homeowners.
Mar-2020: Generac unveiled PWRview ATS, the first-ever automatic transfer switch with Home Energy Monitoring Capabilities. The new PWRview ATS provides any home which is integrated with a home standby generator to instantly access robust and cost-effective insights regarding the energy consumption of a home. Moreover, it is an effective solution for energy conservation.
Feb-2020: Honeywell rolled out Honeywell Forge Energy Optimization, a cloud-based, closed-loop, machine learning solution. This new autoThe launch aimed to offer its first autonomous building sustainability solution that monitors and controls power usage of a building intending to regulate energy conservation across the globe. Moreover, the new product would focus on optimizing energy consumption along with meeting the customer’s requirements.
Jan-2020: Schneider rolled out Square D Connected Home Suite in North America. The new product line includes devices and applications to consolidate connected homes, appliances, and energy management into an instinctive digital experience for homeowners. Moreover, the company also showcased a new range of dimmers, switches, plugs, receptacles, and sensors which would be launched in markets across the US, Mexico, and Canada in 2020. The company aimed to fulfill the demands of its customers for digital tools to enhance their daily experiences.
Scope of the Study
Market Segments covered in the Report:
By Product Type
• Lighting Controls
• Programmable Communicating Thermostats
• Advanced Central Controllers
• Intelligent HVAC Controllers
• Self-Monitoring Systems and Services
• Other technologies
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Schneider Electric SE
• General Electric (GE) Co.
• Intel Corporation
• Honeywell International, Inc.
• Panasonic Corporation
• Google LLC
• Comcast Corporation
• Vivint Smart Home, Inc.
• Alarm.com Holdings, Inc.
• Generac Holdings, Inc.
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