Navigant Research forecasts revenue generation for global home energy management to jump from $4.4 billion in 2019 to more than $12 billion in 2028.
Key market drivers include consumer demand, accessible hardware and environmental concerns.
Technology companies are coming up with home energy management technologies and approaches, a development accelerating adoption and market growth.
For instance, despite advanced metering infrastructure reaching maturity, other technologies such as smart thermostats and smart plugs are being introduced and taking greater importance.
Neil Strother, a principal research analyst with Navigant Research, said: “There have been major advances in how data can be used for HEM solutions. With improved data analytics tools, more utilities and vendors are leveraging those to support residential customers seeking deeper insights into how they might use energy more efficiently.
“Additionally, new channels to engage with customers on HEM topics have emerged, such as via voice assistants like Amazon Alexa or Google Home.”
North America is expected to generate $4.6 billion whilst Europe will account for $3.6 billion of the total market value by 2028.
On the other hand, factors including the lack of standardization and the high costs associated with home energy management technologies are expected to hinder the market growth.
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