Revenue generation within the global residential energy management (REM) solutions market will grow by 12.2% between 2020 and 2029, according to a new study released by Guidehouse Insights.
The revenue is projected to grow from $6.0 billion in 2020 to $16.8 billion in 2029.
The market is driven by growth of smart home devices as well as increased levels of home improvement spending resulting from COVID-19’s shelter in place orders.
New digital and software approaches are changing behavioral demand side management and home energy management solutions, giving way to healthy growth for the worldwide REM market during the next decade.
Data analytics applications in REM solutions are also evolving. For example, improved disaggregation of data on home energy use is creating cost savings for residential customers and improved customer engagement opportunities for utilities.
Although large technology companies have opened other energy data gathering channels via voice assistants such as Amazon’s Alexa and Google Home, a rich startup ecosystem has emerged to engage customers with app-, panel-, and sensor-based REM service interfaces.
Daniel Talero, research analyst with Guidehouse Insights, said: “Several key drivers are advancing the REM market, including the growth of the smart home device market as well as increased levels of home improvement spending resulting from COVID-19’s shelter in place orders.
“Home energy management hardware, such as smart thermostats and smart lighting, are gaining traction among residential customers as REM assets and as elements of the smart home.”
Learn more about the report.