Non-utility companies in the US such as telecom providers are eyeing the potential of home energy management systems (HEM), according to a recent report by US market research company Navigant.
Companies like Comcast, ADT, Verizon, and AT&T have added energy management as an option that can be bundled with home security, automation, or internet access.
Neil Strother, senior research analyst with Navigant Research, said: “The uptake of home energy management by consumers is still relatively low, but these service providers are seeding a market that has reasonable potential over the next several years.”
Up until 2012, HEM systems in the US were struggling to gain a foothold, says the research. The entrance of non-utility stakeholders into the segment has increased awareness of new tools and is helping to drive steady growth.
The HEM sector was valued at US$512 million in 2013 and is set to grow to US$2.8 billion by 2020.
The acquisition of smart thermostat maker Nest Labs by Google, for a reported $3.2 billion, is seen by many industry observers as a potential watershed moment for the overall HEM market.
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