Fast Market Research announces the availability of the new TechNavio report, "Global Home Energy Management Systems Market 2015-2019", on their comprehensive research portal
Boston, MA -- (SBWIRE) -- 08/31/2015 -- A HEMS allows homeowners to monitor and reduce the energy consumption of electrical and electronic devices at home and hence to conserve energy. With HEMS, energy consumption can easily be monitored by using cellphones, tablets, or other communicating devices. It can also help in power management by tracking real-time energy consumption and comparing it with the historical data of many electronic devices. HEMS helps in improving the communication between communications devices and consumer. HEMS includes five products that are used to manage and reduce the consumption of energy of a home: lighting controls, self-monitoring systems and services, programmable communicating thermostats, intelligent HVAC controllers, and advanced central controllers.
Get More Details on this Report and a Full Table of Contents at Global Home Energy Management Systems Market 2015-2019
Technavio's analysts forecast the global HEMS market to grow at a CAGR of 26.8% over the period 2014-2019.
Commenting on the report, an analyst from Technavio's team said, "One major trend in this market is rise in distributed generation. The use of distributed renewable power generation is helping households worldwide implement HEMS which will cause the demand for HEMS to increase during the forecast period. Surplus electricity generated from solar panels can be stored in batteries and can be sent back to the grids by the consumers through the HEMS. "
According to the report, one key driver of this market is need for energy conservation. Energy management is considered to be one of most effective methods to reduce the energy usage in the residential sector. There are various processes involved in HEM, including recording, normalizing, analyzing, targeting, monitoring, reporting, and controlling.
Further, the report states that one of the major challenges is the high initial costs. Installing HEMS is highly expensive as it involves the use of many components such as sensors, displays, and software, which are interconnected to save energy consumption.
The key players in the Global Home Energy Management Systems Market are Cisco Systems, GE Energy Management, Honeywell International, Panasonic, Schneider Electric while other prominent vendors include Allure Energy, C3 Energy, Hitachi, Invensys Controls, Toshiba.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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