Home Energy Management Systems Market (Functionalities - Control Devices, User Interface, and Enabling Technologies; and Technologies - Wi-Fi, ZigBee, HomePlug, Z-Wave, Insteon, Wavenis, Enocean, and Ethernet) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 07/05/2017 -- Global Home Energy Management Systems Market: Snapshot
Home energy management systems, or HEMS, are enabling devices for home owners that act as intermediary platforms for a user to manage and monitor their overall consumption of energy on a regular basis. HEMS are therefore useful when it comes to conserving energy and minimizing energy losses over an average day. The global home energy management systems market is currently developing at a very swift pace in order to meet with the growing energy crunch faced by the world. The depleting stockpiles of fossil fuels are making it more and more important for all sectors to buckle up and start taking serious efforts to conserve energy.
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The global home energy management systems market is expected to expand at a phenomenal CAGR of 25.0% within a forecast period from 2013 to 2019. The market is expected to reach US$1.90 bn by the end of 2019, and was calculated at US$393.8 mn at the end of 2012.
North America Dominates HEMS Implementation Rate
The global home energy management systems market can be segmented on the basis of regions, into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The market has consistently seen a higher demand for solutions and technologies from developed economies, thanks to their advanced infrastructure in the residential sector, coupled with a higher level of awareness regarding energy conservation, a higher overall energy consumption factors, and the presence of leading players in the market from an earlier span of time.
North America was the leading region in the global home energy management systems market for 2012, primarily due to the large scale implementation of wireless technologies. These include the newer ZigBee, as well as conventional Wi-Fi and home area network technologies. In Europe, the HEMS market is expected to expand at the leading rate from a global perspective. Several key nations are planning to fully implement smart meters before the end of 2019 and governments are especially eased up on the regulatory framework dealing with the entrance of newer players into this market.
ZigBee Expected to Surge in Demand
From the perspective of technologies, the global home energy management systems market can be segmented into the more prominent segments of Wi-Fi, ZigBee, HomePlug, and Z-Wave, along with a number of other minority shareholders. Over the coming years, ZigBee is expected to show the leading rate of growth in terms of technological advancements and rate of implementation. Over the coming years, ZigBee is expected to surpass Wi-Fi networking in terms of connectivity for HEMS. ZigBee technologies are better in terms of scalability, are far more tolerant to interference than Wi-Fi technologies, and are easier to make compatible with HAN devices.
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On the basis of functionality, the global home energy management systems market can be segmented into user interface, enabling technologies, and control devices. Currently, control devices are leading the market in terms of usage rate and overall demand. However, enabling technologies are expected to gain a higher growth rate over the coming years due to the advantages they show over the other functional segments.
The leading players in the global home energy management systems market include Panasonic Corporation (Japan), Honeywell International, Inc., (U.S.), General Electric Company (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), and Sharp Corporation (Japan).