Albany, NY -- (SBWIRE) -- 10/16/2017 -- The featured report from Transparency Market Research (TMR), titled "Home Energy Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", offers key insights on the market. According to this report, the global home energy management systems (HEMS) market will expand at a remarkable CAGR of 25.0% during the forecast period from 2013 to 2019. In 2012, the global home energy management systems market was worth US$393.8 million and by 2019, the market is projected to be worth US$1,909.4 million.
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The report evaluates the world energy market scenario. The report discusses how rising electricity prices worldwide have prompted homeowners to seek alternative means of monitoring and controlling their electricity use. The rising need for saving energy and controlled utilization of energy is expected to drive the demand for home energy management systems (HEMS) in the foreseeable future.
Moreover, the variable pricing schemes offered for electric distribution in various regions are also fueling the global HEMS market. In addition to this, the rising connectivity and accelerating smartphone applications will drive the global home energy management systems market.
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By functionality, the global home energy management systems (HEMS) market is divided into control devices, enabling technologies, and user interface. Even though control devices such as home lighting and automation and thermostats are dominating the market, enabling technologies are projected to witness the fastest growth in the foreseeable future.
Technology-wise, the global home energy management systems (HEMS) market is segmented into Wi-Fi, Z-Wave, HomePlug, ZigBee, and others such as Wavenis, Insteon, Ethernet, and EnOcean. ZigBee is projected to grow at the highest CAGR, surpassing Wi-Fi as the major technology during the forecasting horizon. This is due to the growing demand of ZigBee in key markets such as North America and Europe. ZigBee is more scalable, compatible with HAN devices, and interference-tolerant as compared to Wi-Fi.
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On the basis of geography, the global home energy management systems (HEMS) market is segmented into Asia Pacific, Europe, North America, and Rest of the World (Latin America, the Middle East and Africa). In 2012, North America led the global home energy management systems market due to large scale deployment of wireless technologies such as ZigBee, Wi-Fi, and HAN (home area network). In 2012, the European home energy management systems market was estimated at US$155.7 million. The European HEMS market is projected to grow with the highest CAGR of 26.2% during the forecasting horizon.
Players in the global home energy management systems (HEMS) market will benefit from the rising integration of HEMS with smart devices, high demand for HEMS in emerging economies, and exemption from energy and carbon tax policies. The majority of the key players in the global home energy management systems market are based in the U.S. Some of the key players operating in the global home energy management systems market are Honeywell International, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Intel Corporation (U.S.), General Electric Company (U.S.), and Panasonic Corporation (Japan).
Although the global home energy management systems (HEMS) market will expand at a healthy rate, it will be challenged by the lack of awareness at present, perceived health risks, and high installation cost and complexity associated with HEMS.