The market for home energy management (HEM) products and services is gathering momentum. Product vendors, utilities, service providers, retailers, and other stakeholders report increasing activity in this space.
Navigant Research report examines regional and global HEM trends, with an emphasis on products and services along a continuum of five segments: paper bills, web portals, standalone HEM systems, in-home displays (IHDs), and networked HEM systems.
There are also signs of growing awareness among consumers that new tools are available to help them better manage and control their home energy consumption. Though still in the early phase of market growth, stakeholders have noticed greater business activity compared to just a year ago. In addition, they are pointing to next year as the potential start of a pivotal growth period.
The HEM market got a boost when Google acquired Nest Labs in January 2014, sending a signal to other players that it was time to reconsider the opportunities. Honeywell has also been active, announcing its Lyric smart thermostat with geofencing capability in June 2014. Meanwhile, retailers like Best Buy, Staples, and Lowe’s have been marketing products that feature energy management as part of their solutions. In Great Britain, energy service provider British Gas has signed up more than 100,000 customers in a little more than a year for its Hive smart heating system. According to Navigant Research, global revenue attributed to HEM products and services is expected to grow from $586.9 million in 2013 to $2.4 billion in 2023.
The study examines the key drivers and inhibitors affecting the market and delves into the major technology issues. Global HEM market forecasts, broken out by segment and world region, extend through 2023. The report also provides key vendor profiles and analysis of new players, as well as details on specific HEM case studies.
Source: Navigant Research