Residential Energy Management Market by Component, Communication Technology, Application

Description

List of Tables

[181 Pages Report] The Residential Energy Management Market size was estimated at USD 4.16 billion in 2023 and expected to reach USD 4.75 billion in 2024, at a CAGR 14.95% to reach USD 11.06 billion by 2030.

Residential energy management (REM) refers to the systematic process of using technology, practices, and services to optimize the energy consumption within a home. This encompasses not only the reduction of energy usage and costs but also the enhancement of overall household energy efficiency. The residential energy management market comprises solutions and services that enable consumers to monitor, control, and manage their energy consumption effectively. This includes a range of products like energy displays, smart meters, smart thermostats, home energy management systems (HEMS), and corresponding software and service offerings. These technologies aim to enhance energy efficiency, reduce energy-related expenditures, and contribute to sustainability efforts. Rising energy consumption in the residential sector coupled with increasing adoption of HVAC systems and modernization of aging residential electricity infrastructure contribute to the market growth. Government initiatives toward efficient energy management in residential buildings are compelling homeowners to adopt energy management solutions. The high initial cost of deployment, security concerns, and technical challenges of residential energy management solutions can be barriers to widespread adoption. The emerging trend of smart city development and smart buildings enables more robust and reliable energy management ecosystems. Technological advancements in the residential energy management system encourage self-consumption and energy independence.

KEY MARKET STATISTICS
Base Year [2023]	USD 4.16 billion
Estimated Year [2024]	USD 4.75 billion
Forecast Year [2030]	USD 11.06 billion
CAGR (%)	14.95%

Component: Growing preference for software solutions owing to convenience of managing their home energy systems remotely

The hardware forms the physical backbone of residential energy management systems, enabling the interaction with the electrical environment of a home. Control devices are integral to home energy management systems, allowing homeowners to manage the operation of appliances, heating/cooling systems, and other energy-consuming units. They provide automated or user-initiated control to achieve energy efficiency. Demand response devices facilitate load adjustment in response to signals from utility providers during peak demand periods. They help in balancing energy supply and demand by automatically adjusting power consumption. In-house displays and panels provide real-time feedback on energy usage and system performance. They offer a user-friendly interface for homeowners to interact with their energy management system, promoting awareness and informed decision-making. Load control switches help manage energy distribution by selectively turning electrical devices on and off or modulating their operation. This aids in reducing peak load and enabling more efficient energy utilization. Measuring devices such as smart meters and sub-metering systems monitor electricity, water, or gas usage. This information is essential for accurate billing and identifying energy savings opportunities. Relays are electrically operated switches used within energy management systems to control power flow to appliances and equipment, enabling automated functions based on preset conditions. RTUs are microprocessor-controlled devices that interface objects in the physical world to a distributed control system or supervisory control and data acquisition (SCADA) system by transmitting telemetry data to a master system and utilizing messages from the master supervisory system to control connected objects. Sensing devices such as temperature, motion, or occupancy sensors are crucial in monitoring environmental parameters. They provide essential data to the energy management system for operational adjustments and to maintain comfort levels.

Software layers offer the intelligence to interpret data, foster engagement, and suggest actions to enhance the efficiency of residential energy use. Customer engagement platforms are designed to improve interaction between energy providers and consumers. They provide tailored insights, tips, and incentives encouraging users to participate in energy efficiency programs and adopt energy-saving habits. Energy analytics software processes vast amounts of data to identify patterns, predict future consumption, and provide actionable insights. These insights help homeowners and energy providers make data-driven decisions for optimizing energy usage. An energy management platform is at the core of residential energy management. It integrates various hardware and software components, processes the information, and manages the entire system to ensure optimal energy efficiency, cost savings, and enhanced user comfort.

Application: Growing usage for flexible load management to maximize the use of sustainable energy

Flexible load management refers to strategies that optimize household energy consumption by shifting the use of electricity from peak to off-peak hours. These strategies are employed through smart appliances and energy management systems that schedule the operation of high-energy-consuming appliances during periods of lower energy demand or when renewable energy is readily available. load shedding & management refers to the deliberate shutdown of electric power in parts of a power distribution system to prevent the entire system from failing. This strategy is implicated during periods of high demand to ensure the stability of the grid. Power Monitoring & control systems are responsible for the real-time observation and management of electrical systems and appliances in a residence. These systems offer detailed insights into energy consumption patterns and provide recommendations for energy saving. A comparative analysis of the aforementioned application segments reveals varying preferences and suitability in different residential scenarios. Flexible Load Management is geared towards cost savings and efficient use of energy, especially where variable tariffs or renewables are in play. On the other hand, load shedding & management is crucial for maintaining power grid stability and is more reactive to prevent system failure. Lastly, power monitoring & control acts as the backbone for both, providing the necessary data and control mechanisms to make informed decisions for energy usage.

Regional Insights

The residential energy management market in North America showcases rapid growth due to the high adoption of smart home technologies and a well-established infrastructure for residential energy management. The United States is a significant player, championing innovations and having numerous vendors offering advanced solutions. There is a strong pattern of collaboration between utility providers and technology companies to provide comprehensive energy management solutions to end-users. In South America, the residential energy management market is still emerging. Countries such as Brazil and Argentina are gradually adopting energy management solutions. Europe is a major region within EMEA. Several initiatives, such as the European Union's directives, aim to improve energy efficiency and lower carbon footprints, significantly driving the market for residential energy management. The Middle East is also witnessing significant growth, partly driven by smart city initiatives. Africa's market remains nascent and limited by infrastructure challenges but has potential for growth with increasing urbanization and investment in smart grid technologies. The Asia-Pacific is expected to witness the fastest residential energy management market growth. Countries such as Japan and South Korea are at the forefront, with advanced technological infrastructure and a strong push for energy efficiency. China and India present enormous market potential due to their large population, rapid urbanization, and increasing environmental consciousness.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Residential Energy Management Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Residential Energy Management Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Residential Energy Management Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., ANT Sp. z o.o., Atandra Energy Private Limited, Azbil Corporation, Bidgely, Inc., Carrier Global Corporation, Cricket Energy Holdings Inc., Develco Products USA Inc., E.ON SE, Eaton Corporation PLC, Emerson Electric Co., General Electric Company, GeoSmart Energy, Honeywell International Inc., Hubbell Incorporated, International Business Machines Corporation, IOTAS, Inc., Itron Inc., Johnson Controls International PLC, Landis+Gyr AG, LifeSmart Inc., Lockheed Martin Corporation, Lumin, NEC Corporation, Neosilica Technologies Pvt. Ltd., Octopus Energy Ltd., Oracle Corporation, Panasonic Corporation, Resideo Technologies Inc., Robert Bosch GmbH, S-Labs Sp. Z.o.o., Savant Systems, Inc., Schneider Electric SE, Siemens AG, SmartRent Technologies, Inc., SPAN.io, Inc., Sunverge Energy Inc., Tantalus Systems Corp., Tibber AS, Trane Technologies PLC, Uplight, Inc., Veolia Environnement S.A., and Wattics Ltd..

Market Segmentation & Coverage

This research report categorizes the Residential Energy Management Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Hardware
  - Control Devices
  - Demand Response Devices
  - In- house Displays & Panels
  - Load Control Switches
  - Measuring Devices
  - Relays
  - Remote Terminal Units
  - Sensing Devices

Software
- Customer Engagement Platform
- Energy Analytics
- Energy Management Platform

Communication Technology
- Wired
  - Ethernet
  - Fiber Optic
  - IP
  - Powerline Carrier

Wireless
- Cellular Network
- Radio Frequency Mesh
- WiMAX

Application
- Flexible Load Management
- Load Shedding & Management
- Power Monitoring & Control

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Residential Energy Management Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Residential Energy Management Market?

3. What are the technology trends and regulatory frameworks in the Residential Energy Management Market?

4. What is the market share of the leading vendors in the Residential Energy Management Market?

5. Which modes and strategic moves are suitable for entering the Residential Energy Management Market?

Product Code: MRR-50124643769C

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising Energy Consumption in Residential Sector Coupled With Increasing Adoption of HVAC Systems
  - 5.1.1.2. Modernization of Aging Residential Electricity Infrastructure
  - 5.1.1.3. Government Initiatives Toward Efficient Energy Management in Residential Buildings
- 5.1.2. Restraints
  - 5.1.2.1. High Initial Cost of Deployment
- 5.1.3. Opportunities
  - 5.1.3.1. Emerging Trend of Smart City Development Along with Smart Buildings
  - 5.1.3.2. Technological Advancements in Residential Energy Management System
- 5.1.4. Challenges
  - 5.1.4.1. Security Concerns and Technical Challenges of Residential Energy Management Solutions
5.2. Market Segmentation Analysis
- 5.2.1. Component: Growing preference for software solutions owing to convenience of managing their home energy systems remotely
- 5.2.2. Application: Growing usage for flexible load management to maximize the use of sustainable energy
5.3. Market Trend Analysis
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization

6. Residential Energy Management Market, by Component

6.1. Introduction
6.2. Hardware
6.3. Software

7. Residential Energy Management Market, by Communication Technology

7.1. Introduction
7.2. Wired
7.3. Wireless

8. Residential Energy Management Market, by Application

8.1. Introduction
8.2. Flexible Load Management
8.3. Load Shedding & Management
8.4. Power Monitoring & Control

9. Americas Residential Energy Management Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Residential Energy Management Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Residential Energy Management Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Danfoss completes acquisition of ENFOR's district energy efficiency software
- 12.3.2. ABB invests in Lumin to accelerate the development of accessible home energy management solutions
- 12.3.3. Schneider Electric Unveils Simple, Smart, Sustainable Home Energy Management Solution at CES 2023

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio