CHICAGO, April 18, 2024 /PRNewswire/ -- Arizton's latest research report shows that the US home energy management systems market is growing at a CAGR of 15.12% from 2023-2029.
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The US Home Energy Management Systems Market Report Scope
Report Attributes | Details |
Market Size (2029) | $2.81 Billion |
CAGR (2023-2029) | 15.12 % |
Historic Year | 2020-2022 |
Base Year | 2023 |
Forecast Year | 2024-2029 |
The US home energy management systems market is witnessing a surge in demand for various hardware, software, and services, driven by several emerging trends. Notably, the sustainable home energy management system trend is gaining momentum, fueled by eco-friendly solutions. This growth is propelled by increasing awareness of environmental challenges like climate change and resource depletion. Major industry players actively develop diverse solutions to align with this sustainability trend. For instance, in 2023, Schneider Electric introduced home energy management systems integrating EV charging, storage, solar, and appliances.
Among the market segments, hardware holds the largest share in home energy management systems, with expectations for further growth in the forecast period. Smart meters play a crucial role in this segment, offering real-time data on electricity usage and valuable insights into energy consumption patterns. Additionally, thermostats, lighting control systems, smart plugs, and grids are gaining popularity among consumers.
US Home Energy Management Systems Market by Single Family Houses to Contribute more than $2 Billion by 2029
In recent years, the demand for home energy management systems in single-family houses has surged, driven by several compelling factors. Users are increasingly drawn to these systems as they strive to curtail utility expenses, trim energy consumption, and embrace eco-friendly, sustainable living practices. There are several reasons fueling the demand for these systems in individual homes. With escalating energy prices, households are keenly aware of their utility bills. Home energy management systems step in to regulate energy usage effectively, enhancing efficiency and cutting costs. They offer intelligent control over lighting, cooling, heating, and appliance usage, thereby optimizing energy consumption.
Furthermore, mounting concerns about climate change and environmental sustainability are prompting users to seek ways to shrink their carbon footprint. Home energy management systems emerge as pivotal players in this scenario, promoting energy efficiency and facilitating the integration of renewable energy sources like solar panels. With increasing energy costs in the US, individuals are increasingly motivated to explore avenues for managing and minimizing their energy bills. Home energy management systems emerge as a viable solution by providing invaluable insights into energy consumption patterns and recommending strategies to mitigate expenses. These compelling factors collectively drive the growth of the single-family houses segment in the home energy management systems market.
Future Analysis
Startups are making significant strides in the Home Energy Management Systems (HEMS) market, bringing agility and innovation to the forefront. They introduce fresh perspectives and drive technological advancements by developing new features, integrating cutting-edge technologies like artificial intelligence and machine learning, and creating user-friendly interfaces. Silicon Valley startup Bidgely, a leader in "energy AI," offers solutions such as home energy reports, leveraging AI analysis of meter data to provide insights that can reduce energy costs by up to 25%. Startups diversify the market by offering HEMS solutions tailored to various consumer needs, fostering healthy competition and innovation. They often collaborate with established companies, utilities, and stakeholders in the energy ecosystem to develop integrated solutions and expand market reach. Sight Machine, a San Francisco-based startup, exemplifies this trend by collaborating with major companies like General Mills and Microsoft to offer enterprise software that enhances real-time production processes, driving increased output and sustainability.
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Segmentation & Forecast?
Component
- Hardware
- Software
- Services
Technology
- Wireless Protocols
- Wired Protocols
- Hybrid
Residence
- Single Family Houses
- Multifamily Houses
Application
- New Construction
- Retrofit
Vendors List?
- Honeywell International
- General Electric
- Panasonic
- Robert Bosch
- Comcast
- Alphabet
- Schneider Electric
- Alarm.com
- JOHNSON CONTROLS
- Vivint
- Ecobee
- EnergyHub
- EcoFactor
- LG
- Hitachi
- Toshiba
- Xiaomi
- TP-Link
- NETATMO
- CENTRICA
- FIBARO
- ABB
- Itron
- Landis+Gyr
- BELKIN
- NXP Semiconductors
- Oracle Corporation
- Cisco Systems, Inc.
- Intel Corporation
- Rockwell Automation Inc.
- SAP SE
- Wise Home Solutions
- Crestron
- ADT
- TADO
- AMAZON
- Siemens AG
- Control4
Key Questions Answered in the Report:?
How big is the U.S. home energy management systems (HEMS) market?
What is the growth rate of the U.S. home energy management systems (HEMS) market?
What are the key drivers of the U.S. home energy management systems (HEMS) market?
Who are the major players in the U.S. home energy management systems (HEMS) market?
Table of Contents
CHAPTER - 1: U.S. Home Energy Management System Market Overview
- Executive Summary
- Key Findings
- Key Development
CHAPTER - 2: U.S. Home Energy Management System Market Segmentation Data
- Component Market Insights (2023-2029)
- Hardware
- Software
- Services
- Technological Market Insights (2023-2029)
- Wireless Protocols
- Wired Protocols
- Hybrid
- Residence Market Insights (2023-2029)
- Single Family Houses
- Multifamily Houses
- Application Market Insights (2023-2029)
- New Construction
- Retrofit
CHAPTER - 3: U.S. Home Energy Management System Market Prospects & Opportunities
- U.S. Home Energy Management System Market Drivers
- U.S. Home Energy Management System Market Trends
- U.S. Home Energy Management System Market Constraints
CHAPTER - 4: U.S. Home Energy Management System Market Overview
- U.S. Home Energy Management System Market- Competitive Landscape
- U.S. Home Energy Management System Market - Key Players
- U.S. Home Energy Management System Market - Key Company Profiles
CHAPTER - 5: Appendix
- Research Methodology
- Abbreviations
- Arizton
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