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Global Home Energy Management Systems Market: Trends and Forecast -2023
INTRODUCTION
REPORT DESCRIPTION
Home energy management system (HEMS) is product or service which controls,
monitors or analyzes energy used at home. Some of the home energy management
system includes personal energy management, home automation services, utility
demand response program, auditing, visualization & data analysis and other security
services. Whilst home energy management system enables energy optimization and
power efficiency, it also connects every part of the smart home and controls it from a
central point. These systems basically provide interface between energy consuming
objects in the house and smart grid. With growing awareness about new
products/services that better manage and help to control home energy
consumption, the global HEMS market is gaining momentum.
Additionally, Honeywell announced its Lyric smart thermostat with geo-fencing that
automatically auto-adjusts thermostat settings. Retailers have been promoting their
products with energy management solutions. Moreover, the report identified the
factors that drive the growth in this market such as home energy management
systems efficiently manage and monitor the consumption of energy, and awareness
program by the governments to conserve and save energy consumption. On the
other hand complexity of energy management systems and high cost of installation
and implementation are some of the major restraints in the market.
This report estimates the market size of Home Energy Management Systems in terms
of value (USD million) over the period of 2017 to 2023. The year 2017 is considered
to be a base year, and 2017 to 2023 is considered to be a forecast period. Moreover,
the market sizes for Home Energy Management Systems by technology and by
components is estimated in terms of value. This market research study provides
detailed qualitative and quantitative analysis of the global Home Energy
Management Systems market. Additionally, the report provides a comprehensive
review of the major market drivers, restraints, opportunities in the global as well as
regional markets of Home Energy Management Systems. The market analysis covers
major geographic regions, such as North America, Europe, Asia-Pacific, Latin America
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