Market Research Future published a research report on “Smart Home Energy Management Device Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global smart home energy management devices market is expected to exhibit a robust 18% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global smart home energy management devices market is expected to reach a valuation of USD 3 billion by 2023 and is expected to grow steadily over the forecast period and beyond. The report presents a comprehensive evaluation of the market’s growth over the forecast period and beyond with a detailed analysis of the market’s historical growth trajectory through the historical review period and its present condition. Accurate, studied forecasts for the market’s growth over the forecast period are provided in the report based on this analysis of the market’s historical growth trajectory. Major drivers and restraints affecting the global smart home energy management devices market are also profiled in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global smart home energy management devices market.
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Smart home technology is an emergent technology consisting of the use of Internet of Things (IoT) technology to operate home appliances and electronics such as HVAC devices and lighting devices remotely and intelligently according to ambient conditions. Home appliances, especially HVAC devices, are among the highest consumers of power in a building. Inadvertently leaving appliances running or using them when the ambient conditions don’t warrant them is among the key sources of power wastage around the world. Smart home technology allows remote operation of these appliances to reduce the chances of inadvertent operation. Using smart home energy management devices, users can switch off the appliances remotely, enabling complete control over whether the appliances remain on. Using smart home energy management devices, users can also turn HVAC devices on remotely, allowing them to create a cool ambient temperature in their houses before they get home. This convenience has also been a major driver for the global smart home energy management devices market.
The growing consumer electronics industry is likely to be a major driver for the global Smart Home Energy Management Devices Market over the forecast period. Growing technological development in the field of wireless and remote connections is also likely to be a major driver for the global smart home energy management devices market over the forecast period. The development of wireless connectivity solutions such as Wi-Fi and ZigBee to provide high bandwidths is likely to remain a major driver for the smart home energy management devices market over the forecast period. Growing government support for energy conservation devices and solutions such as smart home energy management devices is also likely to be a major driver for the global smart home energy management devices market over the forecast period.
Some of the prominent players in the global smart home energy management device market: Aclara (U.S.), Energate Inc. (Canada), Trilliant (U.S.), Honeywell (U.S.), Nest Labs (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), C3 Energy (U.S.), Energyhub, Inc. (U.S.), Trilliant (U.S.), General Electric Company (U.S.), Panasonic Corporation (Japan), Alarm.com (U.S.), Ecofactor (U.S.), Comcast Cable (U.S.), Ecobee (Canada) among others.
The global smart home energy management devices market is segmented on the basis of component, communication technology, and region.
- By Component, the global smart home energy management devices market is segmented into hardware, software, and services.
- By Communication Technology, the global smart home energy management devices market is segmented into ZigBee, Z-Wave, home plug, Wi-Fi, and others.
Based on the region-specific analysis, the global smart home energy management device market charts throughAsia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America accounts for the largest share of the market. Technological brilliance, robust commercial sector, and burgeoning residential sectors are expected to provide the regional market some much-needed thrust. In addition, the presence of several market titans is expected to cement the ground for the regional market further.
Europe is also showing significant promise and is anticipated to grow with considerable force during the forecast period. The region is also blessed by government initiatives as norms strictly follow the lead to protect the environment. This sets up the ground for the further awakening of possibilities for the regional smart home energy management device market.
The APAC can record the fastest CAGR during the forecast period. With increasing purchase power of people, and emerging economies interested in uplifting the standard of lives around can boost the regional market.
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