Global Residential Energy Management Market: Overview
The residential energy management solutions are designed in order to provide a solution to the demand of reduction in the consumption of energy by the residential consumers. This latest development in the technology is very effective. With the help of the residential energy management solutions, the utilization of power is very less which results in lower utility bills. In order to gain maximum savings, the residential energy management solutions measure the energy consumed by home’s cooling, heating, individual appliances and lighting systems. The residential energy management solutions can be chosen independently or sometimes device control and data ownership rights are assigned to Energy Management Service Providers (MSPs).
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Global Residential Energy Management Market: Segmentation
The global residential energy management market is segmented globally on the basis of a platform, user interface application, communication technology, hardware, and regions. On the basis of the platform, the market is segregated into energy management platform (EMP), customer engagement platform (CEP) and energy analytics. Based on the user interface application, the global market is classified as smart meters, in-house displays, smart appliances and the smart thermostat. On the basis of communication technology, the residential energy management market is divided into ZigBee, wireless M-Bus, threads, Wi-Fi, Z-Wave and home plugs. Based on the hardware, the market is segmented into gateways, demand response (DR) devices, ventilating, load control switches (LCS), heating and air-conditioning (HVAC) control devices. Geographically, the residential energy management market is diversified into North America, Latin America, Asia-Pacific, Europe and the Middle East and Africa.
Global Residential Energy Management Market: Growth Factors
The key solutions that are available in the residential energy management market are lighting controls, HVAC controllers, programmable thermostats and self-monitoring systems. The wide applications of these solutions in the different sectors are driving the market growth. The most targeted areas in the residential sector to manage the energy consumption are space heating and cooling and water heating which consumes the maximum energy, thus residential energy management is utilized. The traditional residential power industry is being now replaced by the solar PV panels. The recent trend in the residential energy management is communicating thermostat solution which provides a solution for the consumption of energy by two-way communication between the energy office/company and the home. In this provision, the energy company can monitor and adjust the temperature settings. All these factors are acting favorably to the market growth. The vital role is played by the government in the growth of the residential energy management solutions.
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Global Residential Energy Management Market: Regional Analysis
A majority of the market growth in the residential energy management can be seen in the North American and European region. The factors that are acting favorably for this growth are the stringent government policies and the economical incentives. In order to expand their global presence, the manufacturers are seeking residential energy management solutions. Europe is adopting the smart meters technology and China is adopting the smart grid technology to consume the energy economically.
Global Residential Energy Management Market: Competitive Players
The key market players in the residential energy management market include Elster Group, Itron Incorporate, Schneider Electric SE, Silver Spring Network, AlertMe.com Ltd., General Electric Company, Landis+Gyr AG, Opower Incorporate, Aclara Technologies LLC and Tendril Networks, Inc.
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Global Residential Energy Management Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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