According
to a new market report published by Credence Research, Inc., “Home Energy
Management Systems (HEMS) (Wi-Fi, ZigBee, Z-Wave, and Other Technologies
(Insteon, X10, Wireless M-Bus, etc) Market – Growth, Share, Opportunities,
Competitive Analysis, and Forecast 2015 – 2022”, the home energy management systems (HEMS) market is expected to expand at a CAGR of
22.3% from 2015 to 2022, reaching US$ 3,241.9 Mn by 2022.
Product
and Market Insights
Home
energy management systems (HEMS) are devices that allow home owners to control,
monitor, and manage their electricity consumption optimally. The global home
energy management systems (HEMS) market is currently in the budding stage of
development. The industry has been determined to develop a universal platform
capable of solving issues concerned with the interoperability, interface, and
installation.
Browse the full Home Energy Management Systems (HEMS) Market @ http://www.credenceresearch.com/report/home-energy-management-systems-hems-market
Competitive Insights
The global home energy management systems (HEMS) market is
concentrated and technology driven. The top four home energy management system
manufacturers account for over 45 percent of the global market revenue.
Panasonic Corporation (Japan), Honeywell International, Inc. (the U.S.), Nest
Labs, Inc. (the U.S.), General Electric Company (the U.S.), and Vivint, Inc.
(the U.S.) are identified as some of the leading players in the home energy
management systems (HEMS) market. Other players including Alarm.com (the U.S.),
Ecobee (Canada), EnergyHub, Inc. (the U.S.), Comcast Cable (the U.S.), EcoFactor
(U.S.), and Cisco Systems, Inc. (the U.S.) have been marked as some of the
promising and emerging players in the global home energy management systems
industry. The market competition is characterized by the presence of both core
solution suppliers and application sub-system providers.
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Their approach has been to offer energy management solutions as
a part of home automation products and services. The new entrants in the home
energy management systems market need substantial capital investment. Furthermore,
to keep pace with the technological advancements, they are required to dedicate
heavy budget for research and development activities. On the contrary,
favorable government regulations promoting optimum electricity consumption is
expected to have positive impact on the new players entering the market. As
such, the market poses moderate threat to new entrants.
Key Trends
·
Growing interest in residential demand response and roll-out of
smart utility meters
·
Increasing efforts by manufacturers to develop multi-featured
home energy management systems capable of connecting with multiple control
devices and being managed from a remote location
·
Growing desire to manage electricity consumption and curb
electricity bills
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