Home energy management revenue expected to surpass $22 billion by 2023: Navigant Research
March 2, 2015 - A recent report from Navigant Research has found annual global home energy management (HEM) revenue is expected to peak in 2020, following the government-mandated deployment of millions of smart meters and related HEM equipment in homes and small businesses across Great Britain.
By Renée Francoeur
It also found that HEM revenue is expected to total more than $22 billion from 2014 to 2023.
The report examines regional and global trends in the HEM market, including global HEM market forecasts, broken out by segment and world region, through 2023.
Titled “Home Energy Management,” the study spotlighted on regional and global HEM trends, with an emphasis on products and services along a continuum of five segments: paper bills, web portals, standalone HEM systems, in-home displays (IHDs), and networked HEM systems.
The report examines the “key drivers and inhibitors affecting the market and delves into the major technology issues.” It also provides key vendor profiles and analysis of new players, as well as details on specific HEM case studies.
After Google purchased Nest Labs in January 2014, HEM stakeholders began reporting increased market activity, as the acquisition signaled to vendors, utilities, service providers, and retailers that the value in home energy management and automation was finally gaining recognition, says Navigant.
“Competition is heating up among vendors and, at the same time, HEM products are becoming more accessible to consumers, with retailers such as Best Buy, Staples, and Lowe’s marketing products that include energy management features,” says Neil Strother, principal research analyst with Navigant Research. “Even though the HEM market is still in its early stages of growth, 2015 is shaping up to be a pivotal year for expansion.”