New report says HEMS market worth $3.15 billion by 2022
March 7, 2016 - The global home energy management system (HEMS) market is expected to grow over the next seven years, states a new report from MarketsandMarkets, titled “Home Energy Management System Market by Hardware, by Communication Technology and by Software & Service.
By Renée Francoeur
Specifically, the market is to expand to $3.15 billion (US) by 2022 from 864.2 million in 2015, at a CAGR of 18.36% between 2016 and 2022.
The report says the HEMS market growth stems from factors such as increasing real-time energy conservation approach, convenience of cloud computing and data analytics, and increased device interconnectivity.
Other findings include:
• The market for software and services is expected to grow at the highest rate during the forecast period.
• The control devices held the largest share of the HEMS hardware market in 2015
• North America held the largest market in 2015, followed by Europe and Asia-Pacific. The implementation of HEMS in Asia-Pacific countries—such as of China, Japan, Australia—is increasing at a substantial rate.
Some of the major companies in the global HEMS market that were included in this report are Honeywell International, Nest Labs, Ecobee (Canada), General Electric Company, EnergyHub, and more.
To see more and buy the report, click HERE.