Smart Home Energy Management Device Market
The management of energy remains an important debate with consumption skyrocketing; thus, the smart home energy management device market 2020 is expected to develop beneficially in the coming years. The semiconductor and electronics industry reports are produced by Market Research Future, which highlights market options for expansion.
An 18 % CAGR is expected to bolster the earning of the market to USD 3 billion in the forecast period. The need to manage energy consumption in households has become increasingly important due to the effects of climate change; this, in turn, is expected to modify the smart home energy management device market share in the coming years.
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Segmental Analysis
The segmental examination of the smart home energy management device market is segmented by components, regions, and communication technology. On the basis of communication technology, the smart home energy management device market is segmented into Z-Wave, ZigBee, Wi-Fi, home plug, among others. The components based segmentation of the smart home energy management device market is segmented into hardware, services, and software. The hardware segment is additionally sub-segmented into power management devices, sensors, display units, smart controllers, smart meter, and others. The service sub-segment in the market is divided into managed and professional service. Based on the regions, the smart home energy management device market includes regions such as North America, Asia Pacific, Europe, and other regions.
Detailed Regional Analysis
The evaluation of the regions in the smart home energy management device market includes North America, Asia Pacific, Europe, and other regions. The study makes the observation that the North American region is responsible for the larger share of the global market. The incidence of major players in the region who are creating well-organized, expedient, and cost-effective HEM products and solutions are expected to aid in the dominance of the North American region in this market. The Asia Pacific region is projected to demonstrate the top growth prospects in the smart home energy management device market due to the escalating purchasing power of the public, development of the economies in the region.
Competitive Analysis
The influence of global trade policies by various administrations is expected to further enhance the market expansion potential in the forecast period. The momentum of change in the market is predicted to create new opportunities for growth in the forecast period. The availability of new sources of raw material is likely to induce more opportunities for growth in the market. The streamlining of the distribution channels is expected to create better supply chains and lead to a more positive effect on the global market. The inclusion of certain elements of functionality in production facilities is likely to create better supply potential for the overall market. The effect of global currencies is expected to have a significant effect on market growth. The upsurge in exports is expected to create a constructive situation for expansion in the coming period. The inventions being discovered or attempted in the market are also considered to provide further opportunities for growth in the coming period.
The top-most players in the smart home energy management device market are C3 Energy (U.S.), Energate Inc. (Canada), Trilliant (U.S.), Honeywell (U.S.), Nest Labs (U.S.), Aclara (U.S.), Logitech (U.S.), Icontrol Networks (U.S.), Energyhub, Inc. (U.S.), Panasonic Corporation (Japan), General Electric Company (U.S.), Alarm.com (U.S.), Ecofactor (U.S.), Trilliant (U.S.), Comcast Cable (U.S.), Ecobee (Canada) among others.
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Industry Updates:
Mar 2020 Evervolt energy storage system has been launched by Panasonic, which is unique as it is offered in an AC and DC design that optimizes the energy flow involving the battery, the solar system, and the home. When set up in a novel home, the DC version of Evervolt allows rooftop solar generation to gush straight into the batteries with no extra losses that come with converting the power to AC first, then reverse to DC again for storage.
