Residential Energy Management Market Size – USD 6.40 Billion in 2018, CAGR of 41.5%, REM Industry Trends – The growing popularity of smart grid services.
New York, January 2, 2020 – The global residential energy management (REM) market is forecast to reach USD 107.42 Billion by 2026, according to a new report by Reports and Data. Energy management systems are implemented to save energy by reducing energy consumption. The demand for energy management systems in the residential sector is increasing at a high rate. REMS allows residents to significantly reduce utility costs across the board, including cooling, heating, lighting, and water. The system tracks detailed usage over time and stores it within its centralized digital repository so that the residents can always have access to the building’s historical energy data. This allows them to budget better for energy usage based on time of year, weather, and so on.
The growing adoption of smart grid services is another factor driving the market. Several government regulations and policies across the globe on the utilization of renewable energy and reduction of carbon emissions are the fundamental factors driving the popularity of smart grids. Moreover, the rise in power outages and high costs associated with it is regulating the need for better and efficient energy management solutions for residential applications. This shift will lead to the need for energy management systems to monitor the power consumption and help the industry to gain valuable information on their functioning.
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Further key findings from the report suggest
- Among the platforms, the energy management platform (EMP) accounted for the largest market share in the year 2018. Energy management platforms are customized based on the need to help residents to conserve energy and reduce costs. The platform helps to save energy and keep costs low in residential areas. Accurate and reliable metering systems enable easy monitoring and reporting of the building utilities, including gas, electric, and water.
- Energy analytics is forecasted to witness the highest growth rate of 43.1% during the forecast period. The growing popularity of microgrids and smart grid systems, which enable firms to control, monitor, and analyze the grid functioning, will boost the demand for advanced analytics tools and techniques, such as the big data platform and cloud computing. The broad acceptance of these technologies is expected to drive the demand for analytics among the market players.
- North America held the largest market share of ~30% in the year 2018. The adoption of the internet in the region is driving the market for residential energy management (REM). The region has adopted several advanced technologies at a very early stage. The companies in the region are focusing more on developing energy-efficient solutions for power consumption. High penetration of cloud technology will be another factor propelling the market in North America. Moreover, the region is a hub for significant market vendors who are increasingly launching new products in the market.
- Key participants include General Electric Company, Elster Group, Landis+Gyr AG, Itron Incorporate, Opower Incorporate, Schneider Electric SE, Aclara Technologies LLC, Silver Spring Network, Tendril Networks, Inc., and AlertMe.com Ltd, among others.
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For the purpose of this report, Reports and Data have segmented into the global Residential Energy Management (REM) market on the basis of platform, component, communication technology, application, hardware, and region:
Platform Outlook (Revenue, USD Billion; 2016-2026)
- Customer Engagement Platform (CEP)
- Energy Analytics
- Energy Management Platform (EMP)
Component Outlook (Revenue, USD Billion; 2016-2026)
- Display Devices
Application Outlook (Revenue, USD Billion; 2016-2026)
- Smart Appliances
- Smart Plugs
- Smart Meters
- Load Control Switches
- Smart Thermostat
- In-House Displays
Communication Technology Outlook (Revenue, USD Billion; 2016-2026)
- Wireless M-Bus
- Home Plugs
Hardware Outlook (Revenue, USD Billion; 2016-2026)
- Load Control Switches (LCS)
- Demand Response (DR) Devices
- HVAC Control Devices
Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
To identify the key trends in the industry, click on the link below: