Global Home Energy Management System (HEMS) Market: Insights, Market Size, Share, Growth, Trends Analysis and Forecast to 2021
Home energy management system (HEMS) is product or service which controls, monitors or analyzes energy used at home. Some of the home energy management system includes personal energy management, home automation services, utility demand response program, auditing, visualization & data analysis and other security services. Whilst home energy management system enables energy optimization and power efficiency, it also connects every part of the smart home and controls it from a central point. These systems basically provide interface between energy consuming objects in the house and smart grid. With growing awareness about new products/services that better manage and help to control home energy consumption, the global HEMS market is gaining momentum. On the basis of technology used the global home energy management market can be segmented into Wi-Fi, HomePlug, Wireless M-Bus, Z-Wave, Zigbee and others (Ethernet, Wavenis, Insteon and Enocean). HEMS market is also categorized on the basis of components as enabling technologies, control devices and user interface.
One of the major drivers of the global home energy management systems market is that it helps its users to efficiently manage and monitor their energy consumption. It also allows them to control activation/deactivation of appliances and collect real-time electricity consumption data. Additionally, it generates optimal consumption schedules by considering energy cost, load profiles, consumer comfort and environmental concerns. On the other hand, high cost and complex behavior of these energy management systems is one of the major market restraints. Furthermore, the future of the home energy management system industry largely depends on the market awareness about the importance of energy conservation.
Global home energy management system market gained boost when Google acquired Nest Labs in January 2014 to make its mark in smart home. Additionally, Honeywell announced its Lyric smart thermostat with geo-fencing that automatically auto-adjusts thermostat settings. Retailers have been promoting their products with energy management solutions.
In order to increase awareness about energy conservation the manufacturers across the globe have started variable pricing scheme due to which demand has increased in regions such as Middle East, Africa and Asia-Pacific. On the basis of geographies the global home energy management systems market can be categorized into North America, Europe, Latin America, Asia-Pacific and Rest of the World. Some of the key players in the global home energy management market are AlertMe, AT&T, Honeywell International Inc., General Electric, Vivint Inc., Schneider Electric SA, C3 Energy, Sharp Corporation, Panasonic Corporation, Intel Corporation and others.