According to a new Industryinformation published by Credence Research, Inc., “Home Energy Management Systems (HEMS) (Wi-Fi, ZigBee, Z-Wave, and Other Technologies (Insteon, X10, Wireless M-Bus, etc) Industry- Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022”, the home energy management systems (HEMS) Industryis expected to expand at a CAGR of 22.3% from 2015 to 2022, reaching US$ 3,241.9 Mn by 2022.
Product and IndustryInsights
Home energy management systems (HEMS) are devices that allow home owners to control, monitor, and manage their electricity consumption optimally. The global home energy management systems (HEMS) Industryis currently in the budding stage of development. The industry has been determined to develop a universal platform capable of solving issues concerned with the interoperability, interface, and installation.
Browse the full Home Energy Management Systems Market at http://www.credenceresearch.com/report/home-energy-management-systems-hems-market
Competitive Insights
The global home energy management systems (HEMS) Industryis concentrated and technology driven. The top four home energy management system manufacturers account for over 45 percent of the global Industryrevenue. Panasonic Corporation (Japan), Honeywell International, Inc. (the U.S.), Nest Labs, Inc. (the U.S.), General Electric Company (the U.S.), and Vivint, Inc. (the U.S.) are identified as some of the leading players in the home energy management systems (HEMS) market. Other players including Alarm.com (the U.S.), Ecobee (Canada), EnergyHub, Inc. (the U.S.), Comcast Cable (the U.S.), EcoFactor (U.S.), and Cisco Systems, Inc. (the U.S.) have been marked as some of the promising and emerging players in the global home energy management systems industry.
The Industrycompetition is characterized by the presence of both core solution suppliers and application sub-system providers. Their approach has been to offer energy management solutions as a part of home automation products and services. The new entrants in the home energy management systems Industryneed substantial capital investment. Furthermore, to keep pace with the technological advancements, they are required to dedicate heavy budget for research and development activities. On the contrary, favorable government regulations promoting optimum electricity consumption is expected to have positive impact on the new players entering the market. As such, the Industryposes moderate threat to new entrants.
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Key Trends
- Growing interest in residential demand response and roll-out of smart utility meters
- Increasing efforts by manufacturers to develop multi-featured home energy management systems capable of connecting with multiple control devices and being managed from a remote location
- Growing desire to manage electricity consumption and curb electricity bills
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