Global Home Energy Management Market by Technologies, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Home Energy Management Market is valued to reach USD 2 billion by 2020, growing at CAGR of 16.5% over forecast period 2020–2026. Increasing awareness among consumers toward sustainable utilization of energy resources, rising use of Internet and growing role of Internet of Things (IoT) and Big Data in energy management are the factors driving the market.

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A home energy management system (HEMS) consists of hardware and software that allows end-users to monitor energy usage within a household. This system not only helps reduce energy expenses but also plays a significant part in making the available energy resources sustainable.

A HEMS enables the end-users to do various activities such as turn devices on and off from remote locations, set devices to operate on schedules, set up conditional controls for device operations, control the flow of energy from the solar panels, and allow machine learning to run the system semi-automatically.

Market Trends, Drivers, Restraints, and Opportunities:

Adoption of various technologies for optimizing home energy consumption management is increasing across the globe.
Reduction in energy bills can be achieved by the implementation of HEMS. This is likely to draw consumers toward these systems.
Decrease in carbon emissions due to the reduction of energy helps reduce the adverse environmental impacts.
Provision of HEMS at affordable costs is a major challenge for the market players.
Sustainably built environment, IoT, Big data, and connected devices for home automation to increase environmental safety is expected to create opportunities in the market.