Feb 17, 2021   SOURCE: BusinessWire

Residential Energy Management Market (2020 to 2025) - by Component, Software, Communication Technology, Application and Region - Global Forecast to 2025 - ResearchAndMarkets.com

The "Residential Energy Management Market by Component (Hardware (RTU, Relays, LCS, DR devices, Control Devices, In-house Displays), Software(EMP, Energy Analytics, CEP); Communication Technology (Wired, Wireless); Application; Region - Global forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global residential energy management market is projected to reach USD 4.1 billion by 2025 from an estimated USD 2.2 billion in 2020, at a CAGR of 12.9% during the forecast period.

The market's growth in is mainly driven by investments in smart grid and the upgrade of the existing power infrastructures focus on energy efficiency and the replacement of aging infrastructure. Moreover, upcoming smart city projects in developing economies provide opportunities for the residential energy management market in this region creates a lucrative opportunity for the market. Furthermore, high initial costs related to deploying residential energy management systems, need for ensuring privacy and security of residential consumer data is likely to hamper the growth of the residential energy management market.

The flexible load management, by application, is expected to be the fastest-growing market from 2020 to 2025.

The residential energy management market has been segmented based on component into power monitoring & control, load shedding & management, and flexible load management. The flexible load management is projected to be the fastest market owing to the need for the reduction of stress on the electricity grid during peak periods and enabling building systems to act as distributed energy assets for the grid to achieve significant cost savings. North America is expected to hold the largest flexible load management market.

The wired segment is projected to witness a larger market share than the wireless segment from 2020 to 2025.

Based on communication technology, the residential energy management market has been segmented into wired and wireless. The wired segment accounted for a larger market share in 2019. Wired communication technology transmits large volumes of data, analyzes the data, and provides actionable information for grid operators. The growth of this wired communication technology segment is attributed to its increased security, lack of interference, and high speed. The most commonly used wired communication technology is fiber optic, which is expected to witness a high CAGR during the forecast period.

North America is estimated to lead the residential energy management market during the forecast period.

North America is estimated to be the largest market for residential energy management during the forecast period. For the market analysis, the region has been segmented into US, Canada, and Mexico. The demand for residential energy management in this region is driven by increasing investments in grid expansion projects to increase energy efficiency, grid reliability and increased power consumption residential sector.

Market Dynamics

Drivers
  • Rising Energy Consumption in Residential Sectors of Oced and Non-Oced Nations
  • Government Initiatives and Policies Toward Energy Efficiency in Residential Buildings
Restraints
  • High Initial Costs Related to Deploying Residential Energy Management Systems
  • Need for Ensuring Privacy and Security of Residential Consumer Data
Opportunities
  • Increasing Investments for Modernizing Aging Grid Infrastructures
  • Upcoming Smart City Projects in Developing Economies Enhance Growth in Residential Sector
Challenges
  • Interoperability of Residential Energy Management Systems
  • Impact of COVID-19 on Manufacture of Residential Energy Management Systems

Companies Mentioned

  • ABB
  • Appartme
  • Bosch
  • Eaton
  • Emerson
  • General Electric
  • Honeywell International
  • Itron
  • Koben Systems Inc
  • Landis+Gyr
  • Lumin
  • Neosilica
  • Racepoint Energy
  • Schneider Electric
  • Siemens
  • SpanIo
  • Sunverge Energy, Inc
  • Tantalus Systems Corp
  • Uplight
  • Wattics Ltd

For more information about this report visit https://www.researchandmarkets.com/r/b3iz2h