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Increase in demand for energy-efficient solution and rise in number of connected devices through Internet of Things (IoT) drive the growth of the global market

PORTLAND, OREGON, UNITED STATES, April 21, 2023 /EINPresswire.com/ -- Home energy management system (HEMS) is an effective hardware and software system that facilitate home users to monitor and reduce energy consumption of the various electrical devices installed in their homes. Home energy management system are gaining popularity around the world, helping accelerate the transition to renewable energy. With advances in smart home technology and machine-to-machine communication, home energy management will not only change how homeowners consume energy, but how they actively look to reduce energy usage.

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HEMS comprises five different products, which assist in managing and reducing energy consumption. These products include self-monitoring systems, lighting controls, programmable communicating thermostats, advanced central controllers and intelligent HVAC controllers. With HEMS, end-user can access real-time energy consumption data through mobile phones, tablets, and other communication devices to monitor and manage energy consumption in the house. In addition, HEMS provides updates on fluctuating electricity prices to assist users to use less energy during peak hours. Presently, the spiraling energy prices have fostered the demand for energy management. The growth of the world HEMS market is mainly driven by the growing awareness of energy management and rising investment in smart grids. However, high cost of implementation of HEMS technology would impede the growth of the HEMS market.

The world home energy management system (HEMS) market is segmented on the basis of available product types, communication technology and geography. Based on components, the HEMS market is segmented into hardware and software. Hardware is further bifurcated into sensor, controller & others. Furthermore, the market has been sectioned, based on communication technology, into ZigBee, Wi-Fi, home plug and others. The world home energy management system (HEMS) market has been analyzed based on geographical regions, which include North America, Europe, Asia Pacific and LAMEA (Latin America Middle East and Africa). The key market players profiled in the report, include Schneider Electric, Panasonic Corporation, General Electric Company, Emerson Process Management and others.

Governments play a vital role in energy savings and supporting initiatives toward construction of smart buildings. They have formulated regulations and policies to improve energy efficiency and reduce a building’s footprint of renewable energy, HVAC, lighting, and location. For instance, the U.S. Green Building Council (USGBC) is a government body that developed and released criteria for improving the environmental performance of smart home through the leadership in Energy and Environmental Design (LEED) rating system for new building construction.

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The prominent factors that impact the home energy management market growth are rising demand for energy-efficient solution, rising urbanization in developing economies, and increasing number of connected devices through Internet of Things. However, high initial costs related to deploying of energy management systems is a major restraint to the global home energy management market growth. On the contrary, government initiatives toward the construction of smart home is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect global home energy management industry during the forecast period.

Region-wise, the home energy management market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market, owing to increasing use of home energy management with augmented awareness about this technology. The overall home energy management market analysis is determined to understand the profitable trends to gain a stronger foothold.

The key players profiled in the report include General Electric Company, Honeywell International, Inc., Vivint, Inc., Energyhub, Inc., Nest Labs, Inc., Comcast Cable (Xfinity), Panasonic Corporation, Ecobee, Inc., Ecofactor, Inc., Alarm.Com. These players have adopted various strategies, such as partnership, agreement, expansion, and product launch, to expand their foothold in the home energy management systems industry.

Potential Benefits for Stakeholders:
• The report provides an in-depth analysis of the home energy management systems market and offers current and future trends to identify lucrative investment pockets in the market
• The report identifies the key drivers, opportunities and restraints that shape the market and provides an impact analysis for the forecast period
• Porters five forces analysis highlights the potency of buyers and suppliers participating in this market. This would further offer a competitive advantage to stakeholders in making profitable business decisions; thus, helping them to strengthen their supplier and buyer networks
• Current and future trends are outlined to determine the overall attractiveness and highlight the profitable trends in order to gain a stronger foothold in the market
• Market estimation of geographic segments is derived from the current market scenario and expected market trends

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