The potential of home energy management (HEM) systems market to save resources has led to a lot of research and development in the HEM field. The ongoing technology trends such as decreased sensor, display costs, computation along with pervasive integration of device-level data processing ability communications have increased the market opportunities for HEM systems. The HEM systems market due to the opportunity of increased interest in electric demand will get a boost for its growth.
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Home Energy Management (HEM) Systems Market Dynamics
The dynamics of the HEM systems market shifts with the shifting consumer trends. Currently, there are many challenges the HEM systems industry faces which suppress its growth.
HEM Systems Complexity
Complexity associated with many issues of HEM systems tends to suppress the growth of the overall HEM systems market. Certain HEM systems, especially the home automation systems need professional installation which increases cost and user effort.
Also, centralized home energy management systems and other individual devices such as thermostats need programming which increases the complexity of set-up and use. In addition, HEM display devices tend to display information which can confuse some consumers instead of enabling them.
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There also exist the lack of awareness and consumers have certain perceived health risk for HEM systems, which tend to hamper the growth of the HEM systems market further.
HEM Systems Market Drivers
Even though, there are many problems associated with HEM systems, many factors support the growth of the market.
The population of the world is ever-growing and it is predicted by market analysts that there will be a surge in the demand for electricity. This factor in turn increases the consumer need for home energy management systems. Consumers can monitor and manage their electricity consumption efficiently with HEM systems.
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To combat the market restraints, many variable pricing schemes have been introduced for electric distribution. Hence, partnership deals with real estate players and builders are offering HEM systems as a part of the amenities which provide a sound opportunity for manufacturers as well as service providers. Increased mobile connectivity and growing smartphone applications also tend to boost the growth of the market.
Global Home Energy Management (HEM) Systems Market Statistics
The global HEM systems market according to geography is divided into North America, Asia-Pacific, Europe, and Rest of the World (Middle East, Africa, and Latin America). According to a market intelligence agency, North America dominated the market share in 2012, which was attributed to the large scale deployment of wireless technologies such as HAN, ZigBee, Wi-Fi, and others. Europe HEM systems market was estimated at $155.7 million in 2012 and is projected to be the fastest growing market during the forecast period of 2013 - 2019, with a CAGR of 26.2%.
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The same market intelligence company stated that the global home energy management systems (HEMS) market will reach a total value of $1909.4 million in 2019, with a CAGR of 25% during 2013 - 2019 period. During 2012, Wi-Fi was the major technology used in HEMS which accounted for 25.1% share of the total market. ZigBee technology during the forecast period will demonstrate the fastest growth and surpass Wi-Fi to become the dominant technology. This is attributed to the fact that big markets such as North America and Europe will inhibit growing demand for ZigBee.
Currently, control devices segment which included home lighting, thermostats, and home automation systems is the leading functionality sector. This will be surpassed by enabling technologies in the coming next years, which is attributed to the fact that the use of sensing, HAN, and other connectivity technologies will increase.
Cisco, the top key player in the market stated in 2010, that for the Home Energy Management (HEM) Systems Market to achieve mass-market penetration, it must overcome challenges which will enable consumers to easily sell, manage, install, and secure HEM solution. Apart from Cisco, other top key players in the global home energy management systems market include Honeywell International Incorporated, Panasonic Corporation, Intel Corporation, General Electric Company, and Sharp Corporation.
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