The global home energy management (HEM) systems market was valued at US$393.8 million in 2012. After showing a CAGR of 25.0% from 2013 to 2019, the market’s value is expected to reach US$1,909.4 million in 2019.
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A research report has been published by Transparency Market Research on the HEM systems. “Home Energy Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019” reveals all statistical data about the HEM systems market from a historical and future perspective.
The report explains how increasing electricity prices around the world have prompted homeowners to seek different means of monitoring and controlling their use of electricity. The increasing need for energy conservation and controlled utilization is what is expected to drive the HEM systems market in the near future.
The report explains how utilities and service providers are beginning to offer flexible plans to homeowners to generate more interest about HEM systems in the cost-conscious populace.
HEM systems are usually cloud based and often tethered to Internet based services. Therefore greater Internet coverage and awareness of cloud services should further drive the HEM systems market.
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Nearly 25.1% of the home energy management systems market share was taken by Wi-Fi based technology in 2012, making it the dominant force in the market. The report shows how the forecast period will see ZigBee to show the fastest growth rate and surpass Wi-Fi technology to become the largest HEM systems technology provider by 2019. The factors that govern this growth are a growing demand in the U.S. and Europe, scalability, interference tolerance, and high compatibility with more Home Area Network devices.
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Thermostats, home lighting systems, home automation systems, and power strips were the largest segments in functionality in 2012. The report then shows how home area network technologies, sensory technology and others that offer better connectivity and energy management, are set to surpass the previously dominant factors. It is expected to grow at a CAGR of 26.3% from 2013 to 2019.
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The report provides a geographical division of the home energy management systems market. It states North America to be the largest HEM systems market in 2012. The region was followed by Europe and Asia-Pacific. Europe has been shown to be the fastest growing HEM systems market with a CAGR of 26.2%. Reasons for this rapid rate of growth have been cited as a complete roll-out of smart meters and government mandates that increase the importance of energy management systems. The energy generated in Asia-Pacific and the Rest of the World is heavily subsidized, due to which the homeowners do not show much interest to invest in HEM systems.
The report mentions the key players in the HEM systems market as Panasonic Corporation, General Electric Company, Honeywell International, Intel Corporation and Cisco Systems.
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