The global market for Home Energy Management Systems (HEMS) products will reach $85 billion by 2015, representing a compound annual growth rate of nearly 13 percent since 2006, according to a new report by market research publisher SBI Energy. The landscape for HEMS product development will continue to flourish through 2020.
Research firm Parks Associates also predicts that U.S. households with some form of energy management network will rise from 2 percent in 2011 to 13 percent by 2015. Parks says its latest research reveals that 80 percent of U.S. consumers have invested in some form of energy-saving improvement for their current homes.
SBI Energy estimates total global spending on all HEMS products is currently $54 billion. Much of the spending is associated with integrated communications products, a sector that will benefit from more than $16 billion in sales in 2011, growing to reach $29.2 billion in 2015.
SBI’s report, “Global Home Energy Management Systems Products Market,” provides complete analysis of HEMS products, with data segmented by categories of integrated communications products; control and protection products; monitoring and recording products; improved interfaces and decision support; and in-home smart devices. The report also investigates the economic factors affecting the growth of the HEMS products market and trends that are driving industry development, marketing, and product innovation through 2020.
Reasons for Adoption
Parks says consumers have made energy efficiency improvements to their homes both to save money and enhance their lifestyle. Says Parks’ president Stuart Sikes:
In fact, 65% of people investing in energy-saving home improvements did so to make their homes “more comfortable.” This is an important point for those marketing energy management solutions: consumers want savings, but they will also spend on energy solutions to improve the overall comfort level, aesthetic, and value of their home.
Parks has also found that smartphone users and those with security systems are more apt to want home energy management systems.
Also see:
Ride the Connected Wave to Energy Management Success
5 Biggest Drivers for Energy Management
The 12-Step Program to Better Green Marketing
