The global home energy management systems market is anticipated to generate revenues of USD 2,892.4 million in 2023. Demand is anticipated to increase at a CAGR of 17.7% and reach USD 104,360.3 million by 2033. The leading factors of this expansion are increasing power consumption and cutting-edge technology like the smart grid.
Market progress is possible by limiting greenhouse gas emissions and minimizing possible exposure. To change energy prices, and implement advanced energy-efficient technology. This is likely to expand the solar home energy management systems market by 2033.
For instance, SunPower, a solar-tech company, has introduced the only home solar + storage solution built and warranted by a single business, SunPower, a solar technology company. It has introduced SunVault Storage, which connects with SunPower Equinox solar systems. It provides whole-home backup in the event of a power outage.
The adoption of home energy management systems is anticipated to be high due to the increased global investment in smart grid infrastructure. Governments and energy organizations are attempting to upgrade the current smart grid infrastructure to effectively satisfy the public's changing energy needs.
For instance, to aid in the creation of a smart grid in Spain, the European Investment Bank (EIB) and Iberdrola inked a green financing arrangement worth USD 607.38 million.
| Attributes | Details |
|---|---|
| HEMS Market Expected CAGR (2023 to 2033) | 17.7% |
| HEMS Market Expected Size (2023) | USD 2,892.4 million |
| HEMS Market Expected Size (2033) | USD 104,360.3 million |
| Market CAGR (2018 to 2022) | 6.3% |
|---|---|
| Market Size (2018) | USD 1,283.8 million |
| Market Size (2022) | USD 2,451.2 million |
| Market Growth Rate (between 2022 and 2023) | 1.17x |
Energy management strategies have undergone a revolutionary transformation. This is regarding many sectors of power consumption, such as electricity usage patterns and energy conservation at consumption premises.
A smart home energy management system that significantly increases efficiency is required for a modern home. This raised the global adoption rate to 1.17x between 2022 and 2023.
According to FMI, domestic energy consumption is likely to increase by 0.3% annually by 2030. Consequently, home energy management systems sales are expected to be supported by energy optimization solutions, such as a smart home's electrical board.
The worldwide EMS market is anticipated to hold a sizable market share for the home energy management systems industry share. Smart building development is accelerating urbanization in developing nations. Like China, India, Japan, Argentina, Mexico, Brazil, and South Korea.
The knowledge of housing development in these nations has led to an increase in demand for better housing infrastructure. As home energy management software is used in newly constructed buildings, the global market is likely to reach USD 9,050.4 million by 2030.
Manufacturers and suppliers of home energy management systems are concentrating on power storage, control, and monitoring. Key players' top priorities are energy independence and automation, and developments are moving in this direction.
For instance: Schneider Electric is the industry leader in the digital transformation of energy management and automation. For homes looking for cost savings, comfort, and energy independence, the company introduced Schneider Home, a ground-breaking home energy management solution.
Like any industry, this one also faces challenges. The global market growth is significantly constrained by the high initial cost associated with adopting energy management systems. However, the government's push for smart house development is anticipated to open doors for the home energy management systems sector.
Governments are crucial in promoting energy-saving efforts and the installation of smart buildings. Regulations and policies have been devised to improve energy efficiency and reduce a building's consumption of renewable energy, home HVAC systems, and lighting.
| Countries | Market Share (2022) |
|---|---|
| United States | 16.5% |
| Australia | 2.7% |
| Germany | 7.1% |
| Japan | 5.4% |
By 2033, the home energy management systems market share is predicted to generate a sizable amount of revenue in the United States. This is due to technological improvements and the growing use of wireless technologies like ZigBee, Wi-Fi, and Z-wave. The regional sector is also made stronger by the rising demand for home LAN hardware.
Home energy management systems companies are also pleading with the government to expand existing programs and seek funding. Also, a lot of the organizations are concentrating on leveraging funding from the bipartisan Infrastructure Investment and the American Rescue Plan Act of 2021. As a result, the market under study is anticipated to benefit from this requirement for energy efficiency.
By implementing the National Action Plan Energy Efficiency strategy, the German government is on track to rank among the world's leading eco-friendly and energy-efficient nations.
Funding plans for energy audits and efficiency measures are covered. The nation intends to lower its usage of primary energy by 30% by 2030 compared to 2008 levels, according to the Ministry for Economic Affairs.
Since 2010, Germany has placed a priority on long-term, sustainable energy. A strategy plan known as the Energy Concept was adopted by the nation for the use of renewable energy. This plan lays the groundwork for a renewable energy-based route that is focused on the year 2050.
Market leaders focus on supportive energy policies and laws aimed at lowering the nation's carbon footprint. Implementation of smart meters and energy-efficient buildings & systems contributes to the sales of home energy management systems.
Energy providers are required to put smart meters in 26 million homes by the United Kingdom government. The European directive is to reduce carbon emissions by 80% by 2050, along with the increasing smart meter rollout and increased awareness of the energy problem.
| Countries | Market CAGR (2023 to 2033) |
|---|---|
| China | 15.4% |
| India | 16.7% |
The quantity of investments made has also been increasing in the Asia Pacific area. Between 2016 and 2020, the average annual energy investment in the region was around USD 70,000 million, of which 40% went to clean energy technologies. The main investments involved in grids, solar, and wind energy. Due to the rising use of smart home technology in nations like China and India, Asia Pacific is anticipated to have considerable growth over the forecast period.
| Category | Communication Technology |
|---|---|
| Top Segment | Wi-Fi |
| Market Share (2022) | 26.5% |
| Category | Offering |
|---|---|
| Top Segment | Hardware |
| Market Share (2022) | 38.9% |
In 2022, the hardware sector held the leading market share of 26.5%. This is explained by the increased use of communication and sensor technology. Nonetheless, the software plays a key role in reducing energy consumption and providing data on consumption trends. Software components are more popular now since they provide useful energy data insights that are used to cut costs and streamline processes.
By 2033, WiFi communication technology is anticipated to rule the market. In recent years, WiFi technology has advanced substantially, resulting in quicker speeds and higher reliability. Due to this, it has become simpler for manufacturers to create HEMS systems that offer real-time data and control functions without calling for challenging installations.
As ZigBee modules are frequently used to monitor the energy usage of residential appliances, the ZigBee-powered market is expected to expand significantly. ZigBee is a widely used wireless, low-power mesh networking protocol that enables users with smaller batteries and is utilized in wireless control applications.
Home energy management systems manufacturers are anticipated to expand their market share. By creating innovative products that cater to consumers' shifting demands and preferences. This entails enhancing functionality, cutting expenses, and adding new features.
Manufacturers aim to spend money on customer education and awareness initiatives to increase acceptance. This clarifies the benefits of home energy management systems and how they are used to save energy and money.
Manufacturers who create AI and ML capabilities that can react to shifting consumer preferences and energy usage trends are going to have a big competitive edge.
For instance:
Globally, the smart home has become popular, inspiring top home energy management systems businesses to develop technology alliances and take a strategic stance. Home energy management systems are a significant emerging industry due to the growing IoT trend.
Several government organizations want to use product approvals to encourage the adoption of these systems. To get a competitive edge during the forecast period, the firms are anticipated to expand their market share through many alliances and investments in the introduction of new solutions.
Recent Developments:
January 2022: To penetrate the global smart home market, Zigbang announced the acquisition of Samsung SDS's home Internet of Things (IoT) unit. The former is preparing to automate real estate transactions, smart home gadgets, and living spaces.
September 2022: A highly scalable Linux and Kubernetes-based platform designed to execute thousands of workloads on a single system was unveiled as the new edition of IBM's LinuxONE server.
August 2021: A contract was signed by Mitsubishi Electric Company to purchase Smarter Grid Solutions (SGS). SGS solutions, according to Mitsubishi Electric, are consistent with the company's environmental sustainability vision. This calls for a decarbonized society with lower greenhouse gas emissions by 2050.
Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Global Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 3: Global Market Value (US$ Million) Forecast by Service, 2018 to 2033
Table 4: Global Market Value (US$ Million) Forecast by Technology, 2018 to 2033
Table 5: North America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 6: North America Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 7: North America Market Value (US$ Million) Forecast by Service, 2018 to 2033
Table 8: North America Market Value (US$ Million) Forecast by Technology, 2018 to 2033
Table 9: Latin America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 10: Latin America Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 11: Latin America Market Value (US$ Million) Forecast by Service, 2018 to 2033
Table 12: Latin America Market Value (US$ Million) Forecast by Technology, 2018 to 2033
Table 13: Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 14: Europe Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 15: Europe Market Value (US$ Million) Forecast by Service, 2018 to 2033
Table 16: Europe Market Value (US$ Million) Forecast by Technology, 2018 to 2033
Table 17: South Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 18: South Asia Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 19: South Asia Market Value (US$ Million) Forecast by Service, 2018 to 2033
Table 20: South Asia Market Value (US$ Million) Forecast by Technology, 2018 to 2033
Table 21: East Asia Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 22: East Asia Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 23: East Asia Market Value (US$ Million) Forecast by Service, 2018 to 2033
Table 24: East Asia Market Value (US$ Million) Forecast by Technology, 2018 to 2033
Table 25: Oceania Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 26: Oceania Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 27: Oceania Market Value (US$ Million) Forecast by Service, 2018 to 2033
Table 28: Oceania Market Value (US$ Million) Forecast by Technology, 2018 to 2033
Table 29: MEA Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 30: MEA Market Value (US$ Million) Forecast by Component, 2018 to 2033
Table 31: MEA Market Value (US$ Million) Forecast by Service, 2018 to 2033
Table 32: MEA Market Value (US$ Million) Forecast by Technology, 2018 to 2033
Figure 1: Global Market Value (US$ Million) by Component, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by Service, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by Technology, 2023 to 2033
Figure 4: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 5: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 6: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 7: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 8: Global Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 9: Global Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 10: Global Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 11: Global Market Value (US$ Million) Analysis by Service, 2018 to 2033
Figure 12: Global Market Value Share (%) and BPS Analysis by Service, 2023 to 2033
Figure 13: Global Market Y-o-Y Growth (%) Projections by Service, 2023 to 2033
Figure 14: Global Market Value (US$ Million) Analysis by Technology, 2018 to 2033
Figure 15: Global Market Value Share (%) and BPS Analysis by Technology, 2023 to 2033
Figure 16: Global Market Y-o-Y Growth (%) Projections by Technology, 2023 to 2033
Figure 17: Global Market Attractiveness by Component, 2023 to 2033
Figure 18: Global Market Attractiveness by Service, 2023 to 2033
Figure 19: Global Market Attractiveness by Technology, 2023 to 2033
Figure 20: Global Market Attractiveness by Region, 2023 to 2033
Figure 21: North America Market Value (US$ Million) by Component, 2023 to 2033
Figure 22: North America Market Value (US$ Million) by Service, 2023 to 2033
Figure 23: North America Market Value (US$ Million) by Technology, 2023 to 2033
Figure 24: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 25: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 26: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 27: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 28: North America Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 29: North America Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 30: North America Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 31: North America Market Value (US$ Million) Analysis by Service, 2018 to 2033
Figure 32: North America Market Value Share (%) and BPS Analysis by Service, 2023 to 2033
Figure 33: North America Market Y-o-Y Growth (%) Projections by Service, 2023 to 2033
Figure 34: North America Market Value (US$ Million) Analysis by Technology, 2018 to 2033
Figure 35: North America Market Value Share (%) and BPS Analysis by Technology, 2023 to 2033
Figure 36: North America Market Y-o-Y Growth (%) Projections by Technology, 2023 to 2033
Figure 37: North America Market Attractiveness by Component, 2023 to 2033
Figure 38: North America Market Attractiveness by Service, 2023 to 2033
Figure 39: North America Market Attractiveness by Technology, 2023 to 2033
Figure 40: North America Market Attractiveness by Country, 2023 to 2033
Figure 41: Latin America Market Value (US$ Million) by Component, 2023 to 2033
Figure 42: Latin America Market Value (US$ Million) by Service, 2023 to 2033
Figure 43: Latin America Market Value (US$ Million) by Technology, 2023 to 2033
Figure 44: Latin America Market Value (US$ Million) by Country, 2023 to 2033
Figure 45: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 46: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 47: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 48: Latin America Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 49: Latin America Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 50: Latin America Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 51: Latin America Market Value (US$ Million) Analysis by Service, 2018 to 2033
Figure 52: Latin America Market Value Share (%) and BPS Analysis by Service, 2023 to 2033
Figure 53: Latin America Market Y-o-Y Growth (%) Projections by Service, 2023 to 2033
Figure 54: Latin America Market Value (US$ Million) Analysis by Technology, 2018 to 2033
Figure 55: Latin America Market Value Share (%) and BPS Analysis by Technology, 2023 to 2033
Figure 56: Latin America Market Y-o-Y Growth (%) Projections by Technology, 2023 to 2033
Figure 57: Latin America Market Attractiveness by Component, 2023 to 2033
Figure 58: Latin America Market Attractiveness by Service, 2023 to 2033
Figure 59: Latin America Market Attractiveness by Technology, 2023 to 2033
Figure 60: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 61: Europe Market Value (US$ Million) by Component, 2023 to 2033
Figure 62: Europe Market Value (US$ Million) by Service, 2023 to 2033
Figure 63: Europe Market Value (US$ Million) by Technology, 2023 to 2033
Figure 64: Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 65: Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 66: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 67: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 68: Europe Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 69: Europe Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 70: Europe Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 71: Europe Market Value (US$ Million) Analysis by Service, 2018 to 2033
Figure 72: Europe Market Value Share (%) and BPS Analysis by Service, 2023 to 2033
Figure 73: Europe Market Y-o-Y Growth (%) Projections by Service, 2023 to 2033
Figure 74: Europe Market Value (US$ Million) Analysis by Technology, 2018 to 2033
Figure 75: Europe Market Value Share (%) and BPS Analysis by Technology, 2023 to 2033
Figure 76: Europe Market Y-o-Y Growth (%) Projections by Technology, 2023 to 2033
Figure 77: Europe Market Attractiveness by Component, 2023 to 2033
Figure 78: Europe Market Attractiveness by Service, 2023 to 2033
Figure 79: Europe Market Attractiveness by Technology, 2023 to 2033
Figure 80: Europe Market Attractiveness by Country, 2023 to 2033
Figure 81: South Asia Market Value (US$ Million) by Component, 2023 to 2033
Figure 82: South Asia Market Value (US$ Million) by Service, 2023 to 2033
Figure 83: South Asia Market Value (US$ Million) by Technology, 2023 to 2033
Figure 84: South Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 85: South Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 86: South Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 87: South Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 88: South Asia Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 89: South Asia Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 90: South Asia Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 91: South Asia Market Value (US$ Million) Analysis by Service, 2018 to 2033
Figure 92: South Asia Market Value Share (%) and BPS Analysis by Service, 2023 to 2033
Figure 93: South Asia Market Y-o-Y Growth (%) Projections by Service, 2023 to 2033
Figure 94: South Asia Market Value (US$ Million) Analysis by Technology, 2018 to 2033
Figure 95: South Asia Market Value Share (%) and BPS Analysis by Technology, 2023 to 2033
Figure 96: South Asia Market Y-o-Y Growth (%) Projections by Technology, 2023 to 2033
Figure 97: South Asia Market Attractiveness by Component, 2023 to 2033
Figure 98: South Asia Market Attractiveness by Service, 2023 to 2033
Figure 99: South Asia Market Attractiveness by Technology, 2023 to 2033
Figure 100: South Asia Market Attractiveness by Country, 2023 to 2033
Figure 101: East Asia Market Value (US$ Million) by Component, 2023 to 2033
Figure 102: East Asia Market Value (US$ Million) by Service, 2023 to 2033
Figure 103: East Asia Market Value (US$ Million) by Technology, 2023 to 2033
Figure 104: East Asia Market Value (US$ Million) by Country, 2023 to 2033
Figure 105: East Asia Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 106: East Asia Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 107: East Asia Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 108: East Asia Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 109: East Asia Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 110: East Asia Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 111: East Asia Market Value (US$ Million) Analysis by Service, 2018 to 2033
Figure 112: East Asia Market Value Share (%) and BPS Analysis by Service, 2023 to 2033
Figure 113: East Asia Market Y-o-Y Growth (%) Projections by Service, 2023 to 2033
Figure 114: East Asia Market Value (US$ Million) Analysis by Technology, 2018 to 2033
Figure 115: East Asia Market Value Share (%) and BPS Analysis by Technology, 2023 to 2033
Figure 116: East Asia Market Y-o-Y Growth (%) Projections by Technology, 2023 to 2033
Figure 117: East Asia Market Attractiveness by Component, 2023 to 2033
Figure 118: East Asia Market Attractiveness by Service, 2023 to 2033
Figure 119: East Asia Market Attractiveness by Technology, 2023 to 2033
Figure 120: East Asia Market Attractiveness by Country, 2023 to 2033
Figure 121: Oceania Market Value (US$ Million) by Component, 2023 to 2033
Figure 122: Oceania Market Value (US$ Million) by Service, 2023 to 2033
Figure 123: Oceania Market Value (US$ Million) by Technology, 2023 to 2033
Figure 124: Oceania Market Value (US$ Million) by Country, 2023 to 2033
Figure 125: Oceania Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 126: Oceania Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 127: Oceania Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 128: Oceania Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 129: Oceania Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 130: Oceania Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 131: Oceania Market Value (US$ Million) Analysis by Service, 2018 to 2033
Figure 132: Oceania Market Value Share (%) and BPS Analysis by Service, 2023 to 2033
Figure 133: Oceania Market Y-o-Y Growth (%) Projections by Service, 2023 to 2033
Figure 134: Oceania Market Value (US$ Million) Analysis by Technology, 2018 to 2033
Figure 135: Oceania Market Value Share (%) and BPS Analysis by Technology, 2023 to 2033
Figure 136: Oceania Market Y-o-Y Growth (%) Projections by Technology, 2023 to 2033
Figure 137: Oceania Market Attractiveness by Component, 2023 to 2033
Figure 138: Oceania Market Attractiveness by Service, 2023 to 2033
Figure 139: Oceania Market Attractiveness by Technology, 2023 to 2033
Figure 140: Oceania Market Attractiveness by Country, 2023 to 2033
Figure 141: MEA Market Value (US$ Million) by Component, 2023 to 2033
Figure 142: MEA Market Value (US$ Million) by Service, 2023 to 2033
Figure 143: MEA Market Value (US$ Million) by Technology, 2023 to 2033
Figure 144: MEA Market Value (US$ Million) by Country, 2023 to 2033
Figure 145: MEA Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 146: MEA Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 147: MEA Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 148: MEA Market Value (US$ Million) Analysis by Component, 2018 to 2033
Figure 149: MEA Market Value Share (%) and BPS Analysis by Component, 2023 to 2033
Figure 150: MEA Market Y-o-Y Growth (%) Projections by Component, 2023 to 2033
Figure 151: MEA Market Value (US$ Million) Analysis by Service, 2018 to 2033
Figure 152: MEA Market Value Share (%) and BPS Analysis by Service, 2023 to 2033
Figure 153: MEA Market Y-o-Y Growth (%) Projections by Service, 2023 to 2033
Figure 154: MEA Market Value (US$ Million) Analysis by Technology, 2018 to 2033
Figure 155: MEA Market Value Share (%) and BPS Analysis by Technology, 2023 to 2033
Figure 156: MEA Market Y-o-Y Growth (%) Projections by Technology, 2023 to 2033
Figure 157: MEA Market Attractiveness by Component, 2023 to 2033
Figure 158: MEA Market Attractiveness by Service, 2023 to 2033
Figure 159: MEA Market Attractiveness by Technology, 2023 to 2033
Figure 160: MEA Market Attractiveness by Country, 2023 to 2033
The home energy management systems market is estimated to be worth USD 2,892.4 million in 2023.
The home energy management systems market is expected to have a CAGR of 17.7% by 2033.
The home energy management systems market expanded at a share of USD 2,451.2 million in 2022.
North America's home energy management systems market accounted for a share of 27.4% in 2022.
By 2033, it is anticipated that the home energy management systems sector in the United Kingdom experience a CAGR of 16.3%.
The market is valued at USD 2,892.4 million in 2023.
A 1.17x increase in global adoption rate is predicted for 2022 to 2023.
Government initiatives and smart infrastructures to drive the market.
The market exhibited a 2.7% share in 2022.
The hardware segment exhibited a 38.9% CAGR by 2022.
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Home Energy Management Systems Market
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