Key market drivers include consumer demand, accessible hardware, and environmental concerns
BOULDER, Colo.--(BUSINESS WIRE)--#AdvancedMetering--A new report from Navigant Research examines the home energy management (HEM) market, its key players, and important technology trends, along with the main market drivers and inhibitors.
New technologies and approaches are altering the HEM market. While advanced metering infrastructure projects have reached maturity, other technologies in front of and behind the meter have taken on greater importance. Smart thermostats and smart plugs, for example, have gained traction among residential customers and become key elements of a HEM strategy. Click to tweet: According to a new report from @NavigantRSRCH, global HEM revenue is projected to grow from nearly $4.4 billion in 2019 to more than $12 billion in 2028.
“There have been major advances in how data can be used for HEM solutions. With improved data analytics tools, more utilities and vendors are leveraging those to support residential customers seeking deeper insights into how they might use energy more efficiently,” says Neil Strother, principal research analyst with Navigant Research. “Additionally, new channels to engage with customers on HEM topics have emerged, such as via voice assistants like Amazon Alexa or Google Home.”
While inhibitors like lack of standardization and cost keep the adoption of HEM solutions in check, there also are substantial market drivers. Customer engagement enabling new touchpoints, access to more advanced hardware, and growing environmental concerns are among the key drivers. Assuming healthy growth for the worldwide HEM market, Navigant Research expects revenues from HEM solutions to expand to $4.6 billion in North America, and to $3.6 billion in Europe in 2028.
The report, Home Energy Management Overview, provides a comprehensive overview of the HEM market, main drivers, barriers, key players, and important technology trends. In addition to profiles of key players, the report includes a strengths, weaknesses, opportunities, and threats (SWOT) analysis for each firm. Navigant Research expects healthy growth for the HEM market, with worldwide revenue for HEM solutions projected to nearly triple between 2019 and 2028. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Home Energy Management Overview, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.