Home Energy Management Revenue Is Expected to Total More than $22 Billion from 2014 to 2023, According to Navigant Research
The global market is expected to peak in 2020 following Great Britain's government-mandated smart meter rollout, report finds
BOULDER, Colo.--A recent report from Navigant Research examines regional and global trends in the home energy management (HEM) market, including global HEM market forecasts, broken out by segment and world region, through 2023.
Shortly after Google purchased Nest Labs in January 2014, HEM stakeholders began reporting increased market activity, as the acquisition signaled to vendors, utilities, service providers, and retailers that the value in home energy management and automation was finally gaining recognition. Similarly, consumer awareness began to increase, bringing into focus products and services that can help better manage and control home energy consumption. Click to tweet: According to a recent report from Navigant Research, cumulative HEM revenue is expected to exceed $22 billion from 2014 to 2023.
"Competition is heating up among vendors and, at the same time, HEM products are becoming more accessible to consumers, with retailers such as Best Buy, Staples, and Lowe's marketing products that include energy management features," says Neil Strother, principal research analyst with Navigant Research. "Even though the HEM market is still in its early stages of growth, 2015 is shaping up to be a pivotal year for expansion."
Annual HEM revenue is expected to peak in 2020, according to the report, following the government-mandated deployment of millions of smart meters and related HEM equipment in homes and small businesses across Great Britain. After the rollout is complete, industry revenue is expected to continue to be fueled by market-driven forces, including a steady rise in energy costs and the increasing availability of new energy management products and services residential customers are likely to adopt.
The report, "Home Energy Management," examines regional and global HEM trends, with an emphasis on products and services along a continuum of five segments: paper bills, web portals, standalone HEM systems, in-home displays (IHDs), and networked HEM systems. The report examines the key drivers and inhibitors affecting the market and delves into the major technology issues. Global HEM market forecasts, broken out by segment and world region, extend through 2023. The report also provides key vendor profiles and analysis of new players, as well as details on specific HEM case studies. 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 Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients' needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.