There are numerous major trends in residential energy management (REM) technology growth. The major trend is the growth of user-friendly and more sophisticated energy management systems. These systems are designed to support homeowners in managing their energy usage more efficiently and lessen their complete energy consumption. Furthermore, there is an increasing trend toward integrating renewable energy sources into residential energy management (REM). This allows homeowners to use wind, solar, or other renewable energy sources to power their residential area and decrease their reliance on traditional energy sources in upcoming years.
According to Data Bridge Market Research, the Residential Energy Management (REM) Market witnessed a healthy CAGR of 40% from 2022 to 2029.
"Multiple benefits associated with energy management systems are expected to drive the market growth"
The multiple benefits of energy management systems in the residential sector are expected to drive the market's growth during the forecast period. Incorporating energy management systems (REM) in residential applications can help define the amount of energy or power being consumed and determine the amount of power or energy required to be cut without putting the operations in danger. These systems can easily measure, monitor, and control the electricity building loads, enabling residents to gather information or data and use it for upcoming references. With the increasing concerns regarding organizations' energy saving, governments are heavily investing in the developments and innovations for energy-efficient solutions for the residential sector.
What restraints the growth of the residential energy management (REM) market?
"lack of awareness will challenge the residential energy management (REM) market"
Inadequate awareness regarding the benefits of residential energy management (REM), such as lowered carbon footprint, return on investment, enhanced well-being and productivity, and improved brand image among consumers, are the major factors restraining the growth of the residential energy management (REM) market.
Segmentation: Global Residential Energy Management (REM) Market
The residential energy management (REM) market is segmented on the basis of platform, communication technology, hardware, component, category, and application.
- On the basis of platform, the residential energy management (REM) market has been segmented into energy management platform (EMP) and energy analytics and customer engagement platform (CEP).
- On the basis of communication technology, the residential energy management (REM) market has been segmented into ZigBee, wireless M-Bus, threads, Wi-Fi, Z-Wave and home plugs.
- On the basis of hardware, the residential energy management (REM) market has been segmented into gateways, demand response (DR) devices, ventilating, load control switches (LCS) and heating and air-conditioning (HVAC) control devices.
- Residential energy management (REM) market on the basis of component has been segmented as sensors, controllers, software, batteries, display devices and others.
- On the basis of category, the residential energy management (REM) market has been segmented into wired and wireless.
- The application segment is segmented into smart appliances, smart meters, smart thermostats, in-house displays (IHD) and others.
Regional Insights: North America is expected to dominate the residential energy management (REM) market
North America is expected to dominate the market and is expected to grow significantly because of various government policies and regulations in this region. Moreover, growing awareness regarding residential energy management (REM) will further boost the growth of this region's residential energy management (REM) market.
In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2022 to 2029 because of increasing population and evolving start-ups focusing on advancing energy-efficient solutions in this region. Furthermore, upcoming smart city projects in evolving countries will further boost the market growth in this region.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-residential-energy-management-market
The Prominent Key Players Operating in the Residential Energy Management (REM) Market Include:
- General Electric (U.S.)
- Honeywell International Inc., (U.S.)
- Oracle (U.S )
- Schneider Electric (France)
- ABB (Switzerland)
- Siemens (Germany)
- Cisco Systems, Inc.(U.S.)
- Panasonic Corporation (Japan)
- SAMSUNG (South Korea)
- LG Electronics (South Korea)
- Google LLC (U.S.)
- Landis+Gyr AG (Switzerland)
- Aclara Technologies LLC. (U.S)
Above are the key players covered in the report, to know about more and exhaustive list of residential energy management (REM) market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Residential Energy Management (REM) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
