Asia-Pacific Residential Energy Management (REM) Market, By User Interface Application (Smart Meter, Smart Thermostats, In-House Displays (IHD), and Smart Appliances), Platform (Energy Management Platform (EMP), Energy Analytics, and Customer Engagement Platform (CEP)), Component (Hardware, and Software), Communication Technology (Zigbee, Z-Wave, Wi-Fi, Homeplug, Wireless M-Bus, and Thread), End-User (Independent Homes, and Apartment), Country (China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, and Rest of Asia-Pacific) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Asia-Pacific Residential Energy Management (REM) Market
Asia-Pacific residential energy management (REM) market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with the highest CAGR of 35.8% in the forecast period of 2021 to 2028 and expected to reach Euro 10,310.88 million by 2028. The focus of consumer towards efficient energy management provides environmental friendly and reduced CO2 emission. Improving the utility sector efficiency is boosting the growth of the market.
A home energy management system is a hardware and software technology platform that enables the user to monitor the use and production of energy and to manually control and/or automate the use of energy within a household. In the production, transmission and distribution systems of power system networks, residential energy management (REM) has difficult applications. Demand management is important among the applications and real time pricing (RTP) is two ordinary demand side management (DSM) techniques designed by special energy suppliers with features of the energy management system. Residential energy management (REM) is an important current expansion for residential and industrial consumers.
For instance,
- In November 2020, Schneider Electric has awarded among the top 50 diversity and inclusion leader by the Financial Times for the second year in a row that promotes all types of diversity in the workplace. The company is going to enhance its brand image which will generate more income to it.
This residential energy management (REM) market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Residential Energy Management (REM) Market Scope and Market Size
Residential energy management (REM) market is segmented on the basis of platform, user interface application, component, communication technology and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of user interface application, the residential energy management (REM) market is segmented into smart meters, smart thermostats, in-house displays (IHD) and smart appliances. In 2021, smart meters segment holds the largest market share due to increasing demand for electricity and the emergence of smart grids provides new opportunities for a residential energy management (REM) that can reduce energy usage.
- On the basis of platform, the residential energy management (REM) market is segmented into energy management platform (EMP), energy analytics and customer engagement platform (CEP). In 2021, energy management platform (EMP) segment is dominating because of the growing installation in residential homes to help manage power supply by communicating with household appliances and utilities, monitor energy usage, and receive information to reduce power consumption by scheduling the usage of household appliances.
- On the basis of component, the residential energy management (REM) market is segmented into hardware and software. In 2021, hardware segment holds the largest market share as gateway and HVAC are providing opportunity for hardware component for REM market.
- On the basis of communication technology, the residential energy management (REM) market is segmented into zigbee, Z-wave, Wi-Fi, home plug, wireless M-bus and thread. In 2021, zigbee segment holds the largest market share due to the rising concern about energy management and easy-to-use wireless home area networks (HANs) for managing energy.
- On the basis of end user, the residential energy management (REM) market is segmented into independent homes and apartment. In 2021, independent homes segment has been accounted for the largest market share as the objective of REM is to improve energy efficiency in homes and buildings apartments. The system is able to monitor and control different devices and appliances in a home, device control should be available to the user manually. Hence, consumer is attracting towards efficient energy management which helps in creating demand for the market.
Residential Energy Management (REM) Market Country Level Analysis
The residential energy management (REM) market is analysed and market size information is provided by country, platform, user interface application, component, communication technology and end user as referenced above.
The countries covered in Asia-Pacific residential energy management (REM) market report are China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, and Rest of Asia-Pacific.
China accounted for the largest market share as the major factors responsible for the growth of the residential energy management (REM) market is the high penetration for solar PV and electric heating appliances helps in the market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Europe brands and their challenges faced due to large or scarce competition from local and domestic Asia-Pacific brands, impact of sales channels are considered while providing forecast analysis of the country data.
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Residential energy management (REM) market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in residential energy management (REM) and changes in regulatory scenarios with their support for the residential energy management (REM) market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Residential Energy Management (REM) Market Share Analysis
Residential energy management (REM) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to residential energy management (REM).
The major players covered in the report are Lutron Electronics Co., Inc., Schneider Electric, Elster Solutions (a subsidiary of Honeywell International Inc.), ABB, Siemens, Aclara Technologies LLC, e-peas, Cisco, LG Electronics, Itron Inc., SAMSUNG SDI CO.,LTD. (a subsidiary of SAMSUNG ELECTRONICS CO., LTD.), Landis+Gyr, Panasonic Corporation, COMCAST among others are Asia-Pacific players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of residential energy management (REM) market.
For instance,
- In September 2020, LG Electronics introduced the new LG Pro Dealer Program which provides residential HVAC for delivering energy efficient products. The company enhanced its business portfolio through the launch delivering more profit to it.
- In November 2020, SAMSUNG SDI CO., LTD. (a subsidiary of SAMSUNG ELECTRONICS CO., LTD.) has boasted the ‘InterBattery 2020’ where small-sized battery for electric/commercial and residential ESS along with UPS exhibited. The company is going to enhance the product portfolio generating more revenue and income to it.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for residential energy management (REM).
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