Global Residential Energy Management (REM) Market – Industry Trends and Forecast to 2030

Global Residential Energy Management (REM) Market, By Platform (Energy Management Platform (EMP), Energy Analytics, Customer Engagement Platform (CEP)), Communication Technology (ZigBee, Wireless M-Bus, Threads, Wi-Fi, Z-Wave, Home Plugs), Hardware (Gateways, Demand Response (DR) Devices, Ventilating, Load Control Switches (LCS), Heating and Air-Conditioning (HVAC) Control Devices), Component (Sensors, Controllers, Software, Batteries, Display Devices, Others), Category (Wired, Wireless), Application (Smart Appliances, Smart Meters, Smart Thermostats, In-House Displays (IHD), Others) - Industry Trends and Forecast to 2030.

Residential Energy Management (REM) Market Analysis and Size

Residential energy management can monitor the energy consumption of the home residents to help them adapt their energy usage behavior based on the feedback they receive from the system This management solutions basically consume less power and results in lower utility bills.

Data Bridge Market Research analyses that the global residential energy management (REM) market is expected to reach USD 7,402.22 million by 2030, from 2,804.21 in 2022 and is expected to undergo a CAGR of 12.9% during the forecast period of 2023 to 2030. “Energy Management Platform (EMP)” dominates the platform segment of the global residential energy management (REM) market due to demand from growing markets. Advanced metering infrastructure (AMI) rollout and increasing consumer interest is expected to influence the growth of Residential Energy Management (REM) market over the forecast period of 2023 to 2030. The rise in demand for connect devices across the globe is one of the major factors driving the growth of the residential energy management (REM) market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Residential Energy Management (REM) Market Scope and Segmentation

Market Definition

Residential energy management (REM) are the vehicles which are utilized to travel from one destination to another, which are essentially utilized for transporting passengers. Residential energy management (REM) are the most common mode of transportation in advanced countries. They are growing in numbers in emerging countries due to growing per capita income.  

Global Residential Energy Management (REM) Market Dynamics

Drivers

• Rise in Advanced Metering Infrastructure (AMI) Rollout

The factors such as advanced metering infrastructure (AMI) rollout and increasing consumer interest in efficient energy management are expected to emerge as the significant factors accelerating the growth of residential energy management (REM) market in the forecast period of 2023 to 2030.

• The Effective Government Regulations to Raises the Demand for Renewables and Sustainable Solutions

In addition to this, the effective government regulations to raises the demand for renewables and sustainable solutions, increased energy efficiency of appliances and insulation, attractive prospects for smart homes that are propelling both private/government agencies and wide applications of these solutions in the different sector will further aggravate the growth of the residential energy management (REM) market in the above-mentioned forecast period. The rising need to improvise utility sector efficiency and growing popularity of sustainable power resources are also projected to boost the growth of the market.

Opportunity

• Rising Interest of Smart Appliances Manufacturers

The rising interest of smart appliances manufacturers and addition of all the user interface appliances over smartphones are also anticipated to generate lucrative opportunities for the residential energy management (REM) market in the forecast period of 2023 to 2030. The lack of support from network service providers will pose as a challenge for the residential energy management (REM) market.

Restraint/Challenge

• Lack of Awareness along with Standard Guidelines

However, the lack of awareness along with standard guidelines and high initial cost results as a growth restraint for the market. The high initial investments and lack of skilled workforce to implement modern solutions is also expected to hamper the market’s growth.

Recent Development

• In July 2020, China increased the expiration date of its NEV subsidy program from 2020 to the end of 2022, despite beginning to reduce base subsidy levels by 10%, 20%, and 30% year (between 2020 and 2022). It also extended the exemption from purchase taxes for NEVs until the end of 2023.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Residential Energy Management (REM) Market Scope

The global residential energy management (REM) market is segmented on the basis of platform, communication technology, hardware, component, category and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Platform

• Energy Management Platform (EMP)
• Energy Analytics
• Customer Engagement Platform (CEP)

Communication Technology

• ZigBee
• Wireless M-Bus Threads
• Wi-Fi
• Z-Wave
• Home Plugs

Hardware

• Gateways
• Demand Response (DR) Devices
• Ventilating
• Load Control Switches (LCS)
• Heating and Air-Conditioning (HVAC) Control Devices

Component

• Sensors
• Controllers
• Software
• Batteries
• Display Devices
• Others

Category

• Wired
• Wireless

Application

• Smart Appliances
• Smart Meters
• Smart Thermostats
• In-House Displays (IHD)
• Others

Global Residential Energy Management (REM) Market Region Analysis/Insights

The global residential energy management (REM) market is analyzed and market size insights and trends are provided by platform, communication technology, hardware, component, category and application as referenced above.

The regions covered in the global residential energy management (REM) market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the Global Residential Energy Management (REM) Market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa

North America dominates the global residential energy management (REM) market because North America is home to renowned research institutions, universities, and technology companies that conduct cutting-edge research in photonics and integrated circuit technologies. This strong R&D ecosystem fosters innovation and drives advancements in residential energy management (REM) circuits.

Asia-Pacific is expected to be fastest-growing country in the global residential energy management (REM) market due to the Asia-Pacific region has a large and rapidly growing population, along with a significant increase in internet usage and data consumption. This drives the demand for high-speed and efficient communication networks, which can benefit from the use of residential energy management (REM) circuits. PICs are capable of integrating multiple optical components on a single chip, making them well-suited for high-speed data transmission and communication applications.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Residential Energy Management (REM) Market Share Analysis

The global residential energy management (REM) market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the company's focus related to the global residential energy management (REM) market.

Some of the major players operating in the global residential energy management (REM) market are:

• ABB (Switzerland)
• Eaton (Ireland)
• Schneider Electric (France)
• Honeywell International (U.S.)
• Siemens (Germany)
• General Electric (U.S.)
• Engie (France)
• E.On (Germany)
• Bosch (Germany)
• Landis+Gyr (Switzerland)
• Itron (U.S.)
• Emerson (U.S.)
• Trane Technologies (Ireland)
• Tantalus system Corp, (U.S.)
• Provident Energy Management Inc. (Canada)
• Sunverge Energy Inc.(U.S.)
• Koben System Inc. (Canada)
• NeoSilica (India)
• Lockheed Martin Corporation (U.S.)
• Uplight (U.S.)
• Span.IO (U.S.)
• Lumin (U.S.)
• RacePoint Energy (U.S.)
• Appartme (Poland)
• Wattics Ltd (U.K.)