North America Residential Energy Management (REM) Market, By User Interface Application (Smart Meters, 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 (U.S., Canada and Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America Residential Energy Management (REM) Market
The 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 a CAGR of 32.9% in the forecast period of 2021 to 2028 and is expected to reach Euro 17,460.24 million by 2028. Consumer awareness towards efficient energy management system and advanced metering infrastructure (AMI) rollout are some of the factors driving the growth of the residential energy management (REM) market growth.
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.
The increasing need to improvise utility sector efficiency is boosting the growth of the residential energy management (REM) market. The lack of awareness and standard guidance is restricting the growth of the residential energy management (REM) market. The smart homes propelling both private and government to invest are driving various opportunities for the residential energy management (REM) market. The issue arising through connectivity with IoT enabled devices such as smartphones is the privacy issue that is posing a challenge for the residential energy management (REM) market.
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 residential energy management (REM) market scenario contact Data Bridge Market Research 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
The 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 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 due to increasing adoption of smart meters, stringent government regulations to conserve energy, technological developments that help to collect and monitor data usage, increased energy savings and simplify energy reporting are some of the factors which help to boost the residential energy management (REM) market.
- 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 owing to low operational cost, time saving to the consumers for reporting the meter reading back to the energy providers, more accuracy in bills, informed real consumption of energy and better oversight and management of energy use with a real-time data display are some of the factors helping the segment to dominate in the residential energy management (REM) market.
- 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 owing to the increasing development in components such as HVAC, demand response devices and gateways. In addition, the online analysis with real time monitoring solution created the major demand for advanced components which is also one of the factors boosting the segment growth in the residential energy management (REM) market.
- On the basis of communication technology, the residential energy management (REM) market is segmented into zigbee, Z-wave, Wi-fi, homeplug, wireless M-bus and thread. In 2021, zigbee segment holds the largest market share since zigbee has emerged as the dominant standard for wireless automation networks.
- 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 it provides more advanced features so as to enable the transformation of traditional structures into smart homes.
North America Residential Energy Management (REM) Market Country Level Analysis
North America residential energy management (REM) market is analysed and market size information is provided by the country, platform, user interface application, component, communication technology and end user as referenced above.
The countries covered in the North America residential energy management (REM) market report are the U.S., Canada and Mexico.
The U.S. has been accounted for the largest market share for the growth of the North America residential energy management (REM) market because of the rising penetration of smart homes along with smart meters, smart thermostats, in-house displays (IHD) and smart appliances and increasing demand for energy and cost saving technologies in the country. While, Canada is dominating with the second highest share owing to the fact that the country has major number of prominent players along with smart automation for smart meters for providing environmental friendly structure for the reliable residential energy management (REM).
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 North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing Need to Improvise Utility Sector Efficiency in Residential Energy Management (REM) Market
The 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 2011 to 2019.
Competitive Landscape and Residential Energy Management (REM) Market Share Analysis
The 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, North America 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 North America residential energy management (REM) market.
The major players covered in the North America residential energy management (REM) market report are Lutron Electronics Co., Inc., SAVANT TECHNOLOGIES LLC (a subsidiary of GENERAL ELECTRIC COMPANY), Schneider Electric, Elster Solutions (a subsidiary of Honeywell International Inc.), ABB, Siemens, Aclara Technologies LLC, ecobee, Uplight, Inc., e-peas, Cisco, LG Electronics, Itron Inc., SAMSUNG SDI CO.,LTD. (a subsidiary of SAMSUNG ELECTRONICS CO., LTD.), EcoFactor, GridPoint, Landis+Gyr, Panasonic Corporation, COMCAST among other domestic 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 November 2020, Itron Inc. partnered with CPS Energy's Residential Energy Assistance Partnership (REAP) that provides energy bills administered to it. The contribution implements CPS energy to improve energy and water literacy to inspire. The company enhanced its business outcome through the extension of its product portfolio from the partnership attracting more customers to it.
Collaboration, joint ventures and other strategies by the market players is enhancing the company market in the residential energy management (REM) market which also provides the benefit for organisation to improve their offering for residential energy management (REM).
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