The residential energy management market is anticipated to grow at a considerable CAGR of 13.1% during the forecast period (2022-2028). The growing application of HVAC systems in homes is a major factor projected to boost the market growth for residential energy management. Energy management of heating, ventilating and air-conditioning (HVAC) systems are becoming a primary concern among users, as HVAC is the largest user of electricity in buildings. It costs a lot to operate and maintain along with this it is vital building infrastructure. Heating, ventilation, and air conditioning (HVAC) systems account for up to 40% of total energy consumption in buildings, regardless of whether the building is commercial, residential, or industrial.
Browse the full report description of “Residential Energy Management Market Size, Share & Trends Analysis Report by Component (Hardware, and Software), by Communication Technology (Wired, and Wireless), and by Application (Smart Appliances, Smart Meters, Smart Thermostats, In-House Displays (IHD), and Others) Forecast Period (2022-2028)” at https://www.omrglobal.com/industry-reports/residential-energy-management-market
Furthermore, as per International Energy Agency's (IEA) report, the energy demand from air conditioners is further expected to grow three times by 2050. The growing energy demands from HVAC systems are resulting in rising electricity costs. Therefore, having an effective control system in place, such as an Energy Management System (EMS) comes in handy. Energy Management Systems deliver smart buildings with efficient energy management. It monitors and regulates building systems such as HVAC, lighting, and power. It includes both software and hardware that allows appliances, equipment, and gadgets in a building to communicate with one another. Moreover, apart from energy monitoring, It brings together building infrastructure with external data such as weather bureau feeds, and powerful analytical tools. As HVAC systems are frequently among the largest energy consumers in a building, HVAC manufacturers are seeking ways to improve their products' energy efficiency and offer tools to customers that can assist them in monitoring their devices or systems.
Market Coverage
• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Component
o By Communication Technology
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape – Honeywell International Inc., LG Electronics, Panasonic Industry Co., Ltd., Samsung Electronics, Schneider Electric Industries SAS, and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Residential Energy Management Market Report Segment
By Component
By Communication Technology
By Application
Residential Energy Management Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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