According to the new market research report "Residential Energy Management Market by Component (Hardware (RTU, Relays, LCS, DR devices, Control Devices, In-house Displays), Software(EMP, Energy Analytics, CEP); Communication Technology (Wired, Wireless); Application; Region - Global forecast to 2025", published by MarketsandMarkets™, the global Residential Energy Management Market size will grow to USD 4.1 billion by 2025 (forecast year) from USD 2.2 billion in 2020 (estimated year), at a CAGR of 12.9% during the forecast period. The rising energy consumption in residential sectors of OCED and non OCED nations, government initiatives and policies toward energy efficiency in residential buildings, are the driving factors for the Residential Energy Management Market, globally. Increasing investments for modernizing aging grid infrastructures upcoming smart city projects in developing economies to enhance the residential sector, which creates opportunities for growth of the market.
The power monitoring & control is expected to be the most significant contributor to the residential energy management market
The power monitoring & control segment is expected to grow at the fastest rate during the forecast period. The power monitoring & control application segment is projected to hold the largest market size during the forecast period. The growth of this segment is driven by the rising demand for power in the residential sector and the need for effectively utilizing the power. Thus, increasing demand in the residential is driving the residential energy management market.
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The hardware segment is expected to
dominate the Residential Energy Management Market
Based on component, the Residential Energy Management Market has been segmented into hardware, and software. The hardware segment accounted for the highest share of the Residential Energy Management Market in 2019. Hardware help grid operators for voltage regulation, advanced fault detection, automating power restoration, reduce the power waste and increased energy efficiency in residential buildings.
The Asia Pacific estimated to fastest growing market for the Residential Energy Management Market
Asia Pacific is estimated to be the fastest growing market for residential energy management during the forecast period. For the market analysis, the region has been segmented into China, Japan, India, Australia, and the Rest of Asia Pacific. The demand for residential energy management in this region is driven mostly by the increasing electricity consumption and the need to upgrade aging infrastructure. Countries in this region are shifting toward energy efficiency in residential buildings to meet the growing energy demands.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Residential Energy Management Market.
Some of the key players are ABB
(Switzerland), Eaton (Ireland), Schneider Electric (France), Honeywell
International (US), and Siemens (Germany). The leading players are adopting
various strategies to increase their share in the Residential Energy
Management Market. Partnership & collaboration, and new product
launches have been a widely adopted strategy by the major players in the Residential
Energy Management Market.
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