Energy Management - Argentina | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$10.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -7.93%, resulting in a projected market volume of US$7.2m by 2029.
In the Energy Management market, the number of active households is expected to amount to 3.7m users by 2029.
Household penetration will be 27.1% in 2024 and is expected to hit 33.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.51.

Definition:

Energy Management market covers the sale of products for the control and reduction of energy consumption (e.g., automated heating control and timers) as well as connected sensors (e.g., temperature, sunlight, and precipitation sensors).
Networked light bulbs (see Comfort & Lighting) and smart sockets/plugs (see Control & Connectivity) are not included. Unlike in previous releases, smart plugs are no longer part of this segment but can now be found in the Control & Connectivity market. Smart Meters are not part of our Smart Home market.

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Xiaomi, Google, Honeywell, LG, and other brands renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Digitally connected and controlled devices for energy saving
Thermostats (e.g., Sonoff Smart Radiator Thermostat TRVZB, Bosch Smart Home Room Thermostat II), radiator controls (e.g., TESLA Smart), temperature/wind/humidity sensors with connection to a broader smart home (e.g., TP-Link Tapo T310, Sonoff SNZB-02D)

Bulbs, window and door sensors (see Comfort & Lighting)
Connected household appliances (see Smart Appliances)
B2B/C2C sales of any kind (e.g., to hotels or office buildings)

The Energy Management market in Argentina is experiencing significant growth and development.

Customer preferences: Customers in Argentina are increasingly prioritizing energy efficiency and sustainability. They are becoming more aware of the environmental impact of their energy consumption and are seeking ways to reduce their carbon footprint. This has led to a growing demand for energy management solutions that can help optimize energy usage, reduce wastage, and lower energy costs.

Trends in the market: One of the key trends in the Energy Management market in Argentina is the adoption of smart grid technologies. Smart grids enable more efficient and reliable energy distribution by integrating advanced sensors, communication networks, and analytics. This allows for real-time monitoring and control of energy consumption, as well as the integration of renewable energy sources. The government of Argentina has been actively promoting the deployment of smart grids to improve energy efficiency and grid reliability. Another trend in the market is the increasing use of energy management systems in commercial and industrial sectors. These sectors have high energy consumption and are under pressure to reduce costs and improve sustainability. Energy management systems provide real-time monitoring and analysis of energy usage, allowing businesses to identify inefficiencies and implement energy-saving measures. This can result in significant cost savings and environmental benefits.

Local special circumstances: Argentina has a rich renewable energy potential, particularly in solar and wind power. The government has implemented policies and incentives to promote renewable energy development, including feed-in tariffs and tax incentives. This has attracted investment in renewable energy projects and created opportunities for energy management companies to provide solutions for integrating and optimizing renewable energy sources. However, Argentina also faces challenges in its energy sector, including an aging infrastructure and a high rate of energy losses during transmission and distribution. Energy management solutions can help address these challenges by improving the efficiency of energy distribution and reducing losses.

Underlying macroeconomic factors: The Energy Management market in Argentina is also influenced by macroeconomic factors. The country has experienced periods of economic instability and high inflation, which can impact investment in energy management solutions. However, the government has implemented reforms to attract foreign investment and improve the business environment, which has helped stimulate growth in the energy sector. In conclusion, the Energy Management market in Argentina is experiencing growth due to customer preferences for energy efficiency and sustainability. The adoption of smart grid technologies and energy management systems is on the rise, driven by the need for improved energy efficiency and cost savings. The country's rich renewable energy potential and government incentives for renewable energy development further contribute to the growth of the market. However, challenges such as an aging infrastructure and high energy losses need to be addressed to fully unlock the potential of the energy management market in Argentina.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.