Energy Management - Armenia | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$902.6k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.56%, resulting in a projected market volume of US$1.2m by 2029.
In the Energy Management market, the number of active households is expected to amount to 155.3k users by 2029.
Household penetration will be 20.6% in 2024 and is expected to hit 25.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$6.66.

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 Armenia is experiencing significant growth and development due to several key factors.

Customer preferences: Armenian customers have shown a strong preference for energy-efficient solutions in recent years. This is driven by a combination of factors, including rising energy costs, increasing awareness of environmental issues, and government initiatives to promote energy conservation. Customers are actively seeking ways to reduce their energy consumption and lower their carbon footprint, leading to a growing demand for energy management solutions.

Trends in the market: One of the key trends in the Energy Management market in Armenia is the adoption of smart grid technology. Smart grids enable more efficient energy distribution and management by integrating advanced sensors, communication networks, and analytics. This allows for real-time monitoring and control of energy consumption, leading to optimized energy usage and cost savings. The Armenian government has been actively promoting the implementation of smart grid infrastructure, which has further accelerated the adoption of energy management solutions in the country. Another trend in the market is the increasing use of renewable energy sources. Armenia has abundant renewable energy resources, including solar, wind, and hydroelectric power. The government has implemented favorable policies and incentives to promote the development of renewable energy projects, leading to a significant increase in renewable energy capacity in recent years. Energy management solutions play a crucial role in integrating and optimizing the use of renewable energy sources, further driving the demand for such solutions in the market.

Local special circumstances: Armenia has a relatively small energy market and is heavily dependent on imported energy resources. This dependency has made energy security a top priority for the government and has led to a focus on energy efficiency and conservation. The government has implemented various programs and initiatives to promote energy management and reduce energy consumption in both the residential and commercial sectors. This has created a favorable environment for the growth of the Energy Management market in Armenia.

Underlying macroeconomic factors: Armenia has been experiencing steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has created a greater capacity for investment in energy management solutions, driving the growth of the market. Additionally, the government's focus on renewable energy and energy efficiency has attracted foreign investment and funding, further fueling the development of the Energy Management market in Armenia. In conclusion, the Energy Management market in Armenia is developing rapidly due to customer preferences for energy-efficient solutions, the adoption of smart grid technology, the increasing use of renewable energy sources, local special circumstances such as energy security concerns, and favorable macroeconomic factors.

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.