Energy Management - Benin | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$909.5k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.16%, resulting in a projected market volume of US$1.3m by 2029.
In the Energy Management market, the number of active households is expected to amount to 347.6k users by 2029.
Household penetration will be 10.2% in 2024 and is expected to hit 11.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.32.

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

Customer preferences: Customers in Benin are increasingly looking for ways to reduce their energy consumption and lower their energy costs. This has led to a growing demand for energy management solutions that can help optimize energy usage and improve efficiency. Additionally, customers are becoming more aware of the environmental impact of their energy consumption and are seeking sustainable energy management solutions.

Trends in the market: One of the major trends in the Energy Management market in Benin is the adoption of smart grid technologies. Smart grids enable the efficient distribution and management of electricity by using advanced sensors, meters, and communication networks. This allows for real-time monitoring and control of energy usage, leading to improved efficiency and reduced energy waste. The government of Benin has recognized the benefits of smart grids and has been investing in the development of smart grid infrastructure. Another trend in the market is the increasing use of renewable energy sources. Benin has abundant solar and wind resources, and there is a growing interest in harnessing these resources for electricity generation. This has led to the adoption of renewable energy technologies such as solar panels and wind turbines, which require effective energy management solutions to ensure optimal performance and integration with the grid.

Local special circumstances: Benin faces several challenges in its energy sector, including limited access to electricity in rural areas and an unreliable power supply. These challenges have created a need for energy management solutions that can help address these issues. For example, microgrids powered by renewable energy sources can provide electricity to remote areas that are not connected to the main grid. Energy management systems can also help stabilize the power supply and reduce the frequency of blackouts.

Underlying macroeconomic factors: The development of the Energy Management market in Benin is also influenced by macroeconomic factors such as government policies and regulations, investment in infrastructure, and economic growth. The government of Benin has implemented policies to promote renewable energy and energy efficiency, which has created a favorable environment for the growth of the energy management market. Additionally, investments in infrastructure, such as the expansion of the electricity grid and the development of renewable energy projects, have further stimulated the market. Overall, the Energy Management market in Benin is experiencing growth and development due to customer preferences for energy efficiency and sustainability, the adoption of smart grid technologies, the increasing use of renewable energy sources, local special circumstances such as limited access to electricity and an unreliable power supply, and underlying macroeconomic factors such as government policies and investments in infrastructure.

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.