Energy Management - Bhutan | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$42.5k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.57%, resulting in a projected market volume of US$55.7k by 2029.
In the Energy Management market, the number of active households is expected to amount to 52.6k users by 2029.
Household penetration will be 23.0% in 2024 and is expected to hit 29.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.01.

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 Bhutan has been experiencing significant growth in recent years. Customer preferences in the Energy Management market in Bhutan are primarily driven by the need for sustainable and efficient energy solutions.

Customers in Bhutan are increasingly aware of the environmental impact of their energy consumption and are actively seeking ways to reduce their carbon footprint. As a result, there is a growing demand for energy management systems that can help optimize energy usage and reduce wastage. Customers are also looking for solutions that can help them monitor and control their energy consumption in real-time, allowing them to make informed decisions about their energy usage.

Trends in the Energy Management market in Bhutan are closely aligned with global trends. The market is witnessing a shift towards the adoption of smart energy management systems, which leverage advanced technologies such as artificial intelligence and machine learning to optimize energy usage. These systems are capable of analyzing large amounts of data in real-time, allowing for more accurate energy forecasting and demand management.

Additionally, there is a growing trend towards the integration of renewable energy sources into the energy management systems, as customers seek to reduce their reliance on fossil fuels and transition towards a more sustainable energy mix. Local special circumstances in Bhutan also play a role in the development of the Energy Management market. Bhutan is a landlocked country with limited energy resources, making it highly dependent on imports for its energy needs.

This dependence on imports has led to a focus on energy efficiency and conservation as a means of reducing reliance on external energy sources. Additionally, Bhutan has a strong commitment to environmental conservation and sustainability, which further drives the demand for energy management solutions. Underlying macroeconomic factors also contribute to the growth of the Energy Management market in Bhutan.

The government of Bhutan has implemented various policies and initiatives to promote energy efficiency and conservation, providing incentives for the adoption of energy management systems. Additionally, the increasing cost of energy and the need to reduce energy expenses are driving businesses and households to invest in energy management solutions. In conclusion, the Energy Management market in Bhutan is experiencing significant growth due to customer preferences for sustainable and efficient energy solutions, global trends towards smart energy management systems, local special circumstances such as limited energy resources and a commitment to environmental conservation, and underlying macroeconomic factors such as government policies and the need to reduce energy expenses.

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.