Energy Management - Bosnia and Herzegovina

Revenue in the Energy Management market is projected to reach US$746.7k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.20%, resulting in a projected market volume of US$962.2k by 2029.
In the Energy Management market, the number of active households is expected to amount to 184.7k users by 2029.
Household penetration will be 15.1% in 2024 and is expected to hit 18.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$4.76.

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 Bosnia and Herzegovina is experiencing significant growth and development.

Customer preferences: Customers in Bosnia and Herzegovina are increasingly prioritizing energy efficiency and sustainability. They are seeking ways to reduce their energy consumption and lower their carbon footprint. This is driven by both environmental concerns and the desire to lower energy costs. Customers are looking for innovative solutions that can help them monitor and manage their energy usage more effectively.

Trends in the market: One of the key trends in the Energy Management market in Bosnia and Herzegovina is the adoption of smart energy management systems. These systems use advanced technologies such as IoT (Internet of Things) and AI (Artificial Intelligence) to collect and analyze data on energy consumption. They provide real-time insights and enable customers to optimize their energy usage and make informed decisions. This trend is driven by the increasing availability of smart devices and the growing awareness of the benefits of energy management. Another trend in the market is the integration of renewable energy sources. Bosnia and Herzegovina has significant potential for renewable energy, particularly in hydro and solar power. As the cost of renewable energy technologies continues to decrease, more customers are investing in renewable energy systems. Energy management solutions that can effectively integrate and optimize the use of renewable energy sources are in high demand.

Local special circumstances: Bosnia and Herzegovina has a diverse energy mix, with a significant reliance on coal for electricity generation. However, the country is facing increasing pressure to reduce its carbon emissions and transition to cleaner energy sources. This creates a favorable environment for the development of the Energy Management market, as customers seek solutions to improve energy efficiency and reduce their environmental impact.

Underlying macroeconomic factors: The Energy Management market in Bosnia and Herzegovina is also influenced by macroeconomic factors. The country has a growing economy and a stable political environment, which provides a conducive environment for investment in energy management solutions. Additionally, the government has implemented policies and regulations to promote energy efficiency and renewable energy. These factors contribute to the growth and development of the Energy Management market in Bosnia and Herzegovina.

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.