Energy Management - Cambodia | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$1.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.53%, resulting in a projected market volume of US$2.6m by 2029.
In the Energy Management market, the number of active households is expected to amount to 583.9k users by 2029.
Household penetration will be 13.3% in 2024 and is expected to hit 17.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$4.13.

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)

Cambodia, a country in Southeast Asia, has seen significant growth in its Energy Management market in recent years. This can be attributed to several factors such as increasing customer preferences for energy efficiency, the adoption of renewable energy sources, and the government's efforts to promote sustainable development.

Additionally, local special circumstances and underlying macroeconomic factors have also played a role in shaping the market. Customer preferences in Cambodia have shifted towards energy efficiency due to rising awareness about the environmental impact of energy consumption. Consumers are increasingly looking for ways to reduce their energy consumption and lower their carbon footprint.

This has led to a demand for energy management solutions that can help monitor and optimize energy usage in residential, commercial, and industrial settings. Another trend in the market is the adoption of renewable energy sources. Cambodia has abundant renewable energy resources, particularly solar and hydropower.

The government has implemented policies and incentives to encourage the use of renewable energy, leading to an increase in the installation of solar panels and the development of hydropower projects. Energy management systems are crucial in integrating and managing these renewable energy sources effectively. Local special circumstances in Cambodia, such as its rapidly growing economy and expanding urban population, have also contributed to the development of the Energy Management market.

As the country continues to experience economic growth, there is a greater demand for energy, making efficient energy management even more important. Additionally, the urbanization trend has led to an increase in energy consumption in cities, creating a need for energy management solutions to optimize energy usage and reduce costs. Underlying macroeconomic factors have also played a role in the development of the Energy Management market in Cambodia.

The government has recognized the importance of sustainable development and has implemented policies to support the growth of the renewable energy sector. This includes providing incentives for renewable energy projects and promoting energy efficiency measures. Furthermore, Cambodia's participation in international agreements and initiatives related to climate change and sustainable development has also influenced the development of the Energy Management market.

In conclusion, the Energy Management market in Cambodia has experienced significant growth due to increasing customer preferences for energy efficiency, the adoption of renewable energy sources, and the government's efforts to promote sustainable development. Local special circumstances, such as economic growth and urbanization, have also contributed to the market's development. Additionally, underlying macroeconomic factors, including government policies and international agreements, have played a role in shaping the market.

As Cambodia continues to prioritize sustainable development, the Energy Management market is expected to further expand in the coming years.

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.