Energy Management - Cameroon

Cameroon

Revenue in the Energy Management market is projected to reach US$1.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.74%, resulting in a projected market volume of US$1.9m by 2028.
In the Energy Management market, the number of active households is expected to amount to 104.6k users by 2028.
Household penetration will be 1.1% in 2024 and is expected to hit 1.8% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$25.08.

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Analyst Opinion

The Energy Management market in Cameroon is experiencing steady growth due to increasing customer preferences for energy efficiency and cost savings.

Customer preferences: Customers in Cameroon are increasingly concerned about energy consumption and its impact on the environment. They are seeking ways to reduce their energy consumption and lower their energy bills. As a result, there is a growing demand for energy management solutions that can help monitor, control, and optimize energy usage in residential, commercial, and industrial settings. Customers are also looking for solutions that can integrate renewable energy sources and provide real-time data analytics to improve energy efficiency.

Trends in the market: One of the key trends in the Energy Management market in Cameroon is the adoption of smart meters and energy monitoring systems. These technologies enable customers to track their energy consumption in real-time and make informed decisions about energy usage. The government of Cameroon has also implemented initiatives to promote the use of smart meters and energy management systems, further driving the market growth. Another trend in the market is the increasing use of renewable energy sources. Cameroon has a significant potential for renewable energy, particularly solar and hydropower. Customers are increasingly installing solar panels and small-scale hydropower systems to generate their own electricity. Energy management solutions that can integrate and optimize the use of renewable energy sources are in high demand.

Local special circumstances: Cameroon faces challenges in its energy sector, including limited access to electricity in rural areas and an unreliable power grid. These circumstances have led to a greater emphasis on energy management solutions to improve energy efficiency and reduce dependence on the grid. Customers are looking for solutions that can help them manage their energy consumption and ensure a reliable and uninterrupted power supply.

Underlying macroeconomic factors: The Energy Management market in Cameroon is also influenced by macroeconomic factors such as government policies, economic growth, and investment in infrastructure. The government of Cameroon has implemented policies to promote renewable energy and energy efficiency, creating a favorable environment for the growth of the Energy Management market. Economic growth and increasing urbanization in the country are driving the demand for energy management solutions in residential and commercial sectors. Additionally, investment in infrastructure development, including the expansion of the power grid, is creating opportunities for energy management solution providers to cater to the growing demand. In conclusion, the Energy Management market in Cameroon is growing due to increasing customer preferences for energy efficiency and cost savings. The adoption of smart meters and energy monitoring systems, as well as the use of renewable energy sources, are key trends in the market. Local special circumstances, such as limited access to electricity and an unreliable power grid, further drive the demand for energy management solutions. Government policies, economic growth, and investment in infrastructure are underlying macroeconomic factors that contribute to the growth of the market.

Methodology

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.