Energy Management - Chile | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$11.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.59%, resulting in a projected market volume of US$18.7m by 2029.
In the Energy Management market, the number of active households is expected to amount to 1.2m users by 2029.
Household penetration will be 22.9% in 2024 and is expected to hit 27.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$10.95.

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 Chile is experiencing significant growth and development due to several key factors. Customer preferences in the Energy Management market in Chile are driving the demand for more efficient and sustainable energy solutions.

Customers are increasingly looking for ways to reduce their energy consumption and carbon footprint, and Energy Management systems provide an effective solution. These systems allow customers to monitor and control their energy usage, optimize energy efficiency, and integrate renewable energy sources. Trends in the Energy Management market in Chile are also contributing to its growth.

One of the key trends is the increasing adoption of smart grid technologies. Smart grids enable real-time monitoring and control of energy consumption, which helps to optimize energy efficiency and reduce costs. Another trend is the integration of renewable energy sources, such as solar and wind power, into the energy management systems.

This allows customers to take advantage of clean and sustainable energy sources, further reducing their environmental impact. Local special circumstances in Chile are also driving the development of the Energy Management market. Chile has a significant potential for renewable energy, particularly solar and wind power, due to its geographical location and climate conditions.

The government has implemented policies and incentives to promote the development of renewable energy projects, which has attracted investment and contributed to the growth of the Energy Management market. Additionally, Chile has a high electricity consumption per capita, which creates a strong demand for energy management solutions. Underlying macroeconomic factors are also playing a role in the development of the Energy Management market in Chile.

The country has experienced steady economic growth in recent years, which has increased the purchasing power of consumers and businesses. This has led to an increased demand for energy management solutions as customers seek to reduce their energy costs and improve their environmental performance. Furthermore, the government has implemented regulations and targets to reduce greenhouse gas emissions, which has created a favorable environment for the Energy Management market to thrive.

In conclusion, the Energy Management market in Chile is experiencing significant growth and development due to customer preferences for more efficient and sustainable energy solutions, trends such as the adoption of smart grid technologies and the integration of renewable energy sources, local special circumstances including the country's potential for renewable energy and high electricity consumption, and underlying macroeconomic factors such as economic growth and government regulations.

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.