Energy Management - Croatia | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$2.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.56%, resulting in a projected market volume of US$3.9m by 2029.
In the Energy Management market, the number of active households is expected to amount to 306.1k users by 2029.
Household penetration will be 16.8% in 2024 and is expected to hit 21.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$9.77.

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 Croatia is experiencing significant growth and development due to several key factors. Customer preferences for energy efficiency and cost savings are driving the demand for energy management solutions.

Additionally, the government's focus on renewable energy and sustainability is creating opportunities for companies in the market. Customer preferences in Croatia are shifting towards energy efficiency and cost savings. With rising energy costs and a desire to reduce environmental impact, consumers and businesses are seeking solutions to better manage their energy consumption.

Energy management systems provide real-time monitoring and analysis of energy usage, allowing users to identify areas of inefficiency and make adjustments to optimize energy consumption. This not only helps to reduce energy bills but also contributes to environmental sustainability. Another trend in the Energy Management market in Croatia is the government's focus on renewable energy and sustainability.

The Croatian government has set ambitious targets for renewable energy generation and aims to increase the share of renewable energy in the country's energy mix. This has created opportunities for companies offering energy management solutions that integrate renewable energy sources and help optimize their usage. Moreover, the government has implemented various incentive programs and subsidies to promote the adoption of energy management systems and renewable energy technologies.

Local special circumstances in Croatia also contribute to the development of the Energy Management market. The country has a diverse energy mix, with a significant reliance on imported fossil fuels. This makes energy security and efficiency a priority for the government and businesses.

Energy management systems provide a way to optimize energy usage and reduce dependence on imported energy sources. Additionally, Croatia has a growing tourism industry, which places a high demand on energy resources. Energy management solutions can help hotels, resorts, and other tourism-related businesses improve their energy efficiency and reduce costs.

Underlying macroeconomic factors also play a role in the development of the Energy Management market in Croatia. The country's economy has been growing steadily, creating opportunities for investment in energy management solutions. Moreover, the European Union's focus on energy efficiency and sustainability has influenced the Croatian market.

As a member of the EU, Croatia is required to meet certain energy efficiency targets and implement energy-saving measures. This has led to increased demand for energy management solutions and technologies. Overall, the Energy Management market in Croatia is experiencing growth and development due to customer preferences for energy efficiency, the government's focus on renewable energy, local special circumstances, and underlying macroeconomic factors.

As the market continues to evolve, there will be opportunities for companies to provide innovative energy management solutions that meet the needs of consumers and businesses in Croatia.

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.