Energy Management - Cyprus | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$854.2k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.15%, resulting in a projected market volume of US$1.4m by 2029.
In the Energy Management market, the number of active households is expected to amount to 107.7k users by 2029.
Household penetration will be 18.5% in 2024 and is expected to hit 21.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$9.21.

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 Cyprus is experiencing significant growth and development due to several factors. Customer preferences for energy-efficient solutions, the increasing adoption of renewable energy sources, and government initiatives to promote sustainable practices are driving the demand for energy management solutions in the country.

Customer preferences in Cyprus are shifting towards energy-efficient solutions as consumers become more aware of the environmental impact of their energy consumption. They are seeking ways to reduce their energy consumption and lower their carbon footprint. This has led to an increased demand for energy management systems that can monitor and control energy usage in residential, commercial, and industrial buildings.

Another trend in the market is the growing adoption of renewable energy sources in Cyprus. The country has abundant sunlight, making it an ideal location for solar power generation. As a result, there has been a significant increase in the installation of solar panels in residential and commercial buildings.

Energy management systems are being used to optimize the use of solar energy and ensure maximum efficiency. Government initiatives and regulations are also playing a crucial role in the development of the Energy Management market in Cyprus. The government has set targets to increase the share of renewable energy in the country's energy mix and reduce greenhouse gas emissions.

To achieve these goals, they have implemented various incentives and subsidies for the installation of renewable energy systems and energy-efficient technologies. This has created a favorable environment for the growth of the energy management market. Local special circumstances in Cyprus, such as high energy prices and limited natural resources, further drive the demand for energy management solutions.

The country heavily relies on imported fossil fuels for its energy needs, which makes it vulnerable to fluctuations in global energy prices. Energy management systems help consumers and businesses reduce their energy consumption and reliance on imported energy sources, thereby mitigating the impact of high energy prices. Underlying macroeconomic factors, such as economic growth and population growth, also contribute to the development of the Energy Management market in Cyprus.

As the economy grows and the population increases, the demand for energy also rises. Energy management systems provide an effective solution to meet the growing energy needs while ensuring sustainability and cost-efficiency. In conclusion, the Energy Management market in Cyprus is experiencing growth and development driven by customer preferences for energy-efficient solutions, the increasing adoption of renewable energy sources, government initiatives, local special circumstances, and underlying macroeconomic factors.

The market is expected to continue its upward trajectory as more consumers and businesses recognize the importance of energy management in achieving sustainability and cost savings.

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.