Energy Management - Czechia

Czechia

Revenue in the Energy Management market is projected to reach US$16.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.70%, resulting in a projected market volume of US$25.2m by 2029.
In the Energy Management market, the number of active households is expected to amount to 0.9m users by 2029.
Household penetration will be 16.9% in 2024 and is expected to hit 20.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$20.98.

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Analyst Opinion

The Energy Management market in Czechia is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Czechia are increasingly concerned about energy efficiency and sustainability. They are actively seeking ways to reduce their energy consumption and carbon footprint. This has led to a growing demand for energy management solutions that can help them monitor and control their energy usage.

Trends in the market: One of the key trends in the Energy Management market in Czechia is the adoption of smart grid technology. Smart grids enable efficient energy distribution and management by integrating renewable energy sources, energy storage systems, and advanced metering infrastructure. This trend is driven by the government's push for renewable energy and the need to reduce dependence on fossil fuels. Another trend in the market is the increasing use of Internet of Things (IoT) devices for energy management. IoT devices, such as smart thermostats and energy monitoring systems, allow consumers to remotely control and monitor their energy usage. This trend is fueled by the growing availability of affordable IoT devices and the desire for more convenience and control over energy consumption.

Local special circumstances: Czechia has a strong industrial sector, which is a major consumer of energy. Industrial companies in the country are under pressure to reduce their energy costs and improve their energy efficiency. This has created a significant market for energy management solutions tailored to the needs of the industrial sector. Furthermore, Czechia has set ambitious renewable energy targets, aiming to increase the share of renewable energy in its total energy consumption. This has created opportunities for companies specializing in renewable energy management and integration.

Underlying macroeconomic factors: The Czech economy has been growing steadily in recent years, which has contributed to the growth of the Energy Management market. As the economy expands, there is an increased demand for energy, leading to a greater need for efficient energy management solutions. Additionally, the government has implemented policies and regulations to promote energy efficiency and renewable energy. These policies include financial incentives, tax breaks, and subsidies for energy management projects. These initiatives have created a favorable business environment for companies operating in the Energy Management market. In conclusion, the Energy Management market in Czechia is experiencing growth and development driven by customer preferences for energy efficiency and sustainability, trends such as the adoption of smart grid technology and IoT devices, local special circumstances including the strong industrial sector and renewable energy targets, and underlying macroeconomic factors such as economic growth and government policies.

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.