Energy Management - EAEU | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$143.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.13%, resulting in a projected market volume of US$193.4m by 2029.
In the Energy Management market, the number of active households is expected to amount to 12.6m users by 2029.
Household penetration will be 22.2% 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$13.22.

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 EAEU is experiencing significant growth and development due to several key factors. Customer preferences in the Energy Management market in EAEU are shifting towards more sustainable and efficient energy solutions.

Customers are increasingly looking for ways to reduce their energy consumption and carbon footprint, and energy management systems provide them with the tools to achieve these goals. Additionally, customers are becoming more aware of the potential cost savings associated with energy management systems, as they can help optimize energy usage and reduce utility bills. Trends in the market indicate a growing demand for smart energy management solutions.

These solutions leverage advanced technologies such as Internet of Things (IoT) and artificial intelligence (AI) to monitor and control energy usage in real-time. This allows customers to make data-driven decisions and optimize their energy consumption based on actual usage patterns. Furthermore, there is a rising interest in integrated energy management systems that can seamlessly connect with other smart devices in homes and buildings, enabling a holistic approach to energy management.

Local special circumstances in the EAEU region also contribute to the development of the Energy Management market. The EAEU countries have set ambitious energy efficiency targets as part of their national strategies. These targets aim to reduce energy consumption and promote the use of renewable energy sources.

As a result, there is a growing need for energy management solutions that can help monitor and optimize energy usage to meet these targets. Additionally, the EAEU countries have implemented various regulations and incentives to encourage the adoption of energy management systems, further driving market growth. Underlying macroeconomic factors also play a role in the development of the Energy Management market in EAEU.

The region's growing population and urbanization are increasing energy consumption, creating a greater demand for energy management solutions. Furthermore, the EAEU countries are investing in infrastructure development, including smart cities and smart buildings, which require advanced energy management systems. Additionally, the EAEU region is experiencing economic growth, which is driving investments in energy efficiency and sustainability.

In conclusion, the Energy Management market in EAEU is growing and developing due to customer preferences for sustainable and efficient energy solutions, the trend towards smart energy management systems, local special circumstances such as energy efficiency targets and regulations, and underlying macroeconomic factors such as population growth and infrastructure development.

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.