Energy Management - Eastern Asia | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$2.3bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.43%, resulting in a projected market volume of US$4.0bn by 2029.
In the Energy Management market, the number of active households is expected to amount to 233.5m users by 2029.
Household penetration will be 32.2% in 2024 and is expected to hit 40.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$11.61.

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 Eastern Asia is experiencing significant growth and development, driven by various factors such as increasing energy consumption, rising environmental concerns, and government initiatives to promote energy efficiency. Customer preferences in the Energy Management market in Eastern Asia are shifting towards more sustainable and efficient energy solutions.

With the growing awareness of climate change and the need to reduce carbon emissions, customers are increasingly looking for energy management systems that can help them monitor and control their energy usage. They are also seeking solutions that can optimize energy efficiency, reduce energy waste, and lower operational costs. Additionally, customers are showing a preference for smart energy management systems that can be integrated with other smart devices and technologies.

One of the key trends in the Energy Management market in Eastern Asia is the adoption of smart grid technologies. Smart grids enable the efficient management and distribution of electricity by incorporating advanced sensors, communication networks, and analytics. This trend is driven by the need to improve the reliability and stability of the power grid, reduce energy losses, and integrate renewable energy sources.

Countries in Eastern Asia are investing in smart grid infrastructure to modernize their energy systems and enhance energy efficiency. Another trend in the Energy Management market in Eastern Asia is the increasing adoption of renewable energy sources. Countries in the region are looking to diversify their energy mix and reduce dependence on fossil fuels.

This trend is supported by government policies and incentives that promote the development and deployment of renewable energy technologies. As a result, there is a growing demand for energy management solutions that can effectively integrate and manage renewable energy sources, such as solar and wind power. Local special circumstances in Eastern Asia also contribute to the development of the Energy Management market.

For example, countries like Japan and South Korea have limited domestic energy resources and rely heavily on energy imports. This dependence on foreign energy sources drives the need for effective energy management systems to optimize energy usage and reduce import costs. Additionally, rapid urbanization and industrialization in countries like China and South Korea have led to increased energy consumption, further driving the demand for energy management solutions.

Underlying macroeconomic factors also play a role in the development of the Energy Management market in Eastern Asia. Economic growth, industrialization, and urbanization in the region have resulted in increased energy demand. Governments in Eastern Asia are recognizing the importance of energy efficiency and are implementing policies and regulations to promote sustainable energy management practices.

These factors create a favorable market environment for energy management solution providers and drive the growth of the market. In conclusion, the Energy Management market in Eastern Asia is experiencing growth and development due to increasing energy consumption, rising environmental concerns, and government initiatives. Customer preferences are shifting towards sustainable and efficient energy solutions, and there is a growing adoption of smart grid technologies and renewable energy sources.

Local special circumstances, such as limited domestic energy resources and rapid urbanization, contribute to the development of the market. Underlying macroeconomic factors, including economic growth and government policies, also drive the growth of the Energy Management market in Eastern Asia.

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.