Energy Management - Equatorial Guinea

Revenue in the Energy Management market is projected to reach US$58.7k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.99%, resulting in a projected market volume of US$74.9k by 2029.
In the Energy Management market, the number of active households is expected to amount to 66.4k users by 2029.
Household penetration will be 13.0% in 2024 and is expected to hit 14.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.09.

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 Equatorial Guinea is experiencing steady growth due to increasing customer preferences for energy-efficient solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Equatorial Guinea are driving the growth of the Energy Management market.

Customers are increasingly seeking energy-efficient solutions to reduce their energy consumption and lower their carbon footprint. This shift in preferences is influenced by global efforts to combat climate change and the increasing awareness of the environmental impact of energy consumption. As a result, there is a growing demand for energy management systems and solutions that can help customers optimize their energy usage and reduce wastage.

Trends in the market are also contributing to the development of the Energy Management market in Equatorial Guinea. The adoption of smart grid technologies and the integration of renewable energy sources into the energy mix are driving the demand for energy management solutions. Smart grid technologies enable real-time monitoring and control of energy consumption, allowing customers to make informed decisions about their energy usage.

The integration of renewable energy sources, such as solar and wind, requires effective energy management systems to ensure efficient utilization of these intermittent energy sources. Local special circumstances in Equatorial Guinea are further fueling the growth of the Energy Management market. The country has a high reliance on oil and gas for its energy needs, and there is a need to diversify the energy mix to reduce dependence on fossil fuels.

The government of Equatorial Guinea has recognized the importance of energy efficiency and renewable energy and has implemented policies and initiatives to promote their adoption. These include incentives for energy-efficient technologies and the development of renewable energy projects. These local special circumstances create a favorable environment for the growth of the Energy Management market.

Underlying macroeconomic factors also play a significant role in the development of the Energy Management market in Equatorial Guinea. The country's economic growth and increasing urbanization are driving the demand for energy, creating a need for effective energy management solutions. Additionally, rising energy costs and the need to reduce energy consumption to lower operational costs are driving the adoption of energy management systems by businesses and industries.

The government's focus on sustainable development and energy security further supports the growth of the Energy Management market. In conclusion, the Energy Management market in Equatorial Guinea is experiencing growth due to customer preferences for energy-efficient solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for energy management systems and solutions, driven by customer preferences and the need to optimize energy usage, presents opportunities for companies operating in this market.

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.