Energy Management - Finland | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$56.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.36%, resulting in a projected market volume of US$88.3m by 2029.
In the Energy Management market, the number of active households is expected to amount to 462.2k users by 2029.
Household penetration will be 11.5% in 2024 and is expected to hit 16.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$167.70.

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 Finland is experiencing significant growth and development. Customer preferences in the Energy Management market in Finland are shifting towards more sustainable and efficient solutions.

Customers are increasingly looking for ways to reduce their energy consumption and carbon footprint, and they are willing to invest in energy management systems that can help them achieve these goals. This shift in customer preferences is driven by a growing awareness of the environmental impact of energy consumption and the need to comply with stricter regulations and targets for reducing greenhouse gas emissions. Trends in the market include the adoption of smart grid technologies, which enable more efficient and reliable energy distribution and consumption.

Smart grid technologies allow for real-time monitoring and control of energy usage, which helps customers optimize their energy consumption and reduce waste. In addition, the integration of renewable energy sources, such as solar and wind power, into the energy management system is becoming more common. This allows customers to generate their own energy and reduce their reliance on traditional fossil fuel-based power sources.

Local special circumstances in Finland, such as its abundant natural resources and commitment to sustainability, contribute to the development of the Energy Management market. Finland has a high potential for renewable energy generation, particularly from biomass and hydropower. The country has set ambitious targets for renewable energy production and is investing in the development of renewable energy technologies.

This creates opportunities for companies in the Energy Management market to provide solutions that enable the integration of renewable energy sources into the energy system. Underlying macroeconomic factors, such as government policies and regulations, also play a role in the development of the Energy Management market in Finland. The Finnish government has implemented policies to promote energy efficiency and renewable energy production, including tax incentives and subsidies for energy-efficient technologies.

These policies create a favorable environment for companies in the Energy Management market to thrive and attract investment. In conclusion, the Energy Management market in Finland is experiencing growth and development driven by customer preferences for sustainable and efficient energy solutions. The adoption of smart grid technologies and the integration of renewable energy sources are key trends in the market.

Local special circumstances, such as Finland's abundant natural resources and commitment to sustainability, contribute to the development of the market. Government policies and regulations also play a role in creating a favorable environment for companies in the Energy Management 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.