Energy Management - Gabon | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$159.3k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.99%, resulting in a projected market volume of US$223.3k by 2029.
In the Energy Management market, the number of active households is expected to amount to 115.2k users by 2029.
Household penetration will be 16.7% in 2024 and is expected to hit 18.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.65.

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 Gabon is experiencing significant growth and development.

Customer preferences: Customers in Gabon are increasingly looking for energy management solutions to optimize their energy consumption and reduce costs. They are seeking technologies and services that can help them monitor and control their energy usage, improve efficiency, and ensure sustainability. This is driven by a growing awareness of the importance of energy conservation and the need to reduce carbon emissions. Customers are also looking for solutions that can integrate with their existing infrastructure and provide real-time data and analytics to support decision-making.

Trends in the market: One of the key trends in the Energy Management market in Gabon is the adoption of smart grid technologies. Smart grids enable the efficient integration of renewable energy sources, such as solar and wind, into the existing power infrastructure. They also enable real-time monitoring and control of energy usage, allowing customers to adjust their consumption based on demand and availability. This trend is driven by the government's commitment to renewable energy and the increasing availability of renewable energy resources in the country. Another trend in the market is the increasing use of energy management software and analytics. These technologies enable customers to collect, analyze, and visualize data on their energy consumption, helping them identify areas of inefficiency and develop strategies to reduce energy waste. This trend is driven by the need for more accurate and detailed insights into energy usage patterns, as well as the availability of advanced analytics tools that can process and interpret large amounts of data.

Local special circumstances: Gabon has a rich natural resource base, including oil, gas, and minerals. This has traditionally been the main source of energy for the country. However, the government is now actively promoting renewable energy sources, such as solar and hydroelectric power, as part of its efforts to diversify the energy mix and reduce dependence on fossil fuels. This creates opportunities for companies in the Energy Management market to provide solutions that can integrate renewable energy sources into the existing infrastructure and help optimize their usage.

Underlying macroeconomic factors: Gabon is experiencing steady economic growth, driven by increased investment in infrastructure, including energy projects. The government's commitment to renewable energy and energy efficiency is also creating a favorable business environment for companies in the Energy Management market. Additionally, the country's membership in regional economic communities, such as the Economic Community of Central African States (ECCAS) and the Central African Economic and Monetary Community (CEMAC), provides access to a larger market and opportunities for collaboration and partnerships. These macroeconomic factors contribute to the growth and development of the Energy Management market in Gabon.

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.