Energy Management - Gambia

Gambia

Revenue in the Energy Management market is projected to reach US$69.8k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.12%, resulting in a projected market volume of US$98.5k by 2029.
In the Energy Management market, the number of active households is expected to amount to 65.8k users by 2029.
Household penetration will be 15.4% in 2024 and is expected to hit 14.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.08.

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Analyst Opinion

The Energy Management market in Gambia is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Gambia are increasingly focused on energy efficiency and sustainability. They are looking for solutions that can help them reduce their energy consumption and lower their carbon footprint. This shift in customer preferences is driving the demand for energy management solutions in the country.

Trends in the market: One of the key trends in the Energy Management market in Gambia is the adoption of smart grid technologies. Smart grids enable efficient management of electricity distribution and consumption, allowing for better monitoring and control of energy usage. This trend is driven by the need to improve the reliability and efficiency of the electricity supply in the country. Another trend in the market is the increasing use of renewable energy sources. Gambia has abundant solar resources, and there is a growing interest in harnessing this potential. Solar energy systems, such as solar panels and solar water heaters, are becoming more popular among residential and commercial customers. This trend is driven by the desire to reduce dependence on fossil fuels and mitigate the impact of climate change.

Local special circumstances: Gambia is a small country with a relatively low electrification rate. Many rural areas still lack access to electricity, which creates unique challenges and opportunities for the Energy Management market. Off-grid solutions, such as solar home systems and mini-grids, are gaining traction in these areas. These solutions provide reliable and affordable electricity to communities that are not connected to the national grid.

Underlying macroeconomic factors: Gambia is experiencing economic growth, which is driving the demand for energy management solutions. As the economy expands, there is an increasing need for reliable and efficient energy infrastructure to support various industries, such as manufacturing, tourism, and agriculture. The government is also investing in the development of renewable energy projects, which creates opportunities for companies operating in the Energy Management market. In conclusion, the Energy Management market in Gambia is developing rapidly due to the increasing focus on energy efficiency and sustainability. The adoption of smart grid technologies and renewable energy sources are key trends in the market. The unique circumstances of Gambia, such as low electrification rates and the need for off-grid solutions, present both challenges and opportunities for companies in the Energy Management sector. The country's economic growth and government support for renewable energy projects are also driving the market's development.

Methodology

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.