Energy Management - Georgia | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$775.8k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.14%, resulting in a projected market volume of US$950.0k by 2029.
In the Energy Management market, the number of active households is expected to amount to 1.5m users by 2029.
Household penetration will be 46.3% in 2024 and is expected to hit 56.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.71.

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 Georgia is experiencing significant growth and development. Customer preferences for energy efficiency and sustainability, along with global trends and local special circumstances, are driving this growth. Additionally, underlying macroeconomic factors are contributing to the expansion of the market.

Customer preferences: In Georgia, customers are increasingly seeking energy management solutions to improve efficiency and reduce costs. This is driven by a growing awareness of the environmental impact of energy consumption and a desire to adopt sustainable practices. Customers are also motivated by the potential for long-term savings and the ability to meet regulatory requirements related to energy efficiency.

Trends in the market: One of the key trends in the Energy Management market in Georgia is the adoption of smart grid technologies. Smart grids enable more efficient energy distribution and consumption through the use of advanced metering and monitoring systems. This trend is driven by the need to optimize energy usage and reduce wastage. Another trend in the market is the integration of renewable energy sources. Georgia has significant potential for renewable energy, particularly in the form of hydropower. The government has implemented policies and incentives to encourage the development of renewable energy projects, which in turn creates opportunities for energy management solutions. Additionally, there is a growing demand for energy management software and analytics tools. These technologies enable customers to monitor and analyze their energy consumption, identify areas for improvement, and track progress towards energy efficiency goals. This trend is driven by the increasing availability and affordability of data analytics solutions, as well as the desire for real-time insights into energy usage.

Local special circumstances: Georgia is a developing country with a rapidly growing economy. As the country continues to industrialize and urbanize, there is an increasing demand for energy. This presents both challenges and opportunities for the Energy Management market. On one hand, there is a need for energy management solutions to optimize energy usage and reduce the strain on the grid. On the other hand, there is a growing market for energy management products and services. Furthermore, Georgia is strategically located between Europe and Asia, making it a potential hub for energy trade and transit. This presents opportunities for the Energy Management market, as there is a need for efficient energy management and distribution infrastructure to support this trade.

Underlying macroeconomic factors: The growth of the Energy Management market in Georgia is supported by several underlying macroeconomic factors. The government has implemented policies and regulations to promote energy efficiency and renewable energy, creating a favorable business environment for energy management companies. Additionally, there is a growing focus on sustainable development and reducing greenhouse gas emissions, which further drives the demand for energy management solutions. Furthermore, Georgia has a well-developed IT sector, which provides a strong foundation for the development and adoption of energy management technologies. The availability of skilled professionals and technological expertise contributes to the growth of the market. In conclusion, the Energy Management market in Georgia is experiencing significant growth and development due to customer preferences for energy efficiency and sustainability, global trends in the industry, local special circumstances, and underlying macroeconomic factors. The adoption of smart grid technologies, integration of renewable energy sources, and demand for energy management software and analytics tools are driving this growth. Additionally, Georgia's rapidly growing economy, strategic location, and supportive government policies contribute to the expansion of the 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.