Energy Management - Ghana | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$2.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.27%, resulting in a projected market volume of US$3.5m by 2029.
In the Energy Management market, the number of active households is expected to amount to 2.9m users by 2029.
Household penetration will be 26.4% in 2024 and is expected to hit 31.4% 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 Ghana is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Ghana are increasingly looking for energy management solutions to reduce their energy consumption and costs. They are becoming more aware of the environmental impact of their energy usage and are seeking ways to become more energy efficient. Additionally, businesses in Ghana are facing increasing pressure to meet sustainability goals and are therefore investing in energy management solutions to improve their energy efficiency and reduce their carbon footprint.

Trends in the market: One of the key trends in the Energy Management market in Ghana is the adoption of smart energy management systems. These systems use advanced technology and data analytics to monitor and control energy usage in real-time. They provide businesses and individuals with valuable insights into their energy consumption patterns and enable them to make informed decisions on how to optimize their energy usage. This trend is driven by the increasing availability of smart devices and the growing connectivity infrastructure in Ghana. Another trend in the market is the integration of renewable energy sources into energy management systems. Ghana has abundant renewable energy resources, such as solar and wind, and the government has been actively promoting the use of these sources to meet the country's energy needs. As a result, businesses and individuals are increasingly adopting renewable energy solutions and incorporating them into their energy management strategies. This trend is further supported by the decreasing costs of renewable energy technologies.

Local special circumstances: Ghana is experiencing rapid urbanization and industrialization, which is leading to a significant increase in energy demand. The government has recognized the need to manage this energy demand effectively and has implemented various policies and initiatives to promote energy efficiency and conservation. These include the establishment of energy efficiency standards, the introduction of energy efficiency labeling for appliances, and the implementation of energy management programs in industries and commercial buildings.

Underlying macroeconomic factors: Ghana's economy is growing steadily, and this growth is driving the demand for energy. The government is investing in infrastructure development, which is increasing the availability and accessibility of energy services. At the same time, the government is also focusing on diversifying the energy mix and reducing dependence on imported fossil fuels. This creates opportunities for the Energy Management market to thrive and expand. In conclusion, the Energy Management market in Ghana is developing rapidly due to customer preferences for energy efficiency, the adoption of smart energy management systems, the integration of renewable energy sources, local special circumstances such as urbanization and industrialization, and underlying macroeconomic factors such as economic growth and government initiatives.

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.