Energy Management - Greece | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$5.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.52%, resulting in a projected market volume of US$9.2m by 2029.
In the Energy Management market, the number of active households is expected to amount to 819.2k users by 2029.
Household penetration will be 16.8% in 2024 and is expected to hit 21.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$8.35.

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 Greece has been experiencing significant growth in recent years.

Customer preferences: Customers in Greece are increasingly becoming more conscious about their energy consumption and its impact on the environment. They are actively seeking ways to reduce their energy consumption and lower their carbon footprint. This has led to a growing demand for energy management solutions that can help individuals and businesses monitor and control their energy usage.

Trends in the market: One of the key trends in the Energy Management market in Greece is the adoption of smart home technologies. Smart home systems allow homeowners to remotely monitor and control their energy consumption, thereby enabling them to make more informed decisions about their energy usage. This trend is driven by the increasing availability of affordable smart home devices and the growing awareness about the benefits of energy efficiency. Another trend in the market is the integration of renewable energy sources. Greece has abundant natural resources, such as wind and solar power, and the government has been actively promoting the use of renewable energy. As a result, there has been a significant increase in the installation of solar panels and wind turbines, and energy management solutions are being used to optimize the use of these renewable energy sources.

Local special circumstances: Greece has been facing energy challenges in recent years, including high energy costs and an unreliable energy supply. These challenges have prompted individuals and businesses to look for ways to reduce their energy consumption and become more energy independent. Energy management solutions provide a practical and cost-effective solution to address these challenges, allowing users to monitor and control their energy usage and reduce their reliance on the grid.

Underlying macroeconomic factors: The Energy Management market in Greece has also been influenced by macroeconomic factors. The country has been recovering from a severe economic crisis, and there has been a focus on improving energy efficiency as a means to reduce costs and increase competitiveness. The government has implemented various policies and incentives to promote energy efficiency and the use of renewable energy, which has further contributed to the growth of the Energy Management market. In conclusion, the Energy Management market in Greece is experiencing growth due to customer preferences for energy efficiency and environmental sustainability, as well as the adoption of smart home technologies and the integration of renewable energy sources. The local special circumstances, such as high energy costs and an unreliable energy supply, have also contributed to the demand for energy management solutions. Additionally, macroeconomic factors, such as the focus on energy efficiency and the promotion of renewable energy, have further supported the growth 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.