Energy Management - Guatemala | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$3.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.70%, resulting in a projected market volume of US$4.1m by 2029.
In the Energy Management market, the number of active households is expected to amount to 405.8k users by 2029.
Household penetration will be 8.7% in 2024 and is expected to hit 11.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$9.70.

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 Guatemala has been experiencing significant growth in recent years, driven by customer preferences for more sustainable and efficient energy solutions.

Customer preferences: Customers in Guatemala are increasingly concerned about the environmental impact of their energy consumption and are looking for ways to reduce their carbon footprint. This has led to a growing demand for energy management solutions that can help optimize energy usage and reduce waste. Additionally, rising energy costs have also prompted customers to seek out more efficient energy management systems to lower their energy bills.

Trends in the market: One of the key trends in the Energy Management market in Guatemala is the adoption of smart grid technologies. Smart grids allow for better monitoring and control of energy usage, enabling customers to make more informed decisions about their energy consumption. This technology also facilitates the integration of renewable energy sources into the grid, further supporting the country's sustainability goals. Another trend in the market is the increasing use of energy management software. This software provides real-time data on energy consumption, allowing customers to identify areas of inefficiency and make adjustments accordingly. It also enables remote monitoring and control of energy systems, providing convenience and flexibility for customers.

Local special circumstances: Guatemala has been actively promoting renewable energy sources, such as solar and wind power, as part of its efforts to reduce reliance on fossil fuels. This has created opportunities for companies in the Energy Management market to develop and implement solutions that can integrate these renewable sources into the energy grid. Additionally, the government has implemented policies and incentives to encourage the adoption of energy management technologies, further driving market growth.

Underlying macroeconomic factors: Guatemala's growing economy and increasing urbanization have contributed to the rising demand for energy management solutions. As the country continues to develop, there is a greater need for efficient energy systems to support industrial and commercial activities. Furthermore, the government's commitment to sustainable development and reducing greenhouse gas emissions has created a favorable environment for companies in the Energy Management market. In conclusion, the Energy Management market in Guatemala is experiencing growth due to customer preferences for sustainable and efficient energy solutions. The adoption of smart grid technologies and energy management software are key trends in the market, driven by the country's focus on renewable energy and energy efficiency. The government's support and favorable macroeconomic factors have also contributed to the market's development.

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.