Energy Management - Guinea | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$371.8k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.66%, resulting in a projected market volume of US$589.7k by 2029.
In the Energy Management market, the number of active households is expected to amount to 212.3k users by 2029.
Household penetration will be 6.9% in 2024 and is expected to hit 8.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$2.24.

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 Guinea is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Guinea are driving the demand for energy management solutions.

As the country continues to develop and modernize, there is an increasing need for efficient and sustainable energy management practices. Customers are looking for solutions that can help them reduce energy consumption, optimize energy usage, and lower their carbon footprint. This is particularly important in Guinea, where energy costs are high and access to reliable electricity is limited in some areas.

Customers are also becoming more aware of the environmental impact of their energy consumption and are seeking solutions that can help them become more sustainable. Trends in the market are also contributing to the growth of the Energy Management market in Guinea. The global trend towards digitalization and the Internet of Things (IoT) is driving the adoption of smart energy management systems.

These systems use advanced technology to monitor, analyze, and control energy usage in real-time, allowing customers to optimize their energy consumption and reduce costs. In Guinea, the increasing availability of affordable IoT devices and the expansion of internet connectivity are making it easier for customers to implement these solutions. Additionally, the government of Guinea has been actively promoting energy efficiency and renewable energy initiatives, which is further driving the adoption of energy management solutions.

Local special circumstances in Guinea are also playing a role in the development of the Energy Management market. The country has abundant natural resources, including hydroelectric power and solar energy, which can be harnessed for sustainable energy generation. The government has been investing in renewable energy projects and promoting the use of clean energy sources.

This creates opportunities for energy management companies to provide solutions that can integrate renewable energy sources into the grid and optimize their usage. Additionally, Guinea has a growing industrial sector, which requires efficient energy management solutions to reduce operational costs and improve productivity. Underlying macroeconomic factors are also contributing to the growth of the Energy Management market in Guinea.

The country's economy is growing steadily, and there is an increasing demand for energy to support economic development. However, the existing energy infrastructure in Guinea is inadequate to meet this demand, leading to frequent power outages and high energy costs. Energy management solutions can help address these challenges by improving energy efficiency, reducing waste, and optimizing energy usage.

As a result, both the government and private sector are investing in energy management technologies and services to improve the reliability and affordability of energy supply. In conclusion, the Energy Management market in Guinea is developing rapidly due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customers are looking for efficient and sustainable energy management solutions, and the adoption of smart energy management systems is on the rise.

The government's focus on renewable energy and the country's growing industrial sector are also driving the demand for energy management solutions. With the continued economic growth and increasing energy demand in Guinea, the Energy Management market is expected to expand further in the coming years.

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.