Energy Management - Hong Kong | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$8.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.56%, resulting in a projected market volume of US$14.6m by 2029.
In the Energy Management market, the number of active households is expected to amount to 587.7k users by 2029.
Household penetration will be 17.7% in 2024 and is expected to hit 20.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$16.91.

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 Hong Kong is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Hong Kong are increasingly prioritizing energy efficiency and sustainability in their operations. They are looking for solutions that can help them reduce energy consumption, lower costs, and minimize their environmental impact. This shift in customer preferences is driving the demand for energy management solutions in the market.

Trends in the market: One of the key trends in the Energy Management market in Hong Kong is the adoption of smart grid technologies. The government has been actively promoting the development of smart grids to improve the efficiency and reliability of the electricity supply. This has led to an increased demand for energy management systems that can integrate with smart grids and enable real-time monitoring and control of energy consumption. Another trend in the market is the growing use of renewable energy sources. Hong Kong has set a target to increase the share of renewable energy in its total energy consumption. This has created opportunities for companies offering energy management solutions that can help integrate renewable energy sources into the grid and optimize their utilization.

Local special circumstances: Hong Kong is a densely populated city with limited land resources. This presents challenges in terms of energy supply and consumption. The government is actively promoting energy conservation and efficiency measures to address these challenges. As a result, there is a strong focus on energy management solutions that can help optimize energy use and reduce waste.

Underlying macroeconomic factors: The Energy Management market in Hong Kong is also influenced by macroeconomic factors. The city has a highly developed economy and a strong industrial base. This has led to a high demand for energy, which in turn drives the need for energy management solutions. Additionally, Hong Kong is a global financial hub, attracting multinational corporations that have a strong focus on sustainability and energy efficiency. This creates a favorable environment for the growth of the Energy Management market. In conclusion, the Energy Management market in Hong Kong is experiencing significant growth and development due to customer preferences for energy efficiency and sustainability, the adoption of smart grid technologies, the growing use of renewable energy sources, local special circumstances such as limited land resources, and underlying macroeconomic factors such as a strong industrial base and a focus on sustainability.

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.