Energy Management - Hungary

Hungary

Revenue in the Energy Management market is projected to reach US$15.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.85%, resulting in a projected market volume of US$23.6m by 2029.
In the Energy Management market, the number of active households is expected to amount to 0.9m users by 2029.
Household penetration will be 17.5% in 2024 and is expected to hit 21.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$19.51.

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Analyst Opinion

The Energy Management market in Hungary has been experiencing significant growth in recent years.

Customer preferences: In Hungary, customers are increasingly 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. Customers are also looking for ways to optimize their energy efficiency and reduce costs, which has further fueled the adoption of energy management systems.

Trends in the market: One of the key trends in the Energy Management market in Hungary is the increasing adoption of smart grid technologies. Smart grids enable the integration of renewable energy sources, such as solar and wind, into the existing energy infrastructure. This allows for more efficient energy distribution and reduces reliance on traditional fossil fuels. As a result, there has been a surge in the deployment of smart meters and other energy management technologies in Hungary. Another trend in the market is the rise of energy management software solutions. These software platforms provide real-time data analytics and insights into energy consumption patterns, allowing customers to identify areas of inefficiency and implement energy-saving measures. With the increasing availability of IoT devices and connectivity, energy management software is becoming more accessible and affordable for both residential and commercial customers in Hungary.

Local special circumstances: Hungary has set ambitious targets for renewable energy generation, aiming to increase the share of renewable sources in its energy mix. This has created a favorable environment for the growth of the Energy Management market, as businesses and individuals seek ways to optimize their energy usage and contribute to the country's renewable energy goals. Additionally, the government has introduced various incentives and subsidies to encourage the adoption of energy management solutions, further driving market growth.

Underlying macroeconomic factors: The Energy Management market in Hungary is also influenced by broader macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income and a greater emphasis on sustainability and energy efficiency. Furthermore, rising energy costs and concerns about energy security have also contributed to the growing demand for energy management solutions. In conclusion, the Energy Management market in Hungary is witnessing significant growth due to customer preferences for energy efficiency, the adoption of smart grid technologies, and the availability of energy management software solutions. Local special circumstances, such as renewable energy targets and government incentives, are further driving market development. The underlying macroeconomic factors, including economic growth and rising energy costs, are also contributing to the expansion of the Energy Management market in Hungary.

Methodology

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.