Energy Management - Iceland | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$952.1k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.46%, resulting in a projected market volume of US$1.4m by 2029.
In the Energy Management market, the number of active households is expected to amount to 35.6k users by 2029.
Household penetration will be 18.2% in 2024 and is expected to hit 21.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$30.99.

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 Iceland has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Iceland has a unique energy landscape, with a heavy reliance on renewable energy sources such as geothermal and hydroelectric power. As a result, customers in Iceland are increasingly interested in energy management solutions that can help them optimize their energy usage and reduce their environmental impact. This includes technologies such as smart meters, energy monitoring systems, and demand response systems, which allow customers to better understand and control their energy consumption.

Trends in the market: One of the key trends in the Energy Management market in Iceland is the increasing adoption of smart grid technologies. Smart grids enable the integration of renewable energy sources, improve grid reliability and efficiency, and empower customers to actively participate in the energy market. This trend is driven by government initiatives to modernize the energy infrastructure and promote sustainable energy practices. Another trend in the market is the growing demand for energy management solutions in the commercial and industrial sectors. Businesses in Iceland are increasingly recognizing the benefits of energy efficiency and cost savings, and are investing in technologies and services that can help them achieve their energy goals. This includes energy management software, building automation systems, and energy consulting services.

Local special circumstances: Iceland's abundant renewable energy resources, particularly geothermal and hydroelectric power, provide a unique advantage for the Energy Management market. These resources offer a reliable and sustainable source of energy, which can be leveraged to support the growth of energy management technologies and services. Additionally, Iceland's small population and compact geography make it easier to implement and scale energy management solutions across the country.

Underlying macroeconomic factors: The Energy Management market in Iceland is also influenced by broader macroeconomic factors. The country's commitment to renewable energy and sustainability aligns with global trends and policies aimed at reducing greenhouse gas emissions and combating climate change. This creates a favorable environment for the development and adoption of energy management technologies. Furthermore, Iceland's strong economic growth and stability provide a solid foundation for investment in the Energy Management market. The government's support for innovation and entrepreneurship, coupled with favorable regulatory frameworks, encourages the growth of startups and businesses in the energy sector. This, in turn, drives innovation and competition in the Energy Management market, leading to further development and advancements in technology and services. In conclusion, the Energy Management market in Iceland is experiencing robust growth, driven by customer preferences for sustainable energy solutions, trends in the adoption of smart grid technologies, local special circumstances such as abundant renewable energy resources, and underlying macroeconomic factors including global sustainability initiatives and a favorable business environment. As the market continues to evolve, it is expected to play a crucial role in helping Iceland achieve its energy goals and contribute to a more sustainable future.

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.