Energy Management - Iraq | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$2.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.29%, resulting in a projected market volume of US$3.7m by 2029.
In the Energy Management market, the number of active households is expected to amount to 2.8m users by 2029.
Household penetration will be 33.1% in 2024 and is expected to hit 39.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.19.

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 Iraq has been experiencing significant growth in recent years. This can be attributed to several factors, including customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences in Iraq have shifted towards a greater emphasis on energy efficiency and sustainability. This is driven by a growing awareness of the environmental impact of energy consumption and a desire to reduce energy costs. As a result, there is a growing demand for energy management solutions that can help optimize energy usage and reduce waste.

Trends in the market also play a role in the development of the Energy Management market in Iraq. One key trend is the increasing adoption of smart grid technology. This technology allows for more efficient management of energy distribution and consumption, enabling consumers to better monitor and control their energy usage.

As a result, there is a growing demand for energy management solutions that can integrate with smart grid systems. Another trend in the market is the increasing use of renewable energy sources. Iraq has significant potential for renewable energy, particularly solar and wind power.

As the country seeks to diversify its energy mix and reduce its reliance on fossil fuels, there is a growing demand for energy management solutions that can help integrate and optimize renewable energy sources. Local special circumstances also contribute to the development of the Energy Management market in Iraq. The country has a rapidly growing population and a growing economy, which is driving increased energy consumption.

This presents both challenges and opportunities for energy management companies, as there is a need for solutions that can help meet the growing demand for energy while also improving efficiency and reducing waste. Underlying macroeconomic factors also play a role in the development of the Energy Management market in Iraq. The government has implemented policies and regulations aimed at promoting energy efficiency and sustainability.

This includes incentives for businesses and individuals to invest in energy management solutions, as well as regulations that require certain energy efficiency standards to be met. These policies and regulations create a favorable environment for the growth of the Energy Management market in Iraq. In conclusion, the Energy Management market in Iraq is developing rapidly due to customer preferences for energy efficiency and sustainability, trends in the market such as the adoption of smart grid technology and the increasing use of renewable energy sources, local special circumstances including a growing population and economy, and underlying macroeconomic factors such as government policies and regulations.

As the market continues to grow, there will be increasing opportunities for companies in the energy management sector to provide innovative solutions that meet the needs of customers in Iraq.

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.