Energy Management - Kuwait | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$1.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.21%, resulting in a projected market volume of US$1.8m by 2029.
In the Energy Management market, the number of active households is expected to amount to 223.0k users by 2029.
Household penetration will be 25.1% in 2024 and is expected to hit 30.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$8.16.

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 Kuwait is experiencing significant growth and development due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Kuwait are driving the growth of the Energy Management market.

With increasing awareness about the importance of energy efficiency and sustainability, customers are actively seeking solutions that can help them reduce energy consumption and lower their carbon footprint. Energy management systems and technologies are becoming popular among customers, as they provide real-time monitoring and control of energy usage, allowing for optimization and cost savings. Trends in the market are also contributing to the growth of the Energy Management market in Kuwait.

The increasing adoption of smart grid technologies and the integration of renewable energy sources into the power grid are creating a need for advanced energy management solutions. Additionally, the government's focus on diversifying the energy mix and reducing reliance on fossil fuels is driving the demand for energy management solutions that can help optimize the use of renewable energy sources. Local special circumstances in Kuwait are further fueling the development of the Energy Management market.

The country has a high per capita energy consumption, which has put a strain on its energy resources. This has prompted the government to implement energy efficiency programs and initiatives to reduce energy consumption and promote sustainable practices. The government's support and incentives for energy management projects have created a favorable environment for the growth of the market.

Underlying macroeconomic factors are also playing a role in the development of the Energy Management market in Kuwait. The country's growing population and rapid urbanization have led to an increase in energy demand. To meet this demand, Kuwait is investing heavily in infrastructure development, including the construction of new buildings and the expansion of existing ones.

Energy management solutions are being integrated into these projects to ensure efficient energy usage and reduce operational costs. In conclusion, the Energy Management market in Kuwait is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing awareness about energy efficiency and sustainability, the adoption of smart grid technologies, the government's focus on renewable energy, and the need to meet growing energy demand are all contributing to the expansion of the market.

With the government's support and incentives, the Energy Management market in Kuwait is expected to continue its upward trajectory 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.