Energy Management - Laos | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$728.6k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.80%, resulting in a projected market volume of US$1.0m by 2029.
In the Energy Management market, the number of active households is expected to amount to 317.6k users by 2029.
Household penetration will be 17.7% in 2024 and is expected to hit 22.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$2.92.

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 Laos is experiencing significant growth and development. Customer preferences in the Energy Management market in Laos are shifting towards more sustainable and efficient energy solutions.

This is driven by increasing awareness of the environmental impact of traditional energy sources and the need for cost-effective energy management solutions. Customers are looking for technologies and services that can help them optimize energy consumption, reduce waste, and lower their carbon footprint. Trends in the Energy Management market in Laos include the adoption of smart grid technologies, energy monitoring and control systems, and renewable energy sources.

Smart grid technologies enable more efficient distribution of electricity, reducing energy losses and improving overall grid reliability. Energy monitoring and control systems allow customers to track and analyze their energy consumption in real-time, enabling them to identify areas for improvement and implement energy-saving measures. The integration of renewable energy sources, such as solar and wind power, is also gaining traction in Laos, as the country has abundant natural resources for these energy sources.

Local special circumstances in Laos, such as its geographical location and energy infrastructure, contribute to the development of the Energy Management market. Laos is a landlocked country with limited access to traditional energy sources, such as fossil fuels. This has prompted the government and businesses to explore alternative energy solutions, leading to the growth of the Energy Management market.

Additionally, Laos has a strong focus on sustainable development and has set ambitious targets for increasing the share of renewable energy in its energy mix. This creates opportunities for companies in the Energy Management sector to provide the necessary technologies and services to support the country's renewable energy goals. Underlying macroeconomic factors, such as government policies and regulations, also play a significant role in the development of the Energy Management market in Laos.

The government has implemented various policies and incentives to promote energy efficiency and renewable energy adoption. This includes feed-in tariffs for renewable energy projects, tax incentives for energy-efficient technologies, and regulations on energy consumption standards. These measures create a favorable business environment for companies operating in the Energy Management sector and encourage investment in sustainable energy solutions.

Overall, the Energy Management market in Laos is experiencing growth and development due to customer preferences for sustainable and efficient energy solutions, trends in smart grid technologies and renewable energy integration, local special circumstances such as limited access to traditional energy sources and a focus on sustainable development, and underlying macroeconomic factors such as government policies and regulations.

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.