Energy Management - Latvia | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$1.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.63%, resulting in a projected market volume of US$2.5m by 2029.
In the Energy Management market, the number of active households is expected to amount to 166.8k users by 2029.
Household penetration will be 16.6% in 2024 and is expected to hit 21.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$12.21.

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 Latvia is experiencing significant growth and development in recent years. Customer preferences are shifting towards more sustainable and efficient energy solutions, driving the demand for energy management services.

Additionally, local special circumstances and underlying macroeconomic factors are contributing to the growth of the market. Customer preferences in Latvia are increasingly focused on sustainability and energy efficiency. With growing concerns about climate change and environmental impact, consumers are seeking ways to reduce their carbon footprint and optimize energy consumption.

Energy management solutions offer the ability to monitor and control energy usage, allowing customers to make informed decisions and reduce waste. This aligns with the global trend towards sustainable practices and energy conservation. Trends in the Energy Management market in Latvia include the adoption of smart grid technologies and the integration of renewable energy sources.

Smart grids enable real-time monitoring and control of energy distribution, optimizing efficiency and reducing costs. This technology is being implemented in Latvia to improve the overall reliability and resilience of the energy system. In addition, the country has been investing in renewable energy sources such as wind and solar power, which require effective energy management solutions to ensure their integration into the grid.

Local special circumstances in Latvia also contribute to the development of the Energy Management market. The country has set ambitious targets for reducing greenhouse gas emissions and increasing the share of renewable energy in the total energy mix. This has created a favorable environment for energy management companies to provide solutions that help achieve these goals.

Furthermore, Latvia is part of the European Union, which has established regulations and incentives to promote energy efficiency and renewable energy. This regulatory framework provides opportunities for companies in the energy management sector to thrive. Underlying macroeconomic factors, such as government support and investment, also play a role in the growth of the Energy Management market in Latvia.

The government has implemented various policies and initiatives to promote energy efficiency and renewable energy, including financial incentives and subsidies. This support encourages businesses and individuals to adopt energy management solutions and invest in sustainable energy technologies. Additionally, the availability of funding and investment opportunities in the energy sector further drives the development of the market.

In conclusion, the Energy Management market in Latvia is experiencing growth and development due to customer preferences for sustainable and efficient energy solutions, the adoption of smart grid technologies and renewable energy sources, local special circumstances, and underlying macroeconomic factors. As the country continues to prioritize sustainability and energy efficiency, the market is expected to further expand 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.