Energy Management - Lesotho | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$141.1k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.05%, resulting in a projected market volume of US$172.0k by 2029.
In the Energy Management market, the number of active households is expected to amount to 15.5k users by 2029.
Household penetration will be 2.1% in 2024 and is expected to hit 2.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$12.14.

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 Lesotho is experiencing significant growth and development.

Customer preferences: Customers in Lesotho are increasingly prioritizing energy efficiency and cost savings. With rising energy costs and a growing awareness of environmental sustainability, businesses and households are seeking solutions to optimize their energy usage and reduce their carbon footprint. Energy management systems and technologies that enable efficient energy consumption and monitoring are in high demand.

Trends in the market: One major trend in the Energy Management market in Lesotho is the adoption of smart energy management systems. These systems utilize advanced technologies such as Internet of Things (IoT) devices, artificial intelligence, and data analytics to optimize energy usage. They provide real-time monitoring and control of energy consumption, enabling businesses and households to identify areas of inefficiency and implement measures to reduce energy waste. The integration of renewable energy sources, such as solar power, into these systems is also gaining traction, allowing for greater energy independence and sustainability. Another trend in the market is the increasing use of energy management software. This software provides comprehensive energy data analysis, allowing businesses to track their energy usage, identify patterns, and implement strategies to reduce consumption. It also enables the monitoring of energy performance indicators and the identification of areas for improvement. Energy management software is becoming an essential tool for businesses looking to optimize their energy usage and reduce costs.

Local special circumstances: Lesotho faces unique challenges in its energy sector. The country relies heavily on imported electricity, primarily from South Africa, which makes it vulnerable to fluctuations in prices and supply. Additionally, Lesotho has a high rate of energy poverty, with a significant portion of the population lacking access to reliable and affordable electricity. These factors create a strong incentive for businesses and households to invest in energy management solutions that can help reduce their dependence on imported electricity and improve energy affordability.

Underlying macroeconomic factors: Several macroeconomic factors are driving the development of the Energy Management market in Lesotho. The government has recognized the importance of energy efficiency and sustainability and has implemented policies and initiatives to promote renewable energy and energy management. These include incentives for businesses and households to adopt energy-efficient technologies and the development of renewable energy projects. Furthermore, Lesotho has a growing middle class and a burgeoning industrial sector, both of which are increasing the demand for energy. As energy costs rise, businesses are looking for ways to reduce their energy expenses, while households are seeking solutions to lower their electricity bills. This creates a favorable market environment for energy management solutions. In conclusion, the Energy Management market in Lesotho is experiencing growth and development driven by customer preferences for energy efficiency and cost savings. The adoption of smart energy management systems and energy management software is on the rise, allowing businesses and households to optimize their energy usage. The local special circumstances, such as reliance on imported electricity and high energy poverty rates, further contribute to the demand for energy management solutions. Additionally, underlying macroeconomic factors, including government policies and the growing middle class, are driving the market's growth.

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.