Energy Management - Lithuania | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$4.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.40%, resulting in a projected market volume of US$7.4m by 2029.
In the Energy Management market, the number of active households is expected to amount to 258.8k users by 2029.
Household penetration will be 15.1% in 2024 and is expected to hit 20.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$22.60.

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 Lithuania is experiencing significant growth and development in recent years. Customer preferences for energy-efficient solutions, increasing awareness of environmental sustainability, and supportive government policies are driving this trend.

Customer preferences in the Energy Management market in Lithuania are shifting towards energy-efficient solutions. Consumers are becoming more conscious of their energy consumption and are actively seeking ways to reduce their energy usage. This is driven by rising energy costs and a desire to minimize their environmental impact.

As a result, there is a growing demand for energy management systems that can help monitor and control energy usage in households and businesses. Another factor contributing to the growth of the Energy Management market in Lithuania is the increasing awareness of environmental sustainability. With the growing concerns about climate change and the need to reduce greenhouse gas emissions, individuals and organizations are becoming more committed to adopting sustainable practices.

Energy management solutions play a crucial role in helping them achieve their sustainability goals by optimizing energy consumption and reducing waste. Supportive government policies are also playing a significant role in the development of the Energy Management market in Lithuania. The government has implemented various initiatives and regulations to promote energy efficiency and renewable energy sources.

These policies include financial incentives, tax breaks, and subsidies for energy-efficient technologies and renewable energy projects. Such measures create a favorable environment for the adoption of energy management solutions and encourage businesses and individuals to invest in energy-efficient practices. In addition to customer preferences and government support, there are also local special circumstances that contribute to the growth of the Energy Management market in Lithuania.

The country has a relatively high energy consumption per capita, which creates a significant market potential for energy management solutions. Furthermore, Lithuania has a well-developed information and communication technology (ICT) infrastructure, which enables the implementation of advanced energy management systems and smart grid technologies. Underlying macroeconomic factors also play a role in the development of the Energy Management market in Lithuania.

The country has a stable economy with a strong focus on innovation and technology. This provides a conducive environment for the development and adoption of energy management solutions. Additionally, Lithuania is part of the European Union, which sets ambitious targets for energy efficiency and renewable energy.

This creates a market opportunity for energy management companies to provide solutions that help meet these targets. In conclusion, the Energy Management market in Lithuania is experiencing growth and development driven by customer preferences for energy-efficient solutions, increasing awareness of environmental sustainability, supportive government policies, local special circumstances, and underlying macroeconomic factors. This trend is expected to continue as individuals and organizations prioritize energy efficiency and sustainability in their operations.

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.