Energy Management - Luxembourg | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$1.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.77%, resulting in a projected market volume of US$2.1m by 2029.
In the Energy Management market, the number of active households is expected to amount to 53.2k users by 2029.
Household penetration will be 22.6% in 2024 and is expected to hit 26.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$31.46.

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 Luxembourg is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Luxembourg are increasingly looking for energy management solutions to optimize their energy consumption and reduce costs. They are also becoming more conscious about the environmental impact of their energy usage and are seeking ways to reduce their carbon footprint. As a result, there is a growing demand for energy management systems that can monitor, control, and optimize energy usage in residential, commercial, and industrial buildings.

Trends in the market: One of the key trends in the Energy Management market in Luxembourg is the adoption of smart grid technologies. Smart grids enable efficient energy distribution and management by integrating renewable energy sources, energy storage systems, and demand response mechanisms. This trend is driven by the government's focus on promoting renewable energy and reducing greenhouse gas emissions. The increasing deployment of smart meters and advanced metering infrastructure also supports the growth of the Energy Management market in Luxembourg. Another trend in the market is the integration of Internet of Things (IoT) technologies with energy management systems. IoT enables the collection and analysis of real-time energy data, allowing for more accurate energy forecasting and optimization. This trend is driven by the increasing availability of connected devices and the desire for more intelligent and automated energy management solutions.

Local special circumstances: Luxembourg is a small country with limited domestic energy resources. As a result, it heavily relies on energy imports from neighboring countries. This dependence on imports makes energy management a critical aspect of the country's energy strategy. The government has implemented various initiatives and policies to promote energy efficiency and renewable energy adoption. This creates a favorable environment for the growth of the Energy Management market in Luxembourg.

Underlying macroeconomic factors: Luxembourg has a strong and stable economy, which provides a conducive environment for investment in the Energy Management market. The country has a high GDP per capita and a well-developed infrastructure, which supports the adoption of advanced energy management technologies. Additionally, the government provides financial incentives and subsidies to encourage the implementation of energy management solutions. In conclusion, the Energy Management market in Luxembourg is developing rapidly due to customer preferences for energy efficiency and environmental sustainability. The adoption of smart grid technologies and IoT integration are key trends driving the market growth. The country's dependence on energy imports and favorable government initiatives also contribute to the development of the Energy Management market. Luxembourg's strong economy and supportive infrastructure further facilitate investment in the sector.

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.