Energy Management - Malaysia | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$14.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.24%, resulting in a projected market volume of US$24.0m by 2029.
In the Energy Management market, the number of active households is expected to amount to 2.4m users by 2029.
Household penetration will be 25.0% in 2024 and is expected to hit 30.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$7.09.

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 Malaysia is experiencing significant growth and development due to various factors. Customer preferences for energy-efficient solutions and the increasing focus on sustainability are driving the demand for energy management systems in the country.

Additionally, local special circumstances and underlying macroeconomic factors are also contributing to the market's growth. Customer preferences in Malaysia are shifting towards energy-efficient solutions as individuals and businesses become more conscious of their environmental impact. With a growing awareness of climate change and the need to reduce energy consumption, there is a greater demand for energy management systems that can help optimize energy usage and reduce wastage.

Customers are looking for solutions that can monitor and control energy consumption, improve energy efficiency, and reduce costs. This shift in customer preferences is driving the adoption of energy management systems in Malaysia. Trends in the Energy Management market in Malaysia are also influenced by global and regional market trends.

As energy management becomes a key focus worldwide, Malaysia is following suit. The country is committed to reducing its carbon footprint and achieving its sustainability goals. This commitment is driving the adoption of energy management systems in various sectors, including residential, commercial, and industrial.

The government is also implementing policies and regulations that encourage the use of energy-efficient technologies, further fueling the market's growth. Local special circumstances in Malaysia, such as the country's reliance on fossil fuels and the increasing energy demand, are also driving the development of the Energy Management market. Malaysia heavily relies on fossil fuels for its energy needs, and there is a growing recognition of the need to diversify the energy mix and reduce dependence on non-renewable sources.

This has led to a focus on renewable energy and energy management solutions that can help optimize the use of available resources. Additionally, the country's growing population and industrialization are increasing energy demand, creating a need for more efficient energy management systems. Underlying macroeconomic factors, such as government initiatives and investments, are also contributing to the growth of the Energy Management market in Malaysia.

The government has introduced various initiatives and incentives to promote energy efficiency and sustainability. These include tax incentives, grants, and subsidies for the adoption of energy management systems. Additionally, the government is investing in renewable energy projects and infrastructure, creating opportunities for energy management solution providers.

In conclusion, the Energy Management market in Malaysia is experiencing growth and development due to customer preferences for energy-efficient solutions, global and regional market trends, local special circumstances, and underlying macroeconomic factors. The shift towards energy efficiency, government initiatives, and the increasing focus on sustainability are driving the demand for energy management systems in the country. As Malaysia continues to prioritize energy efficiency and sustainability, 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.