Energy Management - Malta | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$377.4k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.57%, resulting in a projected market volume of US$569.2k by 2029.
In the Energy Management market, the number of active households is expected to amount to 48.4k users by 2029.
Household penetration will be 17.6% in 2024 and is expected to hit 21.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$9.25.

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

Customer preferences: Customers in Malta are increasingly becoming aware of the importance of energy management and are actively seeking ways to reduce their energy consumption and carbon footprint. This is driven by a growing concern for the environment and a desire to contribute to sustainable development. Customers are also looking for cost-effective solutions to manage their energy usage and reduce their energy bills.

Trends in the market: One of the key trends in the Energy Management market in Malta is the adoption of smart energy management systems. These systems use advanced technologies such as Internet of Things (IoT) and artificial intelligence (AI) to monitor and optimize energy usage in real-time. This allows customers to have better control over their energy consumption and make informed decisions to reduce wastage. The increasing availability and affordability of these technologies have contributed to their widespread adoption in Malta. Another trend in the market is the integration of renewable energy sources into energy management systems. Malta has set ambitious targets for renewable energy generation, and customers are increasingly investing in solar panels and other renewable energy technologies. These systems not only reduce reliance on traditional energy sources but also allow customers to generate their own electricity and sell any excess back to the grid. This trend is expected to continue as the government provides incentives and subsidies to promote renewable energy adoption.

Local special circumstances: Malta is a small island nation with limited natural resources, including energy. As a result, the country heavily relies on imported energy, making energy management a crucial aspect of its sustainability efforts. The government has recognized the importance of energy management and has implemented policies and regulations to promote energy efficiency and conservation. This includes the introduction of energy performance certificates for buildings and the implementation of energy-saving measures in public buildings.

Underlying macroeconomic factors: The Energy Management market in Malta is also influenced by macroeconomic factors such as economic growth and government initiatives. The country has been experiencing steady economic growth, which has led to an increase in energy consumption. This, in turn, has created a demand for energy management solutions to optimize energy usage and reduce costs. Additionally, the government has been actively promoting energy efficiency and renewable energy through various initiatives and incentives. These factors have created a favorable environment for the growth of the Energy Management market in Malta. In conclusion, the Energy Management market in Malta is experiencing growth and development due to customer preferences for energy efficiency and sustainability, the adoption of smart energy management systems, the integration of renewable energy sources, local special circumstances such as limited natural resources, and underlying macroeconomic factors such as economic growth and government initiatives.

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.