Energy Management - Mauritius | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$241.5k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.21%, resulting in a projected market volume of US$326.3k by 2029.
In the Energy Management market, the number of active households is expected to amount to 38.1k users by 2029.
Household penetration will be 10.5% in 2024 and is expected to hit 13.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$7.79.

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 Mauritius has been steadily developing over the past few years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Mauritius have played a significant role in the development of the Energy Management market.

With increasing awareness about environmental sustainability and the need for energy efficiency, customers in Mauritius are actively seeking ways to reduce energy consumption and optimize energy usage. This has created a demand for energy management solutions that can help individuals and businesses monitor, control, and optimize their energy usage. In line with global trends, the Energy Management market in Mauritius is witnessing several key developments.

One of the major trends is the adoption of smart energy management systems. These systems leverage advanced technologies such as IoT, artificial intelligence, and data analytics to provide real-time insights into energy consumption patterns and enable automated energy optimization. This trend is driven by the need for more efficient energy management and the increasing availability of smart devices and sensors.

Another trend in the Energy Management market in Mauritius is the integration of renewable energy sources. As a small island nation, Mauritius has limited natural resources and relies heavily on imported fossil fuels for energy generation. However, the government has been actively promoting the use of renewable energy sources such as solar and wind power.

This has led to an increased adoption of renewable energy systems, which require effective energy management solutions to ensure optimal utilization and integration with the grid. Local special circumstances also contribute to the development of the Energy Management market in Mauritius. The government has implemented various policies and initiatives to promote energy efficiency and renewable energy adoption.

For example, the Energy Efficiency Management Office (EEMO) was established to coordinate and implement energy efficiency programs across different sectors. Additionally, the government has introduced financial incentives such as tax credits and grants to encourage individuals and businesses to invest in energy management solutions. Underlying macroeconomic factors also play a role in the development of the Energy Management market in Mauritius.

The country's growing population and expanding economy have resulted in an increased demand for energy. This, coupled with rising energy costs, has created a need for effective energy management solutions to reduce energy expenses and ensure long-term sustainability. Furthermore, as Mauritius aims to position itself as a hub for green technologies and sustainable development, the Energy Management market is expected to witness further growth and innovation.

Overall, the Energy Management market in Mauritius is developing due to customer preferences for energy efficiency, global trends in smart energy management and renewable energy integration, local special circumstances such as government initiatives, and underlying macroeconomic factors including population growth and rising energy costs. As the market continues to evolve, there will be opportunities for both local and international companies to provide innovative energy management solutions and contribute to Mauritius' sustainable development goals.

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.