Energy Management - Mexico | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$72.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.23%, resulting in a projected market volume of US$112.6m by 2029.
In the Energy Management market, the number of active households is expected to amount to 6.2m users by 2029.
Household penetration will be 17.2% in 2024 and is expected to hit 21.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$14.47.

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 Mexico is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.

Customer preferences in Mexico are increasingly focused on energy efficiency and sustainability. As the cost of energy continues to rise, businesses and consumers are seeking ways to reduce their energy consumption and lower their utility bills. Energy management solutions provide the tools and technologies necessary to monitor and control energy usage, allowing customers to optimize their energy consumption and reduce waste.

Additionally, there is a growing awareness of the environmental impact of energy consumption, leading to a greater demand for sustainable energy management solutions. Trends in the market are also driving the development of the Energy Management market in Mexico. The adoption of smart grid technologies and the increasing availability of IoT devices have enabled more advanced energy management systems.

These systems can collect and analyze real-time data on energy usage, allowing for more accurate monitoring and control. Additionally, the integration of renewable energy sources, such as solar and wind, into the energy grid has created new opportunities for energy management. These trends are leading to the development of innovative energy management solutions that are tailored to the specific needs of the Mexican market.

Local special circumstances also play a role in the development of the Energy Management market in Mexico. The country's energy sector has undergone significant reforms in recent years, opening up opportunities for private investment and competition. This has created a more favorable environment for energy management companies to enter the market and offer their solutions.

Additionally, Mexico has a strong manufacturing sector, which is a major consumer of energy. As businesses in the manufacturing sector seek to reduce costs and improve efficiency, there is a growing demand for energy management solutions. Underlying macroeconomic factors are also contributing to the growth of the Energy Management market in Mexico.

The country's economy has been growing steadily in recent years, creating a favorable business environment for energy management companies. Additionally, the government has implemented policies and incentives to promote energy efficiency and sustainability, further driving the demand for energy management solutions. The combination of a growing economy, supportive government policies, and increasing customer demand is fueling the development of the Energy Management market in Mexico.

In conclusion, the Energy Management market in Mexico is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As businesses and consumers seek to reduce energy consumption and lower costs, there is a growing demand for energy management solutions. The adoption of smart grid technologies, the integration of renewable energy sources, and the favorable business environment in Mexico are all contributing to the positive trajectory of the Energy Management market in the country.

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.