Energy Management - Mongolia | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$452.0k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.57%, resulting in a projected market volume of US$592.7k by 2029.
In the Energy Management market, the number of active households is expected to amount to 241.4k users by 2029.
Household penetration will be 21.8% in 2024 and is expected to hit 29.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$2.58.

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 Mongolia is experiencing significant growth due to increasing customer preferences for energy efficiency and sustainability solutions.

Customer preferences: Customers in Mongolia are increasingly focused on reducing energy consumption and improving energy efficiency in order to lower costs and minimize environmental impact. This shift in preferences is driven by a combination of factors, including rising energy prices, government regulations promoting energy conservation, and growing awareness of the importance of sustainable practices. As a result, there is a growing demand for energy management solutions that can help businesses and households optimize their energy usage and reduce waste.

Trends in the market: One of the key trends in the Energy Management market in Mongolia is the adoption of smart energy management systems. These systems leverage advanced technologies such as Internet of Things (IoT) sensors, data analytics, and artificial intelligence to monitor and control energy usage in real-time. By providing insights into energy consumption patterns and identifying areas for improvement, these systems enable businesses and households to make more informed decisions and optimize their energy usage. This trend is expected to continue as the benefits of smart energy management systems become more widely recognized. Another trend in the market is the increasing integration of renewable energy sources. Mongolia has significant renewable energy potential, particularly in wind and solar power. As the cost of renewable energy technologies continues to decline, there is a growing interest in integrating these sources into the energy mix. Energy management solutions play a crucial role in ensuring the efficient and effective integration of renewable energy sources, as they can help balance supply and demand, optimize energy storage, and maximize the utilization of renewable energy assets.

Local special circumstances: Mongolia is a vast country with a relatively small population, which presents unique challenges and opportunities in the Energy Management market. The country's remote and sparsely populated areas often lack access to reliable electricity grids, making energy management solutions particularly important in these regions. Off-grid solutions, such as microgrids and standalone renewable energy systems, are gaining traction in these areas, providing reliable and sustainable energy sources to remote communities. Furthermore, Mongolia's economy is heavily reliant on mining and natural resource extraction, which has significant energy implications. The Energy Management market in Mongolia is therefore influenced by the energy needs of these industries, as well as the increasing focus on sustainable practices and environmental regulations. Energy management solutions that can help optimize energy usage and reduce the environmental impact of mining and resource extraction activities are in high demand.

Underlying macroeconomic factors: The Energy Management market in Mongolia is also influenced by underlying macroeconomic factors. Economic growth, industrialization, and urbanization are driving increased energy consumption, creating a need for more efficient energy management solutions. Additionally, government policies and regulations aimed at reducing greenhouse gas emissions and promoting sustainable development are shaping the market landscape. These policies provide incentives for businesses and households to invest in energy management solutions and adopt energy-saving practices. In conclusion, the Energy Management market in Mongolia is experiencing growth due to increasing customer preferences for energy efficiency and sustainability solutions. The adoption of smart energy management systems and the integration of renewable energy sources are key trends in the market. Local special circumstances, such as the need for off-grid solutions in remote areas and the energy implications of the mining industry, further shape the market. Underlying macroeconomic factors, including economic growth and government policies, also contribute to the development of the Energy Management market in Mongolia.

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.