Energy Management - Myanmar | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$5.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.06%, resulting in a projected market volume of US$6.5m by 2029.
In the Energy Management market, the number of active households is expected to amount to 1.7m users by 2029.
Household penetration will be 12.6% in 2024 and is expected to hit 15.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.55.

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 Myanmar is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of this industry.

Customer preferences in Myanmar are shifting towards more sustainable and efficient energy management solutions. As awareness about climate change and environmental sustainability increases, customers are becoming more conscious of their energy consumption and its impact on the environment. This has led to a growing demand for energy management systems that can optimize energy usage, reduce waste, and lower carbon emissions.

Customers are also seeking solutions that can help them save costs and improve the efficiency of their operations. Trends in the market indicate a strong focus on renewable energy sources in Myanmar. The government has set ambitious targets to increase the share of renewable energy in the country's energy mix.

This has led to a surge in investments in renewable energy projects, such as solar and wind power. As a result, there is a growing need for energy management systems that can effectively integrate and manage these renewable energy sources. This trend is expected to continue as the country strives to achieve its renewable energy goals.

Local special circumstances in Myanmar also contribute to the development of the Energy Management market. The country has a rich natural resource base, including significant hydropower potential. However, the development of these resources has been hindered by challenges such as limited infrastructure and political instability.

As a result, there is a need for energy management solutions that can help optimize the utilization of existing resources and improve energy efficiency. Underlying macroeconomic factors further support the growth of the Energy Management market in Myanmar. The country is experiencing rapid economic growth, which is driving increased energy consumption across various sectors.

This presents both opportunities and challenges for the energy management industry. On one hand, the growing energy demand creates a larger market for energy management solutions. On the other hand, it also puts pressure on the government and businesses to find sustainable and efficient ways to meet this demand.

In conclusion, the Energy Management market in Myanmar is developing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As customers prioritize sustainability and efficiency, there is a growing demand for energy management solutions that can optimize energy usage and reduce carbon emissions. The focus on renewable energy sources and the need to overcome local challenges further drive the development of this market.

With the country's rapid economic growth, the Energy Management market in Myanmar is expected to continue its positive trajectory 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.