Energy Management - Nepal | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$2.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.09%, resulting in a projected market volume of US$3.5m by 2029.
In the Energy Management market, the number of active households is expected to amount to 1.3m users by 2029.
Household penetration will be 17.4% in 2024 and is expected to hit 20.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.98.

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 Nepal is experiencing significant growth and development due to several key factors. Customer preferences for energy-efficient solutions, increasing government initiatives, and the need for sustainable energy sources are driving the market trends in the country.

Customer preferences in Nepal are shifting towards energy-efficient solutions as individuals and businesses recognize the importance of reducing energy consumption and minimizing environmental impact. With rising electricity costs and a growing awareness of climate change, there is a growing demand for energy management systems that can optimize energy usage and reduce wastage. Customers are looking for smart solutions that can monitor and control energy consumption in real-time, allowing them to make informed decisions and save on energy costs.

The market trends in the Energy Management sector in Nepal are also influenced by government initiatives aimed at promoting sustainable energy sources and reducing reliance on fossil fuels. The government has implemented various policies and programs to encourage the adoption of renewable energy technologies, such as solar and wind power. This has created a favorable environment for the growth of the Energy Management market, as businesses and individuals seek to integrate these renewable energy sources into their energy management systems.

Local special circumstances in Nepal, such as its geographical location and topography, also play a role in shaping the Energy Management market. Nepal is a landlocked country with limited access to traditional energy sources, such as oil and gas. As a result, the country has been focusing on developing its renewable energy sector, particularly hydropower.

The abundance of rivers and water resources in Nepal makes it an ideal location for hydropower generation, and the government has been actively promoting investments in this sector. This creates opportunities for energy management companies to provide solutions that can optimize the utilization of hydropower resources and ensure efficient energy distribution. Underlying macroeconomic factors, such as economic growth and urbanization, also contribute to the development of the Energy Management market in Nepal.

As the country continues to experience economic growth, there is an increasing demand for energy to support industrial and commercial activities. This creates a need for effective energy management solutions to ensure reliable and efficient energy supply. Additionally, rapid urbanization in Nepal has led to an increase in energy consumption, particularly in urban areas.

This further drives the demand for energy management systems that can help manage and control energy usage in urban settings. In conclusion, the Energy Management market in Nepal is witnessing significant growth and development due to customer preferences for energy-efficient solutions, government initiatives promoting sustainable energy sources, local special circumstances such as the focus on hydropower, and underlying macroeconomic factors such as economic growth and urbanization. These factors are driving the adoption of energy management systems in Nepal, creating opportunities for companies in the sector to thrive and contribute to the country's 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.