Energy Management - Niger | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$757.6k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.12%, resulting in a projected market volume of US$1.4m by 2029.
In the Energy Management market, the number of active households is expected to amount to 486.8k users by 2029.
Household penetration will be 7.9% in 2024 and is expected to hit 8.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$2.01.

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 Niger is experiencing significant growth and development.

Customer preferences: Customers in Niger are increasingly prioritizing energy efficiency and sustainability. They are seeking ways to reduce their energy consumption and lower their carbon footprint. This is driven by both environmental concerns and the desire to save on energy costs. As a result, there is a growing demand for energy management solutions that can help optimize energy usage and improve overall efficiency.

Trends in the market: One of the key trends in the Energy Management market in Niger is the adoption of smart grid technologies. Smart grids enable better monitoring and control of energy usage, allowing for more efficient distribution and consumption of electricity. This helps to reduce wastage and improve overall energy efficiency. Additionally, smart grids can support the integration of renewable energy sources, such as solar and wind power, into the grid system. Another trend in the market is the increasing use of energy management systems in commercial and industrial sectors. These systems provide real-time monitoring and analysis of energy usage, allowing businesses to identify areas of inefficiency and implement targeted energy-saving measures. This not only helps to reduce energy costs but also enhances sustainability and corporate social responsibility efforts.

Local special circumstances: Niger is a landlocked country in West Africa with limited energy resources. The majority of its energy needs are currently met through the importation of fossil fuels. This dependence on imports makes energy management and efficiency crucial for the country's economic development and energy security. Furthermore, Niger has a rapidly growing population, which is driving an increase in energy demand. The government is actively promoting the use of renewable energy sources, such as solar power, to meet this growing demand in a sustainable manner. This presents opportunities for the development of energy management solutions that can support the integration of renewable energy into the grid system.

Underlying macroeconomic factors: The Energy Management market in Niger is influenced by several macroeconomic factors. The country has been experiencing economic growth in recent years, which has led to increased energy consumption. This growth, coupled with the government's focus on sustainable development, has created a favorable environment for the adoption of energy management solutions. Additionally, Niger is part of the Economic Community of West African States (ECOWAS), which is working towards regional integration and cooperation in the energy sector. This regional focus on energy efficiency and renewable energy presents opportunities for companies operating in the Energy Management market in Niger to expand their reach and collaborate with other countries in the region. In conclusion, the Energy Management market in Niger is developing due to customer preferences for energy efficiency and sustainability, the adoption of smart grid technologies, and the increasing use of energy management systems in commercial and industrial sectors. The local special circumstances of limited energy resources and a growing population drive the need for energy management solutions. The underlying macroeconomic factors of economic growth and regional integration also contribute to the market's development.

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.