Energy Management - North Macedonia

Revenue in the Energy Management market is projected to reach US$426.4k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.41%, resulting in a projected market volume of US$638.5k by 2029.
In the Energy Management market, the number of active households is expected to amount to 151.5k users by 2029.
Household penetration will be 20.9% in 2024 and is expected to hit 26.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.43.

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 North Macedonia is experiencing significant growth and development. Customer preferences are shifting towards more sustainable and efficient energy solutions, driving the demand for energy management systems and services. This trend is in line with the global market, where companies and individuals are increasingly focused on reducing energy consumption and optimizing energy usage.

Customer preferences: In North Macedonia, customers are becoming more aware of the environmental impact of their energy consumption. They are seeking ways to reduce their carbon footprint and lower their energy costs. This has led to an increased demand for energy management solutions that can help monitor and control energy usage in homes, businesses, and industries. Customers are also looking for integrated systems that can provide real-time data on energy consumption, allowing them to make informed decisions and adjust their energy usage accordingly.

Trends in the market: One of the key trends in the Energy Management market in North Macedonia is the adoption of smart grid technology. Smart grids enable the integration of renewable energy sources, such as solar and wind power, into the existing energy infrastructure. This allows for more efficient and sustainable energy distribution and management. As a result, there is a growing demand for energy management systems that can effectively monitor and control energy flow in smart grids. Another trend in the market is the increasing use of energy management systems in commercial buildings. Businesses are realizing the potential cost savings and environmental benefits of implementing energy management solutions. These systems can help optimize energy usage, reduce waste, and improve overall energy efficiency. As a result, the demand for energy management services, such as energy audits and consulting, is also on the rise.

Local special circumstances: North Macedonia is a country with a high dependence on imported energy. The country relies heavily on fossil fuels for its energy needs, which makes it vulnerable to fluctuations in global energy prices. This has prompted the government to focus on energy diversification and renewable energy sources. As a result, there are various incentives and subsidies in place to promote the adoption of renewable energy technologies, such as solar and wind power. This creates a favorable environment for the growth of the Energy Management market, as businesses and individuals are encouraged to invest in energy-efficient solutions.

Underlying macroeconomic factors: The Energy Management market in North Macedonia is also influenced by macroeconomic factors. The country's economic growth and development have led to an increase in energy consumption. This has created a need for more efficient energy management solutions to meet the growing demand. Additionally, the government's focus on sustainable development and environmental protection has further fueled the demand for energy management systems and services. In conclusion, the Energy Management market in North Macedonia is experiencing growth and development driven by customer preferences for sustainable and efficient energy solutions. The adoption of smart grid technology and the use of energy management systems in commercial buildings are key trends in the market. The country's high dependence on imported energy and the government's focus on renewable energy sources create a favorable environment for the growth of the Energy Management market. Additionally, the country's economic growth and development contribute to the increasing demand for energy management solutions.

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.