Energy Management - Oman | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$1.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.80%, resulting in a projected market volume of US$1.8m by 2029.
In the Energy Management market, the number of active households is expected to amount to 247.1k users by 2029.
Household penetration will be 25.3% in 2024 and is expected to hit 29.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$6.86.

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 Oman is experiencing significant growth due to various factors. Customer preferences are shifting towards more sustainable and efficient energy solutions, leading to increased demand for energy management systems.

Additionally, local special circumstances, such as the country's commitment to renewable energy and the need to reduce energy consumption, are driving the development of the market. Customer preferences in Oman are increasingly focused on sustainability and energy efficiency. With growing concerns about climate change and the need to reduce carbon emissions, customers are seeking energy management solutions that can help them optimize their energy usage and reduce their environmental impact.

This includes implementing smart grid systems, energy monitoring and control systems, and renewable energy technologies. Customers are also looking for solutions that can help them reduce their energy costs and improve the overall efficiency of their operations. Trends in the Energy Management market in Oman are aligned with global and regional trends.

The market is witnessing an increasing adoption of smart grid technologies, which enable efficient energy distribution and management. Smart grid systems allow for real-time monitoring and control of energy consumption, optimizing energy usage and reducing wastage. This trend is driven by the need to improve the reliability and efficiency of the energy infrastructure in Oman.

Another trend in the market is the integration of renewable energy sources. Oman has set ambitious targets to increase the share of renewable energy in its energy mix, and this is driving the adoption of renewable energy technologies such as solar and wind power. Energy management systems play a crucial role in integrating these intermittent energy sources into the grid, ensuring a stable and reliable energy supply.

Local special circumstances in Oman are also contributing to the development of the Energy Management market. The country has made significant investments in renewable energy projects, including the development of solar and wind farms. These projects require advanced energy management systems to ensure the efficient utilization of renewable energy and the integration of these sources into the grid.

Additionally, Oman has a high energy consumption rate, and there is a need to reduce energy consumption to meet sustainability goals. Energy management systems can help businesses and individuals track and reduce their energy usage, contributing to the overall energy efficiency of the country. Underlying macroeconomic factors, such as government policies and regulations, also play a significant role in the development of the Energy Management market in Oman.

The government has implemented various initiatives to promote renewable energy and energy efficiency, including feed-in tariffs, tax incentives, and energy efficiency standards. These policies create a favorable environment for the adoption of energy management systems and encourage businesses and individuals to invest in sustainable energy solutions. In conclusion, the Energy Management market in Oman is experiencing growth due to customer preferences for sustainable and efficient energy solutions, local special circumstances such as the country's commitment to renewable energy and the need to reduce energy consumption, and underlying macroeconomic factors such as government policies and regulations.

The market is witnessing trends such as the adoption of smart grid technologies and the integration of renewable energy sources. These factors contribute to the development of a robust and sustainable Energy Management market in Oman.

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.