Energy Management - Pakistan | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$4.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.16%, resulting in a projected market volume of US$4.1m by 2029.
In the Energy Management market, the number of active households is expected to amount to 4.9m users by 2029.
Household penetration will be 8.7% in 2024 and is expected to hit 10.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.15.

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 Pakistan is experiencing significant growth and development.

Customer preferences: Customers in Pakistan are increasingly demanding energy management solutions to help them reduce their energy consumption and costs. This is driven by rising energy prices and a growing awareness of the need for sustainable energy practices. Customers are also looking for solutions that can help them monitor and control their energy usage in real-time, allowing them to make informed decisions about their energy consumption.

Trends in the market: One of the key trends in the Energy Management market in Pakistan is the adoption of smart grid technologies. Smart grids enable the integration of renewable energy sources, such as solar and wind, into the existing power grid. This allows for more efficient and reliable energy distribution, as well as the ability to manage and control energy usage at a granular level. As a result, smart grid technologies are becoming increasingly popular among both residential and commercial customers in Pakistan. Another trend in the market is the increasing use of energy management systems in industrial and commercial buildings. These systems help businesses optimize their energy usage by monitoring and controlling various aspects of their operations, such as lighting, heating, ventilation, and air conditioning (HVAC), and equipment usage. By implementing energy management systems, businesses can reduce their energy costs and improve their overall energy efficiency.

Local special circumstances: Pakistan faces several unique challenges when it comes to energy management. The country has a high demand for electricity, but struggles with frequent power outages and an unreliable power grid. This has led to a growing interest in energy management solutions that can help mitigate these challenges and provide a more reliable and efficient energy supply. Additionally, Pakistan has a significant potential for renewable energy, particularly solar and wind power. The government has implemented policies and incentives to promote the development of renewable energy projects, which has further fueled the growth of the Energy Management market in the country.

Underlying macroeconomic factors: The growth of the Energy Management market in Pakistan is also influenced by several macroeconomic factors. The country's population is growing rapidly, leading to an increased demand for energy. At the same time, rising energy prices and a need for energy security are driving the adoption of energy management solutions. Furthermore, the government of Pakistan has been actively promoting energy conservation and efficiency measures to reduce the country's dependence on expensive imported energy sources. This has created a favorable environment for the Energy Management market to thrive. In conclusion, the Energy Management market in Pakistan is experiencing significant growth and development due to customer preferences for energy-saving solutions, the adoption of smart grid technologies, the increasing use of energy management systems in commercial and industrial buildings, local special circumstances such as power outages and a reliance on imported energy, and underlying macroeconomic factors such as population growth and government initiatives to promote energy conservation and efficiency.

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.