Energy Management - Panama | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$1.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.97%, resulting in a projected market volume of US$1.9m by 2029.
In the Energy Management market, the number of active households is expected to amount to 197.9k users by 2029.
Household penetration will be 15.8% in 2024 and is expected to hit 18.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$7.92.

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 Panama is experiencing significant growth and development. Customer preferences for energy efficiency, cost savings, and sustainability are driving the demand for energy management solutions. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the market's growth.

Customer preferences: Customers in Panama are increasingly prioritizing energy efficiency and cost savings. With rising energy costs, businesses and households are looking for ways to reduce their energy consumption and lower their utility bills. Energy management solutions provide the tools and technologies to monitor, analyze, and optimize energy usage, helping customers achieve these goals. Furthermore, there is a growing awareness and concern for environmental sustainability, leading customers to seek energy management solutions that can help reduce their carbon footprint.

Trends in the market: One of the key trends in the Energy Management market in Panama is the adoption of smart grid technologies. Smart grids enable real-time monitoring and control of energy distribution, allowing for more efficient energy management and improved reliability. As a result, utilities and energy service providers are investing in smart grid infrastructure to optimize energy distribution and reduce energy losses. Another trend in the market is the integration of renewable energy sources. Panama has abundant renewable energy resources, including solar, wind, and hydroelectric power. The government has implemented policies and incentives to promote the development of renewable energy projects. Energy management solutions play a crucial role in integrating renewable energy sources into the grid and optimizing their utilization, ensuring a reliable and sustainable energy supply.

Local special circumstances: Panama has a rapidly growing economy, with increasing industrial and commercial activities. This growth has led to a higher demand for energy, putting pressure on the existing energy infrastructure. Energy management solutions help businesses and industries optimize their energy usage, reducing strain on the grid and ensuring a stable energy supply. Furthermore, Panama is highly vulnerable to climate change and natural disasters. The country is prone to hurricanes, floods, and droughts, which can disrupt the energy supply. Energy management solutions provide resilience and flexibility to the energy infrastructure, allowing for quick response and recovery in the face of such events.

Underlying macroeconomic factors: Panama's strong economic growth and favorable investment climate have attracted foreign direct investment in various sectors, including energy. The government has implemented policies to promote private sector participation in the energy sector, creating opportunities for energy management solution providers. Additionally, the government has set ambitious targets for renewable energy generation, aiming to achieve 70% renewable energy by 2050. This commitment to renewable energy creates a favorable environment for energy management solution providers, as the integration and optimization of renewable energy sources require advanced energy management technologies. In conclusion, the Energy Management market in Panama is growing due to customer preferences for energy efficiency, cost savings, and sustainability. The adoption of smart grid technologies and the integration of renewable energy sources are key trends in the market. Local special circumstances, such as the need for energy optimization and resilience, further drive the demand for energy management solutions. Additionally, Panama's strong economic growth and government support for renewable energy 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.