Energy Management - Papua New Guinea

Revenue in the Energy Management market is projected to reach US$493.9k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.57%, resulting in a projected market volume of US$780.1k by 2029.
In the Energy Management market, the number of active households is expected to amount to 185.8k users by 2029.
Household penetration will be 6.9% in 2024 and is expected to hit 8.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.60.

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 Papua New Guinea is experiencing significant growth and development. Customer preferences in Papua New Guinea are shifting towards more sustainable and efficient energy management solutions.

This is driven by increasing awareness of the environmental impact of traditional energy sources and the need to reduce energy costs. Customers are now seeking energy management solutions that can help them optimize their energy consumption, reduce waste, and lower their carbon footprint. Additionally, there is a growing demand for renewable energy sources, such as solar and wind power, as customers look for alternatives to fossil fuels.

One of the key trends in the Energy Management market in Papua New Guinea is the adoption of smart grid technology. Smart grid systems enable the efficient distribution and management of electricity by using advanced sensors, meters, and communication networks. This allows for real-time monitoring of energy consumption and the ability to adjust energy supply and demand accordingly.

The implementation of smart grid technology in Papua New Guinea is driven by the need to improve energy efficiency, reduce transmission and distribution losses, and enhance the reliability of the energy supply. Another trend in the market is the increasing use of energy management software and analytics. Energy management software provides customers with the tools to monitor and analyze their energy consumption, identify areas of inefficiency, and implement energy-saving measures.

This trend is driven by the growing recognition of the importance of data-driven decision making in energy management. By using advanced analytics, customers can gain insights into their energy usage patterns and make informed decisions to optimize their energy consumption. Local special circumstances in Papua New Guinea also contribute to the development of the Energy Management market.

The country has a rich abundance of renewable energy resources, including solar, wind, hydro, and geothermal. This presents a significant opportunity for the development of renewable energy projects and the adoption of energy management solutions that harness these resources. Additionally, Papua New Guinea has a high reliance on diesel generators for electricity generation in remote areas.

This creates a need for energy management solutions that can improve the efficiency and reliability of these systems. Underlying macroeconomic factors also play a role in the development of the Energy Management market in Papua New Guinea. The government has implemented policies and initiatives to promote renewable energy and energy efficiency, such as feed-in tariffs and tax incentives.

These measures create a favorable environment for investment in the Energy Management sector. Additionally, Papua New Guinea is experiencing economic growth and urbanization, which is driving an increase in energy consumption. This creates a demand for energy management solutions that can help meet the growing energy needs in a sustainable and efficient manner.

In conclusion, the Energy Management market in Papua New Guinea is developing due to customer preferences for sustainable and efficient energy management solutions, the adoption of smart grid technology, the use of energy management software and analytics, local special circumstances such as abundant renewable energy resources and reliance on diesel generators, and underlying macroeconomic factors such as government policies and economic growth.

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.