Energy Management - Paraguay | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$2.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.46%, resulting in a projected market volume of US$3.1m by 2029.
In the Energy Management market, the number of active households is expected to amount to 272.1k users by 2029.
Household penetration will be 14.0% in 2024 and is expected to hit 17.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$10.06.

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 Paraguay has been experiencing significant growth in recent years. Customer preferences for energy-efficient solutions, coupled with favorable government policies and increasing environmental concerns, have been driving the development of this market.

Customer preferences in Paraguay are shifting towards energy management solutions that help reduce energy consumption and improve overall efficiency. This is driven by a growing awareness of the environmental impact of energy consumption and the need to reduce energy costs. Customers are increasingly looking for solutions that can monitor and control energy usage in real-time, optimize energy distribution, and integrate renewable energy sources.

Energy management systems that provide data analytics and predictive maintenance capabilities are also in high demand. The market is also influenced by global trends in the energy sector. Worldwide, there is a growing focus on energy efficiency and sustainability, driven by factors such as climate change and the depletion of traditional energy sources.

Paraguay, being part of the global community, is also embracing these trends and implementing policies to promote energy management and conservation. Local special circumstances in Paraguay further contribute to the development of the Energy Management market. Paraguay is a landlocked country with a high dependence on hydroelectric power.

The country has abundant water resources, which are harnessed for power generation. However, the reliance on hydroelectricity makes Paraguay vulnerable to fluctuations in water levels and weather patterns. As a result, there is a need for effective energy management solutions to optimize the use of available resources and ensure a stable supply of electricity.

Underlying macroeconomic factors also play a role in the growth of the Energy Management market in Paraguay. The country has been experiencing steady economic growth in recent years, which has led to an increase in energy consumption. This, coupled with rising electricity prices, has created a favorable market environment for energy management solutions.

Additionally, the government has implemented policies and incentives to promote energy efficiency and renewable energy, further driving the adoption of energy management systems. In conclusion, the Energy Management market in Paraguay is developing rapidly due to customer preferences for energy-efficient solutions, global trends in the energy sector, local special circumstances, and underlying macroeconomic factors. As the country continues to prioritize energy efficiency and sustainability, the demand for energy management solutions is expected to grow further in the coming years.

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.