Energy Management - Peru | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$6.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.65%, resulting in a projected market volume of US$11.2m by 2029.
In the Energy Management market, the number of active households is expected to amount to 2.3m users by 2029.
Household penetration will be 22.5% in 2024 and is expected to hit 28.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$3.69.

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 Peru is experiencing significant growth and development due to several key factors. Customer preferences in Peru are driving the demand for energy management solutions.

With the increasing awareness of the importance of energy efficiency and sustainability, businesses and consumers in Peru are seeking ways to reduce their energy consumption and carbon footprint. This has created a strong demand for energy management solutions that can help optimize energy usage, monitor energy consumption, and identify areas for improvement. Additionally, as energy costs continue to rise, businesses are looking for ways to reduce their energy expenses, further driving the demand for energy management solutions.

Trends in the market indicate that the adoption of energy management solutions in Peru is on the rise. Companies are investing in technologies and systems that can help them track and analyze their energy usage, identify energy-saving opportunities, and implement energy efficiency measures. This includes the use of smart meters, energy monitoring software, and energy management systems.

Furthermore, there is a growing trend towards the integration of renewable energy sources, such as solar and wind power, into the energy management systems. This allows businesses to not only reduce their energy consumption but also to generate their own clean energy. Local special circumstances in Peru are also contributing to the development of the Energy Management market.

Peru is rich in natural resources, including hydroelectric power, which accounts for a significant portion of the country's energy production. However, the country is also vulnerable to climate change and natural disasters, such as droughts and earthquakes, which can disrupt the energy supply. This has led to a focus on energy resilience and the need for effective energy management systems that can help mitigate the impact of such events.

Underlying macroeconomic factors are also driving the growth of the Energy Management market in Peru. The government has implemented policies and regulations to promote energy efficiency and renewable energy, creating a favorable business environment for energy management companies. Additionally, Peru's growing economy and increasing industrialization have led to a higher demand for energy, making energy management solutions crucial for businesses to optimize their energy usage and reduce costs.

In conclusion, the Energy Management market in Peru is experiencing growth and development due to customer preferences for energy efficiency and sustainability, the adoption of energy management solutions, local special circumstances such as vulnerability to climate change, and underlying macroeconomic factors including government policies and increasing energy demand.

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.