Energy Management - Romania | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$22.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.45%, resulting in a projected market volume of US$35.6m 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 30.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$12.28.

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 Romania has been experiencing significant growth in recent years, driven by customer preferences for energy efficiency and sustainability, as well as favorable local special circumstances and underlying macroeconomic factors. Customer preferences in the Energy Management market in Romania are largely influenced by the need for energy efficiency and cost savings.

With rising energy costs and increasing environmental concerns, businesses and households are actively seeking ways to reduce their energy consumption and optimize their energy usage. This has led to a growing demand for energy management solutions that can help monitor, control, and optimize energy usage in real-time. Additionally, customers are also looking for solutions that can integrate renewable energy sources, such as solar and wind power, into their energy management systems.

One of the key trends in the Energy Management market in Romania is the adoption of smart grid technologies. Smart grids enable the collection and analysis of real-time energy data, allowing for more efficient energy distribution and consumption. This trend is driven by the need to improve the reliability and stability of the energy grid, as well as to integrate renewable energy sources into the grid.

As a result, there is a growing demand for smart meters, energy management software, and other related technologies. Another trend in the market is the increasing adoption of energy management systems by commercial and industrial sectors. These sectors have a high energy consumption rate and are under pressure to reduce their carbon footprint and comply with energy efficiency regulations.

Energy management systems can help businesses monitor and optimize their energy usage, identify energy-saving opportunities, and track their progress towards sustainability goals. This trend is expected to continue as more businesses recognize the benefits of energy management systems in terms of cost savings and environmental impact. In terms of local special circumstances, Romania has set ambitious targets for renewable energy generation, which is driving the adoption of energy management solutions.

The country aims to increase the share of renewable energy in its total energy consumption to 30% by 2030. This has led to increased investments in renewable energy projects, such as wind farms and solar power plants, and a greater focus on integrating renewable energy sources into the energy grid. Energy management systems play a crucial role in enabling the efficient integration and utilization of renewable energy sources.

Underlying macroeconomic factors, such as government policies and regulations, are also contributing to the development of the Energy Management market in Romania. The government has implemented various initiatives to promote energy efficiency and sustainability, including financial incentives and tax benefits for businesses and households that invest in energy management solutions. Additionally, the European Union's energy efficiency directives and targets have also influenced the market, as Romania is a member state and is required to comply with these regulations.

In conclusion, the Energy Management market in Romania is growing due to customer preferences for energy efficiency and sustainability, the adoption of smart grid technologies, the increasing adoption of energy management systems by commercial and industrial sectors, local special circumstances such as renewable energy targets, and underlying macroeconomic factors such as government policies and regulations.

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.