Energy Management - Seychelles | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$11.8k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.11%, resulting in a projected market volume of US$18.2k by 2029.
In the Energy Management market, the number of active households is expected to amount to 5.6k users by 2029.
Household penetration will be 18.3% in 2024 and is expected to hit 22.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$2.50.

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 Seychelles is witnessing significant growth and development in recent years.

Customer preferences: Customers in Seychelles are increasingly looking for energy management solutions to reduce their energy consumption and lower their carbon footprint. The rising awareness about environmental sustainability and the need to conserve energy has led to a growing demand for energy management systems and services. Customers are also seeking solutions that can help them optimize their energy usage and reduce their electricity bills.

Trends in the market: One of the key trends in the Energy Management market in Seychelles is the adoption of smart energy management systems. These systems use advanced technologies such as Internet of Things (IoT) and artificial intelligence (AI) to monitor and control energy usage in real-time. Smart energy management systems enable customers to track their energy consumption, identify areas of inefficiency, and make informed decisions to optimize energy usage. Another trend in the market is the increasing use of renewable energy sources. Seychelles has abundant renewable energy resources, such as solar and wind, and the government has been actively promoting the use of these sources to reduce the dependence on fossil fuels. This has led to a growing demand for energy management solutions that can integrate and optimize the use of renewable energy sources.

Local special circumstances: Seychelles is an archipelago consisting of 115 islands, which presents unique challenges for energy management. The scattered nature of the islands makes it difficult to establish a centralized energy grid, resulting in high transmission and distribution losses. To overcome this challenge, the government has been investing in decentralized energy systems, such as mini-grids and off-grid solutions, which require effective energy management to ensure reliable and efficient supply.

Underlying macroeconomic factors: The development of the Energy Management market in Seychelles is also influenced by several macroeconomic factors. The government has implemented policies and regulations to promote energy efficiency and renewable energy, creating a favorable business environment for energy management companies. Additionally, the increasing cost of electricity and the volatility of oil prices have incentivized customers to adopt energy management solutions to reduce their energy expenses. In conclusion, the Energy Management market in Seychelles is experiencing growth and development driven by customer preferences for energy efficiency, the adoption of smart energy management systems, the increasing use of renewable energy sources, and the unique circumstances of the archipelago. The underlying macroeconomic factors, such as government policies and the cost of electricity, further contribute to the market's 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.