Energy Management - Singapore | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$10.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.51%, resulting in a projected market volume of US$18.4m by 2029.
In the Energy Management market, the number of active households is expected to amount to 484.6k users by 2029.
Household penetration will be 20.6% in 2024 and is expected to hit 24.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$25.88.

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 Singapore is experiencing significant growth and development in recent years.

Customer preferences: Customers in Singapore are increasingly focused on reducing energy consumption and improving energy efficiency. This is driven by several factors, including rising energy costs, concerns about climate change, and government initiatives to promote sustainable practices. As a result, there is a growing demand for energy management solutions that can help businesses and individuals monitor and control their energy usage.

Trends in the market: One major trend in the Energy Management market in Singapore is the adoption of smart energy management systems. These systems use advanced technology, such as Internet of Things (IoT) sensors and data analytics, to provide real-time monitoring and analysis of energy usage. This allows customers to identify areas of inefficiency and make informed decisions to optimize their energy consumption. Another trend is the integration of renewable energy sources into energy management systems. Singapore has set a target to increase the share of renewable energy in its energy mix, and customers are increasingly looking for solutions that can help them incorporate solar panels, wind turbines, and other renewable sources into their energy management systems.

Local special circumstances: Singapore is a small and densely populated city-state with limited natural resources. As a result, the country is highly dependent on imported energy sources, which makes energy security a top priority. The government has implemented various initiatives and regulations to promote energy efficiency and reduce reliance on fossil fuels.

Underlying macroeconomic factors: The Energy Management market in Singapore is also influenced by macroeconomic factors. The country has a strong and stable economy, which provides a favorable business environment for energy management companies. Additionally, Singapore has a well-developed infrastructure and a highly educated workforce, which supports the growth of the energy management sector. In conclusion, the Energy Management market in Singapore is experiencing growth and development due to customer preferences for energy efficiency, the adoption of smart energy management systems, the integration of renewable energy sources, local special circumstances such as energy security concerns, and underlying macroeconomic factors such as a strong economy and supportive infrastructure.

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.