Energy Management - Slovakia | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$8.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.69%, resulting in a projected market volume of US$11.7m by 2029.
In the Energy Management market, the number of active households is expected to amount to 407.3k users by 2029.
Household penetration will be 16.4% in 2024 and is expected to hit 21.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$25.29.

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 Slovakia is experiencing significant growth and development, driven by various factors such as increasing energy consumption, rising energy prices, and growing environmental concerns. Customer preferences in the Energy Management market in Slovakia are shifting towards more sustainable and efficient energy solutions.

Consumers are becoming more aware of the need to reduce energy consumption and minimize their environmental impact. As a result, there is a growing demand for energy management systems that can help optimize energy usage, monitor energy consumption, and reduce energy costs. Trends in the market indicate a strong focus on energy efficiency and renewable energy sources.

Companies and households are increasingly investing in energy-efficient appliances, smart meters, and renewable energy technologies such as solar panels and wind turbines. This trend is driven by both economic and environmental factors, as energy-efficient solutions not only reduce energy costs but also contribute to a greener and more sustainable future. Local special circumstances in Slovakia also play a role in the development of the Energy Management market.

The country has set ambitious renewable energy targets and is actively promoting the use of renewable energy sources. This has created opportunities for companies operating in the energy management sector, as there is a growing demand for solutions that can help integrate and optimize renewable energy generation. Underlying macroeconomic factors, such as government policies and regulations, also contribute to the development of the Energy Management market in Slovakia.

The government has implemented various initiatives and incentives to promote energy efficiency and renewable energy. This includes subsidies for energy-efficient appliances, tax benefits for renewable energy investments, and support for research and development in the energy management sector. These policies create a favorable business environment and encourage companies to invest in the Energy Management market.

In conclusion, the Energy Management market in Slovakia is experiencing growth and development due to increasing customer preferences for sustainable and efficient energy solutions, trends towards energy efficiency and renewable energy sources, local special circumstances promoting renewable energy, and supportive government policies and regulations. This market is expected to continue to expand as the demand for energy management solutions continues to rise and the country strives to achieve its renewable energy targets.

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.