Energy Management - Sri Lanka | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$4.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.16%, resulting in a projected market volume of US$5.6m by 2029.
In the Energy Management market, the number of active households is expected to amount to 983.5k users by 2029.
Household penetration will be 13.0% in 2024 and is expected to hit 17.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$5.71.

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 Sri Lanka is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this growth.

Customer preferences in Sri Lanka are shifting towards more sustainable and energy-efficient solutions. With increasing awareness about the environmental impact of energy consumption, customers are actively seeking ways to reduce their energy consumption and carbon footprint. This has led to a growing demand for energy management solutions that help optimize energy usage and improve efficiency.

In line with global trends, the Energy Management market in Sri Lanka is witnessing the adoption of smart grid technologies and advanced energy management systems. These technologies enable real-time monitoring and control of energy consumption, allowing users to make informed decisions and optimize their energy usage. The integration of renewable energy sources, such as solar power, is also gaining traction in the market, further driving the need for energy management solutions.

Local special circumstances in Sri Lanka also contribute to the development of the Energy Management market. The country has been facing challenges in meeting its growing energy demand, leading to frequent power outages and supply disruptions. This has created a sense of urgency among businesses and consumers to find alternative energy solutions and better manage their energy consumption.

The government has also been promoting energy efficiency and renewable energy initiatives, providing incentives and subsidies to encourage their adoption. These factors have created a favorable environment for the growth of the Energy Management market. Underlying macroeconomic factors also play a role in the development of the Energy Management market in Sri Lanka.

The country's economic growth and industrialization have resulted in increased energy consumption and a greater demand for energy management solutions. Additionally, rising energy costs and the need to reduce operational expenses have prompted businesses to invest in energy management systems to optimize their energy usage and reduce costs. The government's focus on sustainable development and its commitment to reducing greenhouse gas emissions also provide a favorable regulatory environment for the Energy Management market.

In conclusion, the Energy Management market in Sri Lanka is experiencing significant growth due to customer preferences for sustainable and energy-efficient solutions, the adoption of smart grid technologies, local special circumstances such as frequent power outages, and the government's focus on energy efficiency and renewable energy. These factors, along with the country's economic growth and industrialization, are driving the demand for energy management solutions and creating opportunities for market 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.