Energy Management - Suriname | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$26.8k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.82%, resulting in a projected market volume of US$37.3k by 2029.
In the Energy Management market, the number of active households is expected to amount to 32.8k users by 2029.
Household penetration will be 17.7% in 2024 and is expected to hit 21.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.01.

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 Suriname is experiencing significant growth due to the increasing demand for energy efficiency solutions and the government's focus on sustainable development.

Customer preferences: Suriname, like many other countries, is witnessing a shift in customer preferences towards energy management solutions. Customers are becoming more aware of the need to reduce energy consumption and improve efficiency in order to lower costs and minimize environmental impact. As a result, there is a growing demand for energy management systems that can monitor and control energy usage in residential, commercial, and industrial buildings.

Trends in the market: One of the key trends in the Energy Management market in Suriname is the adoption of smart grid technologies. Smart grid solutions enable better monitoring and management of energy consumption, allowing consumers to optimize their energy usage and reduce waste. This trend is driven by the need to improve the reliability and efficiency of the power grid, as well as the increasing use of renewable energy sources. Another trend in the market is the integration of renewable energy sources. Suriname has abundant renewable energy resources, including solar, wind, and hydropower. The government is actively promoting the use of these resources to reduce reliance on fossil fuels and mitigate the impact of climate change. As a result, there is a growing demand for energy management solutions that can integrate and optimize the use of renewable energy sources.

Local special circumstances: Suriname is a small country with a relatively small population, which presents unique challenges and opportunities for the Energy Management market. On one hand, the small market size limits the scale of projects and the potential for economies of scale. On the other hand, the close-knit community and the government's focus on sustainable development create a conducive environment for the adoption of energy management solutions.

Underlying macroeconomic factors: The growth of the Energy Management market in Suriname is also influenced by underlying macroeconomic factors. Suriname is experiencing rapid urbanization and economic development, which is driving the demand for energy. At the same time, the government is actively promoting sustainable development and renewable energy, which is creating opportunities for energy management solution providers. Additionally, Suriname is part of the Caribbean Community (CARICOM), which has set ambitious targets for renewable energy and energy efficiency, further driving the demand for energy management solutions in the country. In conclusion, the Energy Management market in Suriname is growing due to increasing customer preferences for energy efficiency solutions, the adoption of smart grid technologies, the integration of renewable energy sources, and the government's focus on sustainable development. Despite the small market size, Suriname presents unique opportunities for energy management solution providers due to its close-knit community and the government's commitment to sustainable development.

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.