Energy Management - Sweden | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$149.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.09%, resulting in a projected market volume of US$241.8m by 2029.
In the Energy Management market, the number of active households is expected to amount to 1.2m users by 2029.
Household penetration will be 18.3% in 2024 and is expected to hit 21.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$147.80.

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 Sweden is experiencing significant growth due to the increasing demand for energy efficiency and sustainability solutions.

Customer preferences: Customers in Sweden are increasingly focused on reducing their energy consumption and carbon footprint. This is driven by both environmental concerns and the desire to lower energy costs. As a result, there is a growing demand for energy management solutions that can help optimize energy usage and improve overall efficiency.

Trends in the market: One of the key trends in the Energy Management market in Sweden is the adoption of smart grid technologies. Smart grids enable better monitoring and control of energy consumption, allowing for more efficient energy distribution and utilization. This trend is driven by the need to integrate renewable energy sources into the grid and manage the fluctuations in supply. Another trend in the market is the increasing use of energy management systems in commercial buildings. These systems help monitor and control energy usage in real-time, allowing for better optimization and cost savings. With stricter regulations and incentives for energy efficiency in buildings, the demand for such systems is expected to continue to grow.

Local special circumstances: Sweden has set ambitious targets for reducing greenhouse gas emissions and transitioning to a fossil fuel-free economy. This has created a favorable environment for the Energy Management market, as businesses and individuals are incentivized to invest in energy efficiency solutions. The Swedish government has also implemented various policies and initiatives to promote the adoption of energy management technologies, further driving market growth.

Underlying macroeconomic factors: The Swedish economy is characterized by a high level of industrialization and a strong focus on sustainability. This provides a conducive environment for the Energy Management market to thrive. Additionally, the country has a well-developed infrastructure and a highly educated workforce, which supports the growth of the market. In conclusion, the Energy Management market in Sweden is experiencing significant growth due to the increasing demand for energy efficiency and sustainability solutions. Customer preferences for reducing energy consumption and carbon footprint, along with the adoption of smart grid technologies and energy management systems in commercial buildings, are driving this growth. The local special circumstances, including ambitious emission reduction targets and government support, further contribute to the development of the market.

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.