Energy Management - Taiwan

Taiwan

Revenue in the Energy Management market is projected to reach US$23.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.23%, resulting in a projected market volume of US$31.4m by 2029.
In the Energy Management market, the number of active households is expected to amount to 2.0m users by 2029.
Household penetration will be 21.1% in 2024 and is expected to hit 24.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$12.78.

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Analyst Opinion

The Energy Management market in Taiwan is experiencing significant growth and development.

Customer preferences: Customers in Taiwan are increasingly prioritizing energy efficiency and sustainability in their operations. This is driven by a combination of factors, including rising energy costs, government regulations and incentives, and growing awareness of the environmental impact of energy consumption. As a result, there is a strong demand for energy management solutions that can help businesses reduce their energy consumption, optimize energy usage, and lower their carbon footprint.

Trends in the market: One major trend in the Energy Management market in Taiwan is the adoption of smart grid technology. Smart grids enable more efficient and reliable energy distribution, as well as the integration of renewable energy sources. This is particularly important in Taiwan, which has a high dependence on imported energy and is actively seeking to diversify its energy mix. Smart grid technology allows for better monitoring and control of energy usage, and can help businesses and consumers make more informed decisions about their energy consumption. Another trend in the market is the increasing use of data analytics and artificial intelligence (AI) in energy management systems. By analyzing large amounts of data, AI algorithms can identify patterns and trends in energy consumption, and provide actionable insights for optimizing energy usage. This can help businesses identify areas of inefficiency and implement targeted energy-saving measures. The use of AI in energy management is expected to continue to grow in Taiwan, as businesses seek to maximize their energy efficiency and reduce costs.

Local special circumstances: Taiwan faces unique challenges in the energy sector, including limited domestic energy resources and a high population density. These factors contribute to high energy costs and a need for efficient energy management solutions. The government of Taiwan has recognized the importance of energy management and has implemented various policies and incentives to promote its adoption. For example, the government has set energy efficiency targets for different sectors and offers subsidies and tax incentives for businesses that invest in energy-saving technologies.

Underlying macroeconomic factors: The Energy Management market in Taiwan is also influenced by macroeconomic factors. Taiwan has a strong and growing economy, which drives demand for energy. However, the country is also facing increasing pressure to reduce its carbon emissions and transition to a more sustainable energy system. This creates opportunities for companies in the energy management sector to provide innovative solutions that can help businesses and consumers meet their energy efficiency goals. In conclusion, the Energy Management market in Taiwan is experiencing growth and development due to customer preferences for energy efficiency and sustainability, as well as trends such as the adoption of smart grid technology and the use of data analytics and AI. The local special circumstances, including limited domestic energy resources and high energy costs, further drive the demand for energy management solutions. The underlying macroeconomic factors, including a strong economy and the need to reduce carbon emissions, also contribute to the growth of the market.

Methodology

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.