Energy Management - Togo | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$480.7k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.59%, resulting in a projected market volume of US$795.2k by 2029.
In the Energy Management market, the number of active households is expected to amount to 282.2k users by 2029.
Household penetration will be 12.3% in 2024 and is expected to hit 13.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$2.07.

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 Togo has been experiencing significant growth in recent years, driven by several factors. Customer preferences for energy-efficient solutions, increasing awareness of environmental sustainability, and government initiatives to promote energy management have all contributed to the development of the market.

Customer preferences in Togo have shifted towards energy-efficient solutions as individuals and businesses become more conscious of their energy consumption. With rising electricity costs and a desire to reduce their carbon footprint, customers are increasingly seeking ways to optimize their energy usage. This has led to a growing demand for energy management solutions that can help monitor and control energy consumption, improve energy efficiency, and reduce wastage.

Trends in the market reflect the global shift towards renewable energy sources and sustainable practices. Togo, like many other countries, has witnessed a rise in the adoption of renewable energy technologies such as solar panels and wind turbines. These technologies not only provide clean energy but also enable users to manage their energy consumption more effectively.

As a result, energy management solutions that integrate with renewable energy systems have become popular in the market. Local special circumstances in Togo also contribute to the development of the Energy Management market. The country has a high dependency on imported energy, making it vulnerable to fluctuations in global energy prices.

This has prompted the government to prioritize energy management and invest in initiatives to reduce energy consumption and promote renewable energy sources. Additionally, Togo has a growing middle class with increasing purchasing power, which has led to a greater demand for energy-efficient appliances and solutions. Underlying macroeconomic factors, such as population growth and urbanization, also play a role in the development of the Energy Management market in Togo.

As the population continues to grow and more people move to urban areas, the demand for energy increases. This has created a need for effective energy management solutions to ensure a reliable and sustainable energy supply. Furthermore, Togo's commitment to the United Nations Sustainable Development Goals, particularly Goal 7 on affordable and clean energy, has further propelled the development of the Energy Management market.

In conclusion, the Energy Management market in Togo is experiencing growth due to customer preferences for energy-efficient solutions, increasing awareness of environmental sustainability, government initiatives, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that there will be further advancements in energy management technologies and increased adoption of renewable energy sources in Togo.

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.