Energy Management - Turkey | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$33.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.30%, resulting in a projected market volume of US$43.8m by 2029.
In the Energy Management market, the number of active households is expected to amount to 6.7m users by 2029.
Household penetration will be 27.7% in 2024 and is expected to hit 33.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$5.73.

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 Turkey is experiencing significant growth and development.

Customer preferences: Customers in Turkey are increasingly focused on improving energy efficiency and reducing energy consumption. 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 reduce waste.

Trends in the market: One of the key trends in the Energy Management market in Turkey is the adoption of smart grid technology. Smart grids enable better monitoring and control of energy usage, allowing for more efficient distribution and consumption of electricity. This technology is being implemented in both residential and commercial buildings, as well as in the industrial sector. Another trend in the market is the integration of renewable energy sources. Turkey has set ambitious targets for renewable energy generation, and as a result, there is a growing need for energy management solutions that can effectively integrate and manage these renewable sources. This includes technologies such as energy storage systems and demand response solutions.

Local special circumstances: Turkey has a rapidly growing population and a strong industrial sector, both of which are driving up energy demand. This is putting pressure on the country's energy infrastructure and increasing the need for energy management solutions. Additionally, Turkey is heavily dependent on energy imports, particularly natural gas. This has led to a focus on energy diversification and the development of domestic energy resources, further driving the demand for energy management solutions.

Underlying macroeconomic factors: Turkey is experiencing economic growth and urbanization, which is leading to increased energy consumption. This is creating a need for more efficient energy management solutions to meet the growing demand. Additionally, the government has implemented various policies and regulations to promote energy efficiency and renewable energy, creating a favorable market environment for energy management companies. In conclusion, the Energy Management market in Turkey is developing rapidly due to customer preferences for energy efficiency, the adoption of smart grid technology, the integration of renewable energy sources, local special circumstances such as population growth and energy import dependence, and underlying macroeconomic factors such as economic growth and government policies.

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.