Energy Management - Uganda | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$2.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.90%, resulting in a projected market volume of US$3.9m by 2029.
In the Energy Management market, the number of active households is expected to amount to 434.7k users by 2029.
Household penetration will be 3.1% in 2024 and is expected to hit 3.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$7.75.

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 Uganda is experiencing significant growth and development due to several factors. Customer preferences are shifting towards more sustainable and efficient energy solutions, driving the demand for energy management systems.

Additionally, local special circumstances, such as the country's commitment to renewable energy and increasing government support, are further fueling the market's growth. Customer preferences in Uganda are increasingly focused on sustainable and efficient energy solutions. With rising concerns about climate change and environmental sustainability, customers are seeking ways to reduce their carbon footprint and energy consumption.

Energy management systems offer a comprehensive approach to managing energy usage, optimizing efficiency, and reducing waste. This aligns with the preferences of environmentally conscious customers who are looking for ways to make their homes and businesses more energy-efficient. The market is also driven by local special circumstances in Uganda.

The government has shown a strong commitment to renewable energy, aiming to increase the share of renewable energy in the country's energy mix. This commitment is reflected in policies and initiatives that promote the adoption of renewable energy technologies, including energy management systems. The government's support includes incentives such as tax breaks and subsidies for businesses and individuals investing in renewable energy solutions.

These incentives further encourage the adoption of energy management systems and contribute to the market's growth. Furthermore, Uganda's energy sector faces specific challenges that make energy management systems crucial. The country has a high dependence on hydroelectric power, which is vulnerable to climate change and unpredictable weather patterns.

Energy management systems can help mitigate the impact of these challenges by optimizing energy usage and diversifying the energy mix with renewable sources. Additionally, Uganda has a significant rural population that lacks access to reliable electricity. Energy management systems can provide off-grid solutions, enabling rural communities to access clean and sustainable energy.

Underlying macroeconomic factors also contribute to the development of the Energy Management market in Uganda. The country's economic growth and increasing urbanization drive the demand for energy, creating a need for efficient energy management solutions. Additionally, the growing middle class in Uganda has higher purchasing power and is willing to invest in energy-efficient technologies.

This creates a favorable market environment for energy management systems. In conclusion, the Energy Management market in Uganda is developing rapidly due to shifting customer preferences towards sustainable and efficient energy solutions, local special circumstances such as government support for renewable energy, specific challenges in the energy sector, and underlying macroeconomic factors. As the market continues to grow, there will be increasing opportunities for businesses operating in the energy management sector to provide innovative solutions that meet the needs of Ugandan customers.

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.