Energy Management - Vietnam | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$12.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.05%, resulting in a projected market volume of US$18.3m by 2029.
In the Energy Management market, the number of active households is expected to amount to 7.9m users by 2029.
Household penetration will be 28.0% in 2024 and is expected to hit 35.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$1.89.

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 Vietnam is experiencing significant growth and development due to several key factors.

Customer preferences: In recent years, there has been a growing awareness and concern about energy consumption and its impact on the environment. As a result, customers in Vietnam are increasingly seeking energy management solutions to help them reduce their energy consumption, improve energy efficiency, and lower their carbon footprint. This shift in customer preferences is driving the demand for energy management products and services in the country.

Trends in the market: One of the key trends in the Energy Management market in Vietnam is the adoption of smart meters and smart grid technologies. Smart meters allow customers to monitor and manage their energy usage in real-time, while smart grid technologies enable the efficient distribution and management of electricity. These technologies are being implemented by both residential and commercial customers, and are expected to drive the growth of the energy management market in Vietnam. Another trend in the market is the increasing use of renewable energy sources. Vietnam has abundant renewable energy resources, such as solar and wind power, and the government has set ambitious targets for the development of renewable energy in the country. As a result, there is a growing demand for energy management solutions that can integrate and optimize the use of renewable energy sources.

Local special circumstances: Vietnam is a rapidly developing country with a growing economy and a rising middle class. As the standard of living improves, the demand for energy is also increasing. At the same time, Vietnam is heavily dependent on imported energy sources, which makes it vulnerable to fluctuations in global energy prices. This has prompted the government to focus on energy efficiency and conservation, and has created a favorable environment for the growth of the energy management market.

Underlying macroeconomic factors: The Energy Management market in Vietnam is also influenced by several macroeconomic factors. The government has implemented policies and regulations to promote energy efficiency and conservation, and has provided incentives and subsidies for the adoption of energy management solutions. In addition, Vietnam has a young and tech-savvy population, which is driving the adoption of smart technologies and creating opportunities for the energy management market. Furthermore, Vietnam is part of the global trend towards sustainable development and the transition to a low-carbon economy. This has led to increased investment in renewable energy projects and the development of energy management solutions that can support the integration of renewable energy sources. In conclusion, the Energy Management market in Vietnam is growing and developing due to customer preferences for energy efficiency and sustainability, the adoption of smart technologies, the increasing use of renewable energy sources, local special circumstances, and underlying macroeconomic factors. As the country continues to develop and modernize its energy infrastructure, the demand for energy management solutions is expected to continue to grow.

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.