Energy Management - Zimbabwe | Statista Market Forecast

Revenue in the Energy Management market is projected to reach US$1.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.24%, resulting in a projected market volume of US$1.7m by 2029.
In the Energy Management market, the number of active households is expected to amount to 339.7k users by 2029.
Household penetration will be 7.1% in 2024 and is expected to hit 8.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$4.04.

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 Zimbabwe has been experiencing significant growth in recent years. Customer preferences have shifted towards more sustainable and efficient energy solutions, driving the demand for energy management systems and services.

Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the market. Customer preferences in Zimbabwe have been influenced by the global trend towards sustainability and energy efficiency. Consumers are increasingly aware of the environmental impact of traditional energy sources and are seeking alternative solutions.

This has led to a growing demand for energy management systems that can optimize energy consumption, reduce waste, and lower carbon emissions. Customers are also looking for cost-effective solutions that can help them save on energy bills in the long run. In line with global trends, the Energy Management market in Zimbabwe has seen an increase in the adoption of renewable energy sources such as solar and wind.

This has been driven by the government's efforts to promote renewable energy and reduce reliance on fossil fuels. The introduction of favorable policies and incentives, such as feed-in tariffs and tax breaks, has encouraged individuals and businesses to invest in renewable energy systems. As a result, the market for energy management solutions that integrate renewable energy sources has experienced significant growth.

Another trend in the Energy Management market in Zimbabwe is the increasing use of smart technologies. Smart meters, sensors, and automation systems are being deployed to monitor and control energy consumption in real-time. This allows users to identify energy-saving opportunities, optimize energy usage, and reduce wastage.

The demand for these smart energy management solutions has been driven by the need for greater visibility and control over energy consumption, as well as the desire to reduce costs and improve efficiency. Local special circumstances in Zimbabwe have also played a role in the development of the Energy Management market. The country has faced challenges in terms of energy access and reliability, with frequent power outages and limited grid connectivity in some areas.

This has led to a greater focus on off-grid and decentralized energy solutions, such as solar home systems and mini-grids. The Energy Management market has responded to these circumstances by providing innovative solutions that can operate independently of the main grid and ensure reliable access to electricity. Underlying macroeconomic factors have also contributed to the growth of the Energy Management market in Zimbabwe.

The country has experienced rapid urbanization and industrialization, leading to increased energy demand. At the same time, rising energy costs and limited supply have created a need for more efficient energy management practices. The government has recognized the importance of energy efficiency and has implemented policies and initiatives to promote its adoption.

This has created a favorable business environment for energy management companies and has attracted investment in the sector. In conclusion, the Energy Management market in Zimbabwe is developing due to customer preferences for sustainable and efficient energy solutions, the adoption of renewable energy sources, the use of smart technologies, local special circumstances, and underlying macroeconomic factors. As the market continues to grow, there will be opportunities for companies to provide innovative energy management solutions that meet the evolving needs of customers in Zimbabwe.

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.