Energy Management - ASEAN

ASEAN

The Energy Management market in ASEAN is anticipated to witness a substantial growth in revenue, projected to reach US$93.3m by 2024.
This projection highlights the increasing importance of energy management in the region.
Furthermore, it is expected that the market will continue to expand at an annual growth rate of 10.22% (CAGR 2024-2028), resulting in a projected market volume of US$137.7m by 2028.
This growth indicates a rising demand for energy management solutions and services within ASEAN.
In terms of households, the Energy Management market is expected to witness a significant increase, with the number of active households projected to reach 32.6m users by 2028.
This indicates a growing adoption of energy management practices among households in ASEAN.
Household penetration, which is currently at 6.1% in 2024, is expected to rise to 17.4% by 2028.
This suggests an increasing awareness and implementation of energy-efficient technologies and practices among in Association of Southeast Asian Nations (ASEAN) households.
The average revenue per installed Smart_Home is estimated to be US$8.79.
This figure reflects the revenue generated per Smart_Home installation in ASEAN.
It demonstrates the potential for profitability and revenue generation within the Energy Management market.
When comparing global revenue, it is noteworthy that in the United States leads the market, generating US$3,023.0m in 2024.
This highlights the significant market presence and revenue potential of the United States in the Energy Management market.
Overall, the Energy Management market in ASEAN shows great potential for growth, with increasing revenue projections, household adoption, and penetration rates.
It is a market segment that is poised to play a crucial role in driving energy efficiency and sustainability within the region.
In the energy management market, ASEAN countries are increasingly adopting smart grid technologies to improve efficiency and reliability.

Key regions: Japan, United Kingdom, South Korea, Asia, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The segment Energy Management covers the sale of products and services for the control and reduction of energy consumption. For many consumers saving money is one of the main arguments for buying smart home solutions. The main product category are smart thermostats in combination with AC and radiator controls build by Google Nest, Bosch, Hive, Honeywell or Samsung. Moderately rising energy prices and a decentralized energy provision are still the main global drivers. While the first smart homes were high-value mansions, new plug-and-play solutions drive prices down and thus open the market for middle class households. While smart homes now focus on preserving energy, we can also expect a shift towards energy storage and production.

Methodology

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.