Energy Management - Australia & Oceania

Australia & Oceania

The Energy Management market in Australia & Oceania is projected to experience significant growth in the coming years.
By 2024, the revenue in this segment is expected to reach US$163.5m.
This growth is anticipated to continue at an annual growth rate of 11.08% (CAGR 2024-2028), resulting in a projected market volume of US$248.9m by 2028.
In terms of households, the number of active households in the Energy Management market is expected to reach 10.0m users by 2028.
This indicates a growing interest and adoption of energy management systems among households in the region.
Household penetration, which measures the percentage of households using these systems, is projected to increase from 20.4% in 2024 to 62.2% by 2028.
The average revenue per installed Smart_Home currently stands at US$53.16.
This figure represents the revenue generated per Smart_Home installation in the Energy Management market.
When comparing the global market, it is worth noting that in the United States leads in terms of revenue generation.
In 2024, in the United States is projected to generate US$3,023.0m in revenue in the Energy Management market.
This highlights the significant market presence and potential of the United States in this industry.
Overall, the Energy Management market in Australia & Oceania shows promising growth potential, with increasing revenue, household adoption, and market volume expected in the coming years.
Australia and Oceania is experiencing a surge in renewable energy adoption, with the government implementing policies to promote cleaner and more sustainable energy management practices.

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.