Energy Management - Cuba

Cuba

The Energy Management market in Cuba is anticipated to witness a substantial increase in revenue, projected to reach US$1.2m in 2024.
This growth is expected to continue with an annual growth rate (CAGR 2024-2028) of 3.08%, resulting in a projected market volume of US$1.4m by 2028.
In line with this growth, the number of active households in the Energy Management market is expected to reach 82.6k users by 2028.
This indicates a growing adoption of energy management solutions among households in Cuba.
Furthermore, household penetration, which measures the proportion of households using energy management solutions, is projected to increase from 1.0% in 2024 to 1.7% by 2028.
This suggests a rising awareness and interest among Cuban households in optimizing their energy consumption.
The average revenue per installed Smart_Home currently stands at US$25.59.
This metric reflects the revenue generated from each individual smart home installation in Cuba.
When compared globally, it is worth noting that in the United States leads in revenue generation in the Energy Management market, with a substantial amount of US$3,023.0m projected for 2024.
This highlights the significant market presence and opportunities in the United States, while also emphasizing the potential for growth in the Cuban energy management market segment.
Cuba's energy management market is experiencing a surge in renewable energy projects as the country aims to reduce its dependence on fossil fuels.

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

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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.