Energy Management - Iceland | Statista Market Forecast

The Energy Management market in Iceland is projected to reach a revenue of US$952.1k by 2024.
This is expected to show an annual growth rate (CAGR 2024-2028) of 8.77%, resulting in a projected market volume of US$1.3m by 2028.
In Iceland, the number of active households in the Energy Management market is expected to reach 13.5k users by 2028.
The household penetration rate is projected to increase from 7.3% in 2024 to 8.7% by 2028.
Currently, the average revenue per installed Smart_Home in Iceland is expected to be US$87.53.
In a global comparison, it is noteworthy that United States generates the highest revenue in the Energy Management market, with US$3.0bn in 2024.
Iceland's energy management market is thriving due to its abundant renewable energy resources and commitment to sustainability.

The Smart Home market Energy Management covers the sale of products and services 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 segment. Smart Meters are not part of our Smart Home market.

Digitally connected and controlled devices for energy saving
Thermostats, radiator controls, temperature/wind/humidity sensors with connection to a broader smart home
Weather forecast services with connection to a broader smart home

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 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.

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.

This report presents a comprehensive analysis and additional information on the Digital 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.