Energy Management - Kuwait

Kuwait

The Energy Management market in Kuwait is anticipated to witness a substantial growth in revenue, projected to reach US$1.6m by 2024.
Furthermore, it is expected to display a steady annual growth rate (CAGR 2024-2028) of 2.27%.
As a result, the market volume is projected to reach US$1.8m by 2028.
In terms of active households, the Energy Management market is expected to see a significant increase to 46.4k users by 2028.
This growth is in line with the increasing household penetration, which is predicted to rise from 4.3% in 2024 to 6.6% by 2028.
Currently, the average revenue per installed Smart_Home stands at US$53.04 Kuwaiti Dinars.
It is worth noting that in the United States leads the global market in terms of revenue generation, with an impressive US$3,023.0m Kuwaiti Dinars in 2024.
Kuwait is actively investing in renewable energy projects to diversify its energy sources and reduce reliance on oil.

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.