Energy Management - Oman

Oman

The Energy Management market in Oman is projected to witness a substantial growth in revenue, with an estimated value of US$1.4m by 2024.
It is expected to display a steady annual growth rate (CAGR 2024-2028) of 4.06%, resulting in a projected market volume of US$1.7m by 2028.
This indicates a promising future for the Energy Management market in Oman.
Furthermore, the number of active households in the Energy Management market is anticipated to reach 49.7k users by 2028, reflecting the increasing adoption of energy management solutions among households in Oman.
The household penetration rate, which stands at 3.6% in 2024, is projected to rise to 6.0% by 2028.
This suggests a growing awareness and interest in energy management practices among Omani households.
In terms of average revenue per installed Smart_Home, the current expectation is approximately US$51.15 Omani Rials.
This figure underscores the potential profitability of implementing energy management solutions in residential settings in Oman.
In a global context, it is important to note that in the United States leads the way in terms of revenue generation in the Energy Management market.
In 2024, in the United States is projected to generate a staggering revenue of US$3,023.0m US Dollars, emphasizing its dominant position in the market.
This comparison highlights the significant market potential in Oman and the opportunity for growth and development in the Energy Management market sector.
Oman is embracing renewable energy solutions to reduce its reliance on oil and diversify its energy sources.

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

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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.