Energy Management - Sri Lanka

Sri Lanka

The Energy Management market in Sri Lanka is projected to achieve a revenue of US$4.4m in 2024.
This indicates a positive outlook for the sector in the country.
Moreover, the market is expected to grow steadily at an annual growth rate (CAGR 2024-2028) of 5.37%.
As a result, the projected market volume is estimated to reach US$5.4m by 2028.
In terms of household participation, the number of active households in the Energy Management market is anticipated to increase to 328.2k users by 2028.
This suggests a growing interest in energy management solutions among Sri_Lankan households.
Furthermore, household penetration is expected to rise from 2.0% in 2024 to 3.3% by 2028, indicating a higher adoption rate of energy management technologies.
Currently, the average revenue per installed Smart_Home is projected to be US$23.56 in Sri Lanka.
This figure represents the amount of revenue generated per Smart_Home installation in the country.
When compared globally, it is noteworthy that in the United States leads in terms of revenue generation in the Energy Management market.
In 2024, in the United States is expected to generate a revenue of US$3,023.0m, indicating its dominance in the market.
Sri Lanka is experiencing a growing trend in renewable energy adoption as the government aims to increase energy efficiency and reduce reliance 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.