Residential Energy Management Market - Report, Trends, Size, Share, Analysis, Estimations and Forecasts to 2023

Residential energy management solutions are cost effective and latest technology solutions designed to cater to the demand of reduction in energy consumption by residential customers. Residential energy management solutions consume less power and results in lower utility bills. Residential energy management solutions measure the energy consumption of home’s heating, cooling, lighting systems and individual appliances to uncover trends in electricity use and operate devices to get maximum savings. Consumers choose residential energy management solutions independently or at times data ownership rights and device control is assigned to third party Energy Management Service Providers (EMSPs).

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Residential energy management Market is classified by communication technology as Wi-Fi, Ethernet and Home Area Networks (Z-Wave, ZigBee, Home Plug and others). Residential energy management market is segmented on the type of devices as smart meters, smart appliances, smart thermostat, load control switches, smart plugs, gateway and in-home display. On the basis of adoption of residential energy management solutions across various geographies, the market is classified as North America, Latin America, Europe, Middle-East and Africa and Asia Pacific.

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Lighting controls, programmable thermostats, HVAC controllers and self-monitoring systems are the key solutions available in residential energy management market. According to U.S. Energy Information Administartion (EIA) residential sector account for 18% of total energy consumption globally, thus creating need for an energy management system. Residential energy market is currently immature; however, with increasing importance of home automation and control, the market is anticipated to have tremendous potential due to which is expected to have significant revenue opportunities in the near future.Under residential sector space heating and cooling, water heating consumes maximum energy and thus are the most targeted areas for energy management solutions.

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