Smart Energy for Smart Homes: Exploring Home Energy Management
Home energy management system (HEMS) is an effective hardware and software system that facilitate home users to monitor and reduce energy consumption of the various electrical devices installed in their homes. HEMS comprises five different products, which assist in managing and reducing energy consumption. These products include self-monitoring systems, lighting controls, programmable communicating thermostats, advanced central controllers and intelligent HVAC controllers. With HEMS, end-user can access real-time energy consumption data through mobile phones, tablets, and other communication devices to monitor and manage energy consumption in the house. In addition, HEMS provides updates on fluctuating electricity prices to assist users to use less energy during peak hours. Presently, the spiraling energy prices have fostered the demand for energy management. The growth of the world HEMS market is mainly driven by the growing awareness of energy management and rising investment in smart grids. However, high cost of implementation of HEMS technology would impede the growth of the HEMS market.
The world home energy management system (HEMS) market is segmented on the basis of available product types, communication technology and geography. Based on components, the HEMS market is segmented into hardware and software. Hardware is further bifurcated into sensor, controller & others. Furthermore, the market has been sectioned, based on communication technology, into ZigBee, Wi-Fi, home plug and others. The world home energy management system (HEMS) market has been analyzed based on geographical regions, which include North America, Europe, Asia Pacific and LAMEA (Latin America Middle East and Africa). The key market players profiled in the report, include Schneider Electric, Panasonic Corporation, General Electric Company, Emerson Process Management and others.
Potential Benefits for Stakeholders:
The report provides an in-depth analysis of the home energy management systems market and offers current and future trends to identify lucrative investment pockets in the market
The report identifies the key drivers, opportunities and restraints that shape the market and provides an impact analysis for the forecast period
Porters five forces analysis highlights the potency of buyers and suppliers participating in this market. This would further offer a competitive advantage to stakeholders in making profitable business decisions; thus, helping them to strengthen their supplier and buyer networks
Current and future trends are outlined to determine the overall attractiveness and highlight the profitable trends in order to gain a stronger foothold in the market
Market estimation of geographic segments is derived from the current market scenario and expected market trends
Key market players : Nest Labs, Inc., Ecofactor, Inc., Vivint, Inc., Ecobee, Inc., General Electric Company, Honeywell International, Inc., Panasonic Corporation, Energyhub, Inc., Alarm.Com, Comcast Cable (Xfinity)
