Residential Energy Management Global Market By Product Type, By Component, By Application, By Technology, By Regional Forecast 2024–2033 | Tesla Inc., Siemens AG, SmartRent, Tado Gmbh, Dandelion Energy

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The Residential Energy Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Residential Energy Management Global Market Report 2024, The residential energy management market size has grown rapidly in recent years. It will grow from $2.86 billion in 2023 to $3.23 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to rising energy costs, environmental awareness, government regulations, consumer awareness, smart grid development.

The residential energy management market size is expected to see rapid growth in the next few years. It will grow to $5.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to internet of things (iot) expansion, energy storage solutions, demand response programs, increased home automation, big data analytics. Major trends in the forecast period include advancements in artificial intelligence, technological advancements, renewable energy adoption, advanced energy analytics, energy storage solutions.

Rising residential building construction is expected to propel the growth of the residential energy management market going forward. Residential buildings refer to structures specifically designed and constructed for people. Residential buildings can range from single-family houses to apartments and townhouses. Residential energy management is extensively used in residential buildings to optimize energy consumption, enhance efficiency, and promote sustainability. For instance, in June 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, US-based government administrations, in May 2023, privately owned home starts were occurring at a seasonally adjusted annual pace of 1,631,000, representing a 21.7% increase over the revised April 2023 prediction of 1,340,000 and a 5.7% increase over the May 2022 rate of 1,543,000. The number of privately owned home completions in May 2023 was 1,518,000 on a seasonally adjusted yearly basis. This is 5.0% over the May 2022 rate of 1,446,000 and 9.5% above the revised April 2023 estimate of 1,386,000. Therefore, rising residential building construction is driving the growth of the residential energy management market.

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The residential energy management market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Type: Energy Management Platform (EMP), Energy Analytics, Customer Engagement Platform (CEP)
3) By Application: Power Monitoring And Control, Load Shedding And Management, Flexible Load Management

Major companies operating in the residential energy management market are integrating their efforts into introducing intelligent and sustainable home energy management solutions, such as Schneider Home, to gain a competitive edge in the market. Sustainable home energy management solutions are technological system that allow homeowners to manage their energy consumption efficiently, reduce their carbon footprint, and improve the sustainability of their homes. For instance, in January 2023, Schneider Electric SE, a France-based multinational company, launched Schneider Home, a first-of-its-kind, simple, and comprehensive residential energy management solution that can help homeowners save energy and money and reduce their environmental impact. The solution includes various components, such as a home battery, solar inverter, smart electrical panel, electric vehicle charger, and connected electric sockets and light switches, all controlled by a user-friendly app. This app automates energy production and storage, offers geofencing and occupancy sensing features, and helps homeowners save on energy costs while reducing their environmental impact.

The residential energy management market report table of contents includes:
1. Executive Summary