According to the new market research report by MarketsandMarkets “Residential Energy Management Market by Component (Hardware (RTU, Relays, LCS, DR devices, Control Devices, In-house Displays), Software(EMP, Energy Analytics, CEP); Communication Technology (Wired, Wireless); Application; Region – Global forecast to 2025″, published by MarketsandMarkets, the global Residential Energy Management Market size will grow to USD 4.1 billion by 2025 (forecast year) from USD 2.2 billion in 2020 (estimated year), at a CAGR of 12.9% during the forecast period. The rising energy consumption in residential sectors of OCED and non OCED nations, government initiatives and policies toward energy efficiency in residential buildings, are the driving factors for the Residential Energy Management Market, globally. Increasing investments for modernizing aging grid infrastructures upcoming smart city projects in developing economies to enhance residential sector, which creates opportunities for growth of the market.
The hardware segment is expected to dominate the Residential Energy Management Market, by component, during the forecast period.
Based on component, the Residential Energy Management Market has been segmented into hardware, and software. The hardware segment accounted for the highest share of the Residential Energy Management Market in 2019. Hardware help grid operators for voltage regulation, advanced fault detection, automating power restoration, reduce the power waste and increased energy efficiency in residential buildings.
Wireless segment projected to register a higher CAGR than the wired segment during the forecast period
Based on communication technology, the market has been segmented into wired and wireless. The wireless segment is expected to witness a higher CAGR during the forecast period. Residential energy management uses wireless communication due to its ease in accessibility and increased efficiency. This wireless communication technology provides integral support to the utilities by offering high bandwidth and covering a large area.
Asia Pacific estimated to fastest growing market for the Residential Energy Management Market during the forecast period
MarketsandMarkets predicts Asia Pacific is estimated to be the fastest growing market for residential energy management during the forecast period. For the market analysis, the region has been segmented into China, Japan, India, Australia, and the Rest of Asia Pacific. The demand for residential energy management in this region is driven mostly by the increasing electricity consumption and the need to upgrade aging infrastructure. Countries in this region are shifting toward energy efficiency in residential buildings to meet the growing energy demands.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Residential Energy Management Market.
Some of the key players are ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), Honeywell International (US), and Siemens (Germany). The leading players are adopting various strategies to increase their share in the Residential Energy Management Market. Partnership & collaboration, and new product launches have been a widely adopted strategy by the major players in the Residential Energy Management Market.