Residential Energy Management Solutions Revenue Is Expected to Experience a 12% Compound Annual Growth Rate from 2020-2029
Market is driven by growth of smart home devices as well as increased levels of home improvement spending resulting from COVID-19’s shelter in place orders
A new report from Guidehouse Insights analyzes the global market for residential energy management (REM) solutions, providing global market forecasts, segmented by revenue, shipments, and region, through 2029.
The residential energy management system (REMS) market is undergoing rapid expansion and transformation. New digital and software approaches are changing behavioral demand side management (DSM) and home energy management solutions, giving way to healthy growth for the worldwide REM market during the next decade. Click to tweet: According to a new report from @WeAreGHInsights, global REM solutions revenue is projected to grow from $6.0 billion in 2020 to $16.8 billion in 2029 at a compound annual growth rate (CAGR) of 12.2%.
“Several key drivers are advancing the REM market, including the growth of the smart home device market as well as increased levels of home improvement spending resulting from COVID-19’s shelter in place orders,” says Daniel Talero, research analyst with Guidehouse Insights. “Home energy management hardware, such as smart thermostats and smart lighting, are gaining traction among residential customers as REM assets and as elements of the smart home.”
According to the report, data analytics applications in REM solutions are also evolving. For example, improved disaggregation of data on home energy use is creating cost savings for residential customers and improved customer engagement opportunities for utilities. Although large technology companies have opened other energy data gathering channels via voice assistants such as Amazon’s Alexa and Google Home, a rich startup ecosystem has emerged to engage customers with app-, panel-, and sensor-based REM service interfaces.
The report, Market Data: Residential Energy Management Systems, analyzes the global market for REM solutions, with a focus on four technology areas: behavioral DSM solutions, REM hardware, REM software, and REM services. The study provides an analysis of the market issues, including drivers and barriers, associated with REMSs. Global market forecasts, segmented by revenue, shipments, and region, extend through 2029. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Market Data: Residential Energy Management Systems, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.