Smart Homes are becoming more common with millions ofhouseholds around the world now utilising some form of smarttechnology. One of the more popular segments within theSmart Home industry is the energy management segment.According to data presented by TradingPlatforms.com,the energy management segment of the smart home industry isprojected to experience a 29.9% growth in global revenueamounting to $8.01B in 2021.
Energy Management ToGenerate $8B Revenue in 2021; US Has Largest Share –$2.6B
More recently, the real value of smarttechnology has become more and more apparent, particularlyin the energy management segment. The segment includes salesof products and services for the control and reduction ofenergy consumption as well as connected sensors. Notably,smart plugs and bulbs are not included within thesegment.
In 2021 revenue from the energy managementsegment is projected to reach $8.01B – a 29.9% YoYincrease. From 2021-2025 the energy management segment isprojected to grow at a compound annual growth rate (CAGR) of15.23%, reaching $14.12B by the end of the forecastperiod.
The US and China lead the world in generatingrevenue from the smart home energy management segment. TheUS is projected to generate the most in the world with$2.57B in 2021 while China was the only other country togenerate more than $1B in revenue for an estimated total of$1.12B.
Number of Active Households To Reach 100M In2022
The number of active households in the energymanagement segment is projected to amount to 89.1M in 2021and cross the 100M mark sometime in 2022. From 2021-2025,the number of active households in the energy managementsegment is projected to experience a 31.19% CAGR, reaching263.9M by the end of the forecast period.
Thepenetration rate for the energy management segment of thesmart home industry is projected to reach 4.2% in 2021. Thisrate is expected to cross the 10% benchmark sometime in 2025when it is projected to reach up to 11.6%. In 2021, theNetherlands had the highest penetration rate globally at15.2% while the UK had the second highest at14.5%.
Smart Thermostats Most PopularProduct
Smart thermostats were the most popular formof energy management in the smart home industry, registeringa 1.8% penetration rate globally. In the leading smart homemarket that is the US, smart thermostats have a deeperpenetration rate and is projected to reach 8.9% in 2021 andbreach the 10% mark some time in 2022.
RadiatorControllers and AC controls are the two next most popularforms of smart home energy management technology alsobreaching the 1% mark at 1.4% and 1.1%respectively.
Rex Pascual, editor at TradingPlatforms.com,commented:
“Smart technology used to be a partytrick used to impress houseguests with the latest craze invoice activation technology. More recently, the real valueof smart technology for our homes is slowly being realizedwith many aimed at making the home more energy-efficient.Still, the industry is in its infancy as the low globalpenetration rates are quick to show, providing ample growthopportunities for the energy management segment in thecoming years.”
You can read more about thestory with more statistics and information at: https://tradingplatforms.com/blog/2021/07/27/smart-home-energy-management-segment-to-grow-by-30-in-2021-8b-revenue-globally/
Join the Scoop Citizen Community
20 years of independent publishing is a milestone, but your support is essential to keep Scoop thriving. We are building on our offering with thedig.nz our new In-depth Engaged Journalism platform. Now, more than ever sustainable financial support of the Scoop Foundation for Public Interest Journalism will help to keep these vital and participatory media services running.
Find out more and join us: