Home Energy Monitor Market Size, Share, Growth, and Industry Analysis, By Type (Solar Ready Type and Non-Solar Ready Type), By Application (Offline Sales and Online Sales), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Home Energy Monitor Market REPORT OVERVIEW

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global home energy monitor market size was USD 225.9 million in 2022 and market is projected to touch 498.731 Million by 2031, exhibiting a CAGR of 9.2 % during the forecast period.

The home energy monitor market refers to the market for devices and software that allow homeowners to monitor and manage their energy consumption in real-time. These devices typically connect to a home's electrical panel and track energy usage throughout the day, providing insights into which appliances and devices are using the most energy and how much money can be saved by reducing energy consumption.

The global home energy monitor market has been growing in recent years, driven by increasing consumer awareness of the benefits of energy efficiency and the growing availability of affordable and easy-to-use monitoring devices. In addition, government initiatives and regulations aimed at reducing energy consumption and carbon emissions are also driving the growth of the market.

COVID-19 Impact: Disrupted Supply Chain to Limit the Market Demands

On the positive side, as people have spent more time at home due to lockdowns and remote work, there has been an increased awareness of energy usage and its impact on the environment. This has led to a greater demand for home energy monitors, as people seek ways to monitor and reduce their energy consumption.

However, on the negative side, the pandemic has disrupted supply chains and caused delays in manufacturing and shipping, leading to shortages and higher prices for some home energy monitors. The economic uncertainty caused by the pandemic has also led to some consumers being more cautious with their spending, which could affect demand for these devices.

LATEST TRENDS

"Artificial Intelligence and Energy Efficient Programs to Augment the Market Growth"

Home energy monitors are increasingly being integrated with smart home systems and voice assistants, allowing homeowners to easily monitor and control their energy usage. Many home energy monitors now come with wireless connectivity, allowing homeowners to view their energy usage in real-time from their smartphone or tablet. Some home energy monitors now incorporate artificial intelligence and machine learning algorithms to provide more accurate and actionable insights into energy usage patterns. Many utility companies now offer energy efficiency programs that provide rebates or discounts for the installation of home energy monitors, driving market growth. Home energy monitors can help homeowners participate in demand response programs, which reward homeowners for reducing energy usage during peak demand periods.

Home Energy Monitor Market Segmentation

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• By Type Analysis

By type, market is segmented into solar ready type and non-solar ready type. The solar ready type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into offline sales and online sales. The offline sales segment will lead the global share through 2031.

DRIVING FACTORS

"Government Initiatives to Push the Market"

Rising energy costs are one of the major driving factors for the Home Energy Monitor market. As energy prices continue to rise, homeowners are becoming more interested in reducing their energy usage and finding ways to save on their utility bills. Many governments around the world are promoting energy-efficient homes and incentivizing homeowners to adopt energy-efficient practices. For example, some governments provide rebates or tax incentives to homeowners who install energy-efficient appliances or use renewable energy sources. The development of new technologies, such as smart home systems and Internet of Things (IoT) devices, has made it easier for homeowners to monitor and manage their energy consumption. Home Energy Monitors are a part of these technological advancements that help homeowners track their energy usage and make better decisions about their energy consumption.

"Energy Efficiency Goals to Boost the Market Growth"

Growing concerns about the environment and the impact of human activities on the planet have led to increased awareness about the need for energy conservation. Home Energy Monitors provide a simple and effective way for homeowners to reduce their carbon footprint by reducing their energy consumption. Many homeowners have set goals to reduce their energy consumption and become more energy-efficient. Home Energy Monitors provide real-time feedback on energy usage, helping homeowners track their progress towards these goals and make adjustments to their behavior as needed.

RESTRAINING FACTORS

"Lack of Awareness and Technical Complexity to Slow the Market Growth "

The installation of a home energy monitor can be expensive, and many homeowners may not be willing to incur this cost upfront. This may deter them from investing in a HEM system, thereby limiting the market growth. Many consumers are not aware of the benefits of using a home energy monitor. The lack of education and awareness about the features and benefits of these devices may limit the demand for them. Some HEM systems may require technical expertise to install and operate, which may be a challenge for some consumers. This could limit the market to those who have the technical know-how or are willing to pay for installation and maintenance services.

Home Energy Monitor Market REGIONAL INSIGHTS

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"North American Market to Grow Exponentially with the Forecasted Period"

The Home Energy Monitor Market in North America is expected to grow due to increasing demand for smart home technologies, favorable government initiatives, and the presence of major market players. The United States is expected to dominate the market in this region.

The home energy monitor market in North America is a rapidly growing market, and it is expected to continue to expand in the coming years. The region is experiencing increasing demand for home energy management systems, driven by rising energy prices, government incentives for energy efficiency, and growing environmental concerns.

In the United States, the home energy monitor market is well-established, with several major players in the industry, including Sense, Neurio, and EnergyHub. The market is also supported by the government's efforts to encourage energy efficiency through incentives and rebates.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Sense (U.S.)
• Schneider Electric (France)
• Efergy (UK.)
• OWL Intuition Ltd (UK.)
• Curb (U.S.)
• Smappee (Belgium)
• Neurio (Canada)
• Aeotec (China)
• Current Cost (UK.)
• Emporia Energy (U.S.)
• Rainforest Automation (Canada)
• Eyedro (Canada)
• Blue Line Innovations (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.