Navigant Research predicts that home energy management devices will reach nearly $8 billion annually by 2025
Written By: Stratton Report
December 8, 2016
On December 8, Navigant Research announced that annual revenue from home energy management devices is likely to reach $7.8 billion annually by 2025.
According to Navigant, hardware and software vendors and non-energy service providers are seizing market momentum in this space.
Paige Leuschner, Research Analyst with Navigant Research noted:
“Non-traditional players have a claim on the HEM market with their existing in-home offerings, and are driving a shift in the market from holistic HEM to energy management as a component of the connected home. Relatively flat electricity prices and the ability to offer HEM without smart metering has caused utilities to take a passive role in this market in place of non-energy service providers.”
Per the research firm, several technology trends are impacting the market, with in-home displays losing traction while standalone HEM is triumphing over networked HEM. Regionally, the market is gaining speed in Europe and Asia Pacific after having been largely focused in North America.