Smart Home Energy Management Market Size Worth $24.47 Billion by 2028 - Million Insights
Wednesday, March 16, 2022
FELTON, Calif., March 8, 2022 /PRNewswire/ -- The global smart home energy management market size is expected to reach USD 24.47 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 14.7% from 2021 to 2028. Consumers' increased interest to achieve efficient energy management by actively measuring and monitoring the real-time uses and controlling remotely will drive the market. Growing awareness to reduce the carbon footprints and protect the environment by less energy consumption will further fuel the market growth. A connected device in smart homes is an assuring and efficient way of achieving comfort and safety and enhancing the quality of life. Rising demand for these technologically advanced products will fuel the market growth.
Smart Home Energy Management Market Report Highlights
-- North America held the largest share of over 35.0% in 2020. The growing
number of smart homes, the presence of top manufacturing companies, and
consumers' increased inclination toward reducing energy bill spending
will propel the regional market growth.
-- By product, smart thermostats captured the largest share of over 45.0%
in 2020. Rising demand for smart thermostats among consumers owing to
their use for maintaining room temperature as per the regular pattern of
the households will propel the segment growth.
-- Asia Pacific is estimated to register the fastest CAGR of 15.5% from
2021 to 2028. A large working population, increased disposable income,
and increased adaptability of smart homes will fuel the market growth.
-- Based on technology, wired devices held the largest share in 2020 as
they are efficient, have better speed, and are cost-effective than
others. The wireless segment is forecasted to register the fastest CAGR
of 15.1% from 2021 to 2028.
Smart Home Energy Management Market Growth & Trends
Consumers' increased inclination to reduce the home electric utility bills by achieving energy efficiency primarily contributes to the market growth. In addition, growing awareness among the consumers regarding efficient energy management and technological advancements in energy management devices will propel the market growth. In addition, suggesting the energy-saving actions based on room occupancy and weather forecast will further help in reducing energy consumption.
The growing penetration of smart home devices, increase in disposable income, increasing buzz about smart homes among consumers, and growing concerns over energy efficiency are key factors positively influencing the growth of the market. New product establishments by the manufacturing companies will further propel the market growth. For instance, in October 2020, Schneider Electric launched energy management devices for its suite of solar offerings, which is suitable for a single family with up to 26 kW of storage.
The coronavirus pandemic positively affected the market for smart home energy management in 2020. Due to the Covid-19 pandemic, governments imposed countrywide lockdowns to control the rising cases of coronavirus, which resulted in the acceptance of work-from-home culture. A large population started working from home, which increased the demand for electricity in households during the period. Demand for energy management devices has risen during the Covid-19 era as a number of working people stayed at home and the use of electricity increased for purposes, such as maintaining room temperature.
Read synopsis or request for a free sample of market research report, "Smart Home Energy Management Market Size, Share & Trends Analysis Report by Product (Smart Thermostats, Digitally Connected Devices for Energy Saving), By Technology, By Region, And Segment Forecasts, 2021 - 2028", published by Million Insights.
Smart Home Energy Management Market Segmentation
Million Insights has segmented the global smart home energy management market on the basis of product, technology, and region:
Smart Home Energy Management Product Outlook (Revenue, USD Million, 2017 - 2028)
-- Smart Thermostats
-- Digitally Connected Devices for Energy Saving
-- Weather Forecast Services
-- Others
Smart Home Energy Management Technology Outlook (Revenue, USD Million, 2017 - 2028)
-- Wired
-- Wireless
Smart Home Energy Management Regional Outlook (Revenue, USD Million, 2017 - 2028)
-- North America
-- U.S.
-- Canada
-- Europe
-- Germany
-- U.K.
-- France
-- Russia
-- Italy
-- Asia Pacific
-- China
-- Japan
-- India
-- Central & South America
-- Brazil
-- Argentina
-- Middle East & Africa
-- South Africa
-- Saudi Arabia
List of Key Players of Smart Home Energy Management Market
-- ABB Group
-- General Electric
-- Google
-- Hitachi
-- Honeywell International
-- IBM
-- Schneider Electric
-- Emerson
-- Koninklijke Philips
-- Panasonic
-- Robert Bosch
-- Samsung
-- Siemens
-- Eaton
Browse more Research Reports published by Million Insights
-- Newspaper Advertising Market - The global newspaper advertising market
size is expected to reach USD 19.3 billion by 2028, according to a new
report by Million Insights. The market is expected to expand at a CAGR
of -3.6% from 2021 to 2028. The growing rapid digitalization in emerging
economies has experienced significant shrinkage in recent years and is
likely to decline over the forecast period. The increasing acceptance of
print advertising among the various industries in recent years to offer
information about their company and products is expected to accelerate
the market growth.
-- Banana Flour Market - The global banana flour market size is estimated
to reach USD 1.63 billion by 2028, registering a CAGR of 3.5% from 2021
to 2028, according to a new report by Million Insights. The key factor
driving the market growth includes the rising inclination of consumers
towards gluten-free and organic food products across the globe. In
addition, the growing usage of banana flour in infant foods for healthy
nutrition and diets further provides ample growth opportunities to the
market players. Moreover, the rising consumption of banana flour-based
products coupled with the growing trade across the globe is projected to
drive the market during the forecast period.
-- E-commerce Furniture and Homeware Market - The global e-commerce
furniture and homeware market size is expected to reach USD 270.8
billion by 2028, registering a CAGR of 6.6% over the forecast period,
according to a new report by Million Insights. This can be attributed to
growing demand for furniture and homeware products on e-commerce portals
from developed as well as developing countries. The growth of the market
can proliferate during the forecast period due to growing demand for
furniture in the bedroom and living rooms coupled with growth in real
estate construction projects commenced by governments specifically in
urban areas.
-- Marketplace Lending (Consumer) Market - The global marketplace lending
(consumer) market size is estimated to reach USD 267.14 billion by 2028
and is expected to register a CAGR of 5.1% from 2021 to 2028, according
to a new report by Million Insights. The growth of small and
medium-sized enterprises, particularly in developing countries, is the
crucial factor that drives the growth of the market. Minimum operating
cost and less market risk for the lenders and the borrowers are the
other significant factors driving the growth
.Explore Snapshots by Million Insights, for industry specific reports that provide real-time market trends and forecasts, by condensing the integral elements from our industry reports into bite-sized paragraphs, charts, and tables.
Access More Snapshot Reports and Press Releases.
About Million Insights:
Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
Contact:
Ryan Manuel
Research Support Specialist, USA
Million Insights
Phone: 1-408-610-2300
Toll Free: 1-866-831-4085
Email: sales@millioninsights.com
Web: https://www.millioninsights.com/
Follow Us: LinkedIn | Twitter
View original content:https://www.prnewswire.com/news-releases/smart-home-energy-management-market-size-worth-24-47-billion-by-2028---million-insights-301497604.html
SOURCE Million Insights
|
|
|
|
|
 |
Energy Toolbase Launches Energy Storage Partnership with Sungrow to Support PowerStack 255CS and PowerTitan 2.0 | Jan 22, 2026
|
|
Einride and IonQ Partnership Uses Quantum Computing to Optimize the Logistics of Electric and Autonomous Freight | Jan 22, 2026
|
|
RS now offers Phoenix Contact's pioneering new NearFi technology | Jan 22, 2026
|
|
MetaOptics to Showcase Five Breakthrough Metalens-Powered Products at CES 2026 | Jan 22, 2026
|
|
SCAILIUM Debuts "AI Production Layer" to Overcome GPU Starvation and Slash AI Energy Waste | Jan 22, 2026
|
|
No Assembly Required: Barrett Distribution Centers Powers Maxwood Furniture's West Coast DTC Expansion | Jan 22, 2026
|
|
Hesai Recognized as the Only Lidar Company on Morgan Stanley's "Humanoid Tech 25" of Global Robotics Leaders | Jan 22, 2026
|
|
AGS Devices Goes Live With CELUS Design Platform to Support Faster Electronics Design | Jan 22, 2026
|
|
Quantum Art Raises $100 Million in Series A Round to Drive Scalable, Multi-Core Quantum Computing | Jan 22, 2026
|
|
TESSAN to Redefine Global Mobility at CES 2026 with '100 Travelers' Initiative and Flagship Voyager 205 | Jan 22, 2026
|
|
|
