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Home Energy Management Systems (HEMS) Global Market Report 2022: Implementation of Variable Pricing Schemes Bolsters AdoptionDUBLIN, Jan. 31, 2023 /PRNewswire/ -- The "Home Energy Management Systems (HEMS) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering. Increasing electricity expense resulting in a need for optimum energy management is identified as the major factor driving the home energy management systems market. However, lack of awareness regarding the benefits offered by these systems coupled with the high upfront cost has somewhat inhibited the market growth. To address these challenges effectively, suppliers and solution providers have started offering variable pricing schemes to encourage consumers to make optimum use of the electricity during off-peak hours and reduce consumption during peak hours. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 14.6% during the forecast period 2022 - 2030. Although the control device segment is expected to continue its dominance, the user interface device segment covering in-home display units and web dashboard/portals is expected to exhibit maximum growth over the forecast period 2022 - 2030. The segment (user interface devices) is anticipated to witness steep growth on account of the growing desire of consumers to study and analyze their household energy consumption by appliances or products. In addition, the declining cost of displays and thus display products is expected to have a positive impact on market momentum during the forecast period 2022 - 2030. The ZigBee technology is expected to witness maximum adoption during the forecast period. This is primarily on account of the growing demand from the emerging markets and regulated demand from developed economies like North America and Europe. The ZigBee technology is easy to use and can be easily integrated with multiple home area networking devices. Furthermore, the technology is scalable and highly tolerant of intrusion from other technologies like Wi-Fi and Bluetooth. Other communication technologies including Z-Wave and Insteon are also anticipated to exhibit robust growth during the forecast period 2022 - 2030. The U.S. is the largest individual HEMS market worldwide. The dominance of the U.S. can be attributed to the presence of a large base of energy management solutions and service providers. Over the forecast period, Asia Pacific is expected to witness maximum growth, majorly on account of the growing desire among consumers to control and manage residential electricity consumption.
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