The Residential Energy Management is an incorporated system or any device that is consummate of managing the energy intense devices at the residential places. REM supports to recognize the energy saving prospects and progress best methods for managing consumption of energy resources. It maintains the energy consumption of entire the appliances that are optimized in the resident and also manages the energy consumption. It estimates the energy consumed by the individual appliances, home cooling, and lighting system in order to achieve the concentrated savings.
According to the report analysis, ‘Global Residential Energy Management Market to reach USD 94.9 billion by 2026’ states that in the worldwide residential energy management market there are innumerable player which presently functioning more effectively for leading the highest market growth and accounting the handsome value of market share during the short duration while spreading the awareness related to the productivity, durability, features and applications of such, developing the applications of such, implementing the profitable strategies and policies, analyzing and observing the strategies and policies of the competitors and government, delivering the better consumer satisfaction, decreasing the linked prices and establishing the several research and development programs includes Elster Group Gmbh, General Electric Company, Itron, Inc., Landis+Gyr AG, Schneider Electric SE, Opower, Inc., Silver Spring Networks, Inc., Aclara Technologies LLC, Alertme.Com Ltd, Tendril Networks, Inc., and several others.
However, the wide-ranging Residential Energy Management Market is worth approximately at USD 9 billion during 2019 and is anticipated to increase with a healthy growth rate of more than 40% over the forecast period of 2020-2026. Additionally, the significant increment in the demand for effective energy management coupled with augmenting number of smart homes are key aspects accelerating the market growth. As per the European Union, amongst 2014 and 2019, the number of households implemented smart home systems result in nearly 38.2 million smart homes by 2019.
Furthermore, according to Statista, Smart home penetration during 2018 was around 5.7% that is predicted to reach 18.1% by 2023 around the globe. Furthermore, the combination of all the user interface appliances over smart phones is probable to create significant growth occasion in the market over the forecast period. While, the high initial cost encumbers the growth of the market over the forecast period of 2020-2026.
Although, the regional scrutiny of global Residential Energy Management market is considered for the prominent regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The North America is the leading/substantial region across the globe in terms of market share owing to rigorous government policies, the economic incentives along with great penetration of cloud technology across the region. Whereas, Asia-Pacific is also estimated to exhibit chief growth rate / CAGR over the forecast period of 2020-2026. Aspects such as implementation of the smart meters technology and smart grid technology to devour the energy economically would generate the lucrative growth scenarios for the Residential Energy Management market around Asia-Pacific region. Therefore, in the near years, it is anticipated that the market of residential energy management will increase around the globe more progressively over the inflowing duration.
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Global Residential Energy Management Market
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