Home energy management systems (HEMS) are devices that allow home-owners to monitor and manage their electricity consumption wisely. The global home energy management system market is striving to meet the basic demand for a universal platform that solves the problem of interface and complexities involved in installations. Escalating electricity prices and thus growing need for optimum energy management is the major factor offering impetus for the growth of home energy management system (HEMS) market.
In order to increase awareness about the cost efficiency offered by home energy management system (HEMS), the manufactures and solution providers across the globe have started employing variable pricing schemes. This has lead to the growth of home energy management system (HEMS) market, even in cost sensitive countries of Africa, Middle East and Asia Pacific. Alliance with real estate players and builders for offering home energy management systems (HEMSs) as a part of basic amenities present a sound opportunity for manufacturers as well as service providers.
The efficiency of several technologies within the residential sector has improved due to the deployment of home energy management systems. Amongst these technologies, ZigBee has benefitted the most in terms of rate of implementation and quality advancements.
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Other key technologies that have benefitted from the deployment of home energy management systems are Wi-Fi, Z-Wave, and HomePlug. Better scalability and greater tolerance are amongst the key advantages served by home energy management systems to these technologies.
Furthermore, based on functionality, the global home energy management system is segmented along the following parameters: enabling technologies, user interface, and control devices. Enabling technologies are projected to fetch the highest revenues for the global market over the forthcoming years. It is expected that the cumulative share of the enabling technologies segment would outdo the share of all other functionality segments.
Some of the key players in the global home energy management systems market are Honeywell International, Inc., Panasonic Corporation, General Electric Company, Cisco Systems, Inc., Intel Corporation, and Sharp Corporation.