Energy Management - United States

United States

Revenue in the Energy Management market is projected to reach €2.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.82%, resulting in a projected market volume of €4.7bn by 2029.
In the Energy Management market, the number of active households is expected to amount to 34.4m users by 2029.
Household penetration will be 23.5% in 2024 and is expected to hit 22.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €81.41.

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Analyst Opinion

The Energy Management market in United States is experiencing significant growth and development.

Customer preferences: Customers in the United States are increasingly prioritizing energy efficiency and sustainability. They are seeking ways to reduce their energy consumption and carbon footprint, both for environmental reasons and to save on energy costs. This has led to a growing demand for energy management solutions that can help businesses and households monitor and optimize their energy usage.

Trends in the market: One major trend in the Energy Management market in United States is the adoption of smart energy management systems. These systems use advanced sensors, meters, and analytics software to collect and analyze real-time data on energy consumption. This data can then be used to identify areas of inefficiency and develop strategies for energy optimization. The increasing availability of Internet of Things (IoT) technology and the widespread use of smartphones have facilitated the adoption of these smart energy management systems. Another trend in the market is the integration of renewable energy sources into energy management systems. The United States has been investing in renewable energy, such as solar and wind power, to reduce its dependence on fossil fuels and mitigate climate change. Energy management systems are being designed to incorporate renewable energy sources and optimize their usage based on factors such as weather conditions and electricity prices.

Local special circumstances: The Energy Management market in United States is also influenced by local regulations and policies. The government has implemented energy efficiency standards and incentives to encourage the adoption of energy management solutions. For example, the Energy Policy Act of 2005 provides tax incentives for energy-efficient commercial buildings, while the Department of Energy offers grants and loans for energy efficiency projects. These policies have created a favorable environment for the growth of the Energy Management market in United States.

Underlying macroeconomic factors: The growth of the Energy Management market in United States is also driven by macroeconomic factors. The country has a large and diverse economy, with businesses and households consuming significant amounts of energy. Rising energy costs and concerns about energy security have prompted stakeholders to seek ways to reduce energy consumption and improve energy efficiency. Additionally, the United States has a highly developed technology sector, which has enabled the development and implementation of advanced energy management solutions. In conclusion, the Energy Management market in United States is growing due to customer preferences for energy efficiency and sustainability, the adoption of smart energy management systems, the integration of renewable energy sources, local regulations and policies, and underlying macroeconomic factors. This market is expected to continue to expand as businesses and households strive to reduce their energy consumption and optimize their energy usage.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.