International.
The global home energy management systems (HEMS) market is projected to grow from US$864.2 million in 2015 to US$3.15 billion in 2022, increasing at a compound annual growth rate (CAGR) of 18.36% between 2016 and 2022, according to a new report published by MarketsandMarkets.
The HEMS market is expected to grow substantially due to factors such as the ability to provide real-time energy conservation, the convenience of data analytics and cloud computing, and the increasing interconnection of devices.
The software and services market is expected to grow at the highest rate during the forecast period. The HEMS software and service industry has faced enormous competition in the development of easy-to-use advanced software technology solutions and is also providing real-time services to its customers, as a consequence of the growing awareness of the importance of reducing home energy consumption. In addition, the governing bodies of many countries, developed and developing, are creating environmental regulations that are accelerating the rate of HEMS installations.
Control devices led the largest share of the HEMS hardware market in 2015. The market is dominated by the controls of devices such as thermostats, sensors, smart meters, smart lighting controllers, among others.
