The global residential energy management (REM) market is forecast to reach USD 5,567.7 Million by 2028, according to a new report by Reports and Data. Energy management systems are implemented to save energy by reducing energy consumption. The demand for energy management systems in the residential sector is increasing at a high rate. REMS allows residents to significantly reduce utility costs across the board, including cooling, heating, lighting, and water. The system tracks detailed usage over time and stores it within its centralized digital repository so that the residents can always have access to the building’s historical energy data. This allows them to budget better for energy usage based on time of year, weather, and so on.
The growing adoption of smart grid services is another factor driving the market. Several government regulations and policies across the globe on the utilization of renewable energy and reduction of carbon emissions are the fundamental factors driving the popularity of smart grids. Moreover, the rise in power outages and high costs associated with it is regulating the need for better and efficient energy management solutions for residential applications. This shift will lead to the need for energy management systems to monitor the power consumption and help the industry to gain valuable information on their functioning.
Get a PDF sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/2322
Key companies operating in the market and profiled in the report include:
- General Electric Company
- Elster Group
- Landis+Gyr AG
- Itron Incorporate
- Opower Incorporate
- Schneider Electric SE
- Aclara Technologies LLC
- Silver Spring Network
- Tendril Networks, Inc.
Further key findings from the report suggest
- Among the platforms, the energy management platform (EMP) accounted for the largest market share in the year 2018. Energy management platforms are customized based on the need to help residents to conserve energy and reduce costs. The platform helps to save energy and keep costs low in residential areas. Accurate and reliable metering systems enable easy monitoring and reporting of the building utilities, including gas, electric, and water.
- Energy analytics is forecasted to witness the highest growth rate of 43.1% during the forecast period. The growing popularity of microgrids and smart grid systems, which enable firms to control, monitor, and analyze the grid functioning, will boost the demand for advanced analytics tools and techniques, such as the big data platform and cloud computing. The broad acceptance of these technologies is expected to drive the demand for analytics among the market players.
- North America held the largest market share of ~30% in the year 2018. The adoption of the internet in the region is driving the market for residential energy management (REM). The region has adopted several advanced technologies at a very early stage. The companies in the region are focusing more on developing energy-efficient solutions for power consumption. High penetration of cloud technology will be another factor propelling the market in North America. Moreover, the region is a hub for significant market vendors who are increasingly launching new products in the market.
Connect with an expert for customization of Report @ https://www.reportsanddata.com/request-customization-form/2322
Segments covered in the report:
Platform Outlook (Revenue, USD Billion; 2018-2028)
- Customer Engagement Platform (CEP)
- Energy Analytics
- Energy Management Platform (EMP)
Component Outlook (Revenue, USD Billion; 2018-2028)
- Sensors
- Controllers
- Software
- Batteries
- Display Devices
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Smart Appliances
- Smart Plugs
- Smart Meters
- Load Control Switches
- Smart Thermostat
- In-House Displays
Communication Technology Outlook (Revenue, USD Billion; 2018-2028)
- Wi-Fi
- ZigBee
- Z-Wave
- Wireless M-Bus
- Home Plugs
- Threads
- Others
Hardware Outlook (Revenue, USD Billion; 2018-2028)
- Gateways
- Load Control Switches (LCS)
- Demand Response (DR) Devices
- HVAC Control Devices
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
Get TOC of this Report @ https://www.reportsanddata.com/report-detail/residential-energy-management-rem-market/toc
Read Our More Reports @
Concentrated Solar Power (CSP) Market Size
Distributed Energy Resources Market Demand
Energy as a Service Market Growth
Fluid Transfer Solutions Market Analysis
Mine Ventilation Market Forecast
Flywheel Energy Storage Market Companies
About Reports and Data:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us:
John W
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Read Our Innovative Blogs @ https://www.reportsanddata.com/blogs
