Energy Management - Asia

Asia

Revenue in the Energy Management market is projected to reach US$2.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.46%, resulting in a projected market volume of US$4.3bn by 2028.
In the Energy Management market, the number of active households is expected to amount to 323.9m users by 2028.
Household penetration will be 8.1% in 2024 and is expected to hit 24.8% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$27.57.

Market

Region

Region comparison

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Analyst Opinion

The Energy Management market in Asia is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Asia are increasingly concerned about energy efficiency and sustainability. They are looking for solutions that can help them reduce energy consumption, lower costs, and minimize their environmental impact. This has led to a growing demand for energy management systems and services in the region.

Trends in the market: One of the key trends in the Energy Management market in Asia is the adoption of smart grid technologies. Smart grids enable better monitoring, control, and optimization of energy usage, allowing customers to make informed decisions about their energy consumption. This trend is driven by the need to improve energy efficiency, reduce carbon emissions, and enhance the reliability and resiliency of the power grid. Another trend in the market is the increasing use of renewable energy sources. Many countries in Asia are investing heavily in renewable energy, such as solar and wind power, to reduce their dependence on fossil fuels and mitigate climate change. Energy management systems play a crucial role in integrating and optimizing the use of renewable energy sources in the power grid.

Local special circumstances: Asia is a diverse region with varying energy needs and challenges. Some countries in Asia, such as China and India, have rapidly growing economies and a large population, which has led to a significant increase in energy consumption. These countries are investing in energy management solutions to meet their growing energy demand and improve energy efficiency. On the other hand, countries like Japan and South Korea have limited natural resources and rely heavily on energy imports. These countries are focusing on energy management to reduce their dependence on imported energy and enhance energy security.

Underlying macroeconomic factors: The Energy Management market in Asia is also influenced by macroeconomic factors. Economic growth and industrialization in the region have resulted in increased energy consumption. Governments in Asia are implementing policies and regulations to promote energy efficiency and reduce carbon emissions, which is driving the demand for energy management solutions. Furthermore, the rising cost of energy and the need to reduce operating expenses are also driving the adoption of energy management systems and services. Companies in Asia are looking for ways to reduce their energy costs and improve their competitiveness, leading to increased investment in energy management solutions. In conclusion, the Energy Management market in Asia is growing rapidly due to customer preferences for energy efficiency and sustainability, as well as the adoption of smart grid technologies and renewable energy sources. The diverse energy needs and challenges in the region, along with macroeconomic factors such as economic growth and the rising cost of energy, are also driving the market.

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.