Energy Management - Ireland

Ireland

Revenue in the Energy Management market is projected to reach US$11.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.93%, resulting in a projected market volume of US$16.2m by 2028.
In the Energy Management market, the number of active households is expected to amount to 282.3k users by 2028.
Household penetration will be 5.8% in 2024 and is expected to hit 13.7% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$99.80.

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Analyst Opinion

The Energy Management market in Ireland is experiencing significant growth and development due to a variety of factors.

Customer preferences: Customers in Ireland are increasingly interested in energy efficiency and sustainability, which is driving the demand for energy management solutions. With rising energy costs and growing concerns about climate change, businesses and individuals are looking for ways to reduce their energy consumption and carbon footprint. Energy management solutions offer a way to monitor and optimize energy usage, resulting in cost savings and environmental benefits.

Trends in the market: One of the key trends in the Energy Management market in Ireland is the adoption of smart grid technologies. Smart grids enable the integration of renewable energy sources, such as wind and solar power, into the electricity grid. This allows for more efficient and sustainable energy distribution, as well as better management of energy demand. The Irish government has set ambitious targets for renewable energy generation, and the implementation of smart grid technologies is crucial to achieving these goals. Another trend in the market is the use of data analytics and artificial intelligence (AI) in energy management. These technologies enable the collection and analysis of large amounts of data from energy systems, allowing for real-time monitoring and optimization. AI algorithms can identify patterns and anomalies in energy usage, and make recommendations for energy efficiency improvements. This can help businesses and individuals make informed decisions about their energy consumption and reduce waste.

Local special circumstances: Ireland has a unique energy landscape, with a high reliance on imported fossil fuels. This has led to a strong focus on energy diversification and reducing dependence on foreign energy sources. The government has implemented various policies and incentives to promote renewable energy generation and energy efficiency. For example, there are generous grants and tax incentives available for businesses and homeowners who invest in energy management solutions. This has created a favorable environment for the growth of the Energy Management market in Ireland.

Underlying macroeconomic factors: The Irish economy has been growing steadily in recent years, which has contributed to the development of the Energy Management market. As businesses and individuals have more disposable income, they are more willing to invest in energy management solutions. Additionally, the government's commitment to renewable energy and sustainability has created a supportive regulatory environment for the industry. The combination of these factors is driving the growth of the Energy Management market in Ireland. In conclusion, the Energy Management market in Ireland is experiencing growth and development due to customer preferences for energy efficiency and sustainability, the adoption of smart grid technologies, the use of data analytics and AI, local special circumstances such as the focus on energy diversification, and underlying macroeconomic factors such as economic growth and supportive government policies.

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.