Energy Management - Morocco

Morocco

Revenue in the Energy Management market is projected to reach US$5.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.73%, resulting in a projected market volume of US$8.6m by 2028.
In the Energy Management market, the number of active households is expected to amount to 691.2k users by 2028.
Household penetration will be 3.4% in 2024 and is expected to hit 7.9% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$19.69.

Market

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Analyst Opinion

The Energy Management market in Morocco is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Morocco are increasingly becoming aware of the importance of energy management in their daily lives. They are actively seeking ways to reduce their energy consumption and lower their carbon footprint. This shift in customer preferences is driven by a combination of factors, including rising energy costs, environmental concerns, and government initiatives to promote energy efficiency.

Trends in the market: One of the major trends in the Energy Management market in Morocco is the increasing adoption of smart energy management systems. These systems allow customers to monitor and control their energy usage in real-time, enabling them to make informed decisions about how and when to use energy. This trend is driven by advancements in technology, such as the Internet of Things (IoT) and artificial intelligence, which have made it easier and more cost-effective to implement smart energy management solutions. Another trend in the market is the growing demand for renewable energy sources. Morocco has made significant investments in renewable energy infrastructure, such as solar and wind power plants, to diversify its energy mix and reduce its dependence on fossil fuels. This has created opportunities for companies in the Energy Management market to develop and implement solutions that optimize the integration of renewable energy sources into the grid.

Local special circumstances: Morocco has set ambitious targets for renewable energy production, aiming to derive 52% of its energy from renewable sources by 2030. This commitment to renewable energy has created a favorable business environment for companies operating in the Energy Management market. The government has implemented various incentives and subsidies to encourage the adoption of energy-efficient technologies and practices, further driving the growth of the market.

Underlying macroeconomic factors: Morocco's economy has been experiencing steady growth in recent years, which has contributed to the development of the Energy Management market. The country has implemented economic reforms and attracted foreign investments, particularly in the renewable energy sector. This has led to increased job opportunities and disposable income, allowing individuals and businesses to invest in energy management solutions. Furthermore, Morocco's strategic location as a gateway between Europe and Africa has positioned it as a regional hub for renewable energy projects. The country has established partnerships with international organizations and attracted foreign companies to invest in its renewable energy sector. These collaborations have helped to transfer knowledge and expertise, driving innovation and development in the Energy Management market. In conclusion, the Energy Management market in Morocco is experiencing growth and development due to customer preferences for energy efficiency and renewable energy sources. The adoption of smart energy management systems and the government's commitment to renewable energy targets have created favorable conditions for the market to thrive. Additionally, Morocco's economic growth and strategic location have attracted foreign investments and partnerships, further fueling the development of 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.