Energy Management - New Zealand

New Zealand

Revenue in the Energy Management market is projected to reach US$19.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.91%, resulting in a projected market volume of US$30.9m by 2028.
In the Energy Management market, the number of active households is expected to amount to 768.0k users by 2028.
Household penetration will be 11.5% in 2024 and is expected to hit 36.1% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$84.79.

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Analyst Opinion

The Energy Management market in New Zealand is experiencing significant growth and development.

Customer preferences: Customers in New Zealand are increasingly focused on 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 that can monitor and optimize energy usage in residential, commercial, and industrial settings.

Trends in the market: One of the key trends in the Energy Management market in New Zealand is the adoption of smart grid technologies. Smart grids enable real-time monitoring and control of energy usage, allowing for more efficient distribution and consumption of electricity. This technology has gained traction in New Zealand due to the country's abundant renewable energy resources, such as hydro and wind power. By integrating renewable energy sources into the grid and optimizing energy usage, smart grids can help reduce reliance on fossil fuels and promote a more sustainable energy future. Another trend in the market is the increasing use of energy management software and analytics. These tools enable businesses and households to track and analyze their energy usage patterns, identify areas of inefficiency, and implement targeted energy-saving measures. Energy management software can also provide insights into energy consumption trends and help users make informed decisions about energy usage and investments in energy-saving technologies.

Local special circumstances: New Zealand has a unique energy landscape, with a significant proportion of its electricity generated from renewable sources. The country has set ambitious targets to further increase its renewable energy capacity, with a goal of achieving 100% renewable electricity generation by 2030. This focus on renewable energy creates opportunities for companies in the energy management sector to develop innovative solutions that can support the integration of renewable energy sources into the grid and help optimize their usage.

Underlying macroeconomic factors: The Energy Management market in New Zealand is also influenced by broader macroeconomic factors. The country has a stable economy and a strong commitment to sustainability, which has created a favorable environment for the growth of the energy management sector. Government initiatives and regulations aimed at reducing greenhouse gas emissions and promoting energy efficiency have also played a role in driving the market. Additionally, the increasing cost of energy and the need to reduce operational expenses have made energy management solutions more attractive to businesses and households. In conclusion, the Energy Management market in New Zealand is experiencing growth driven by customer preferences for energy efficiency and sustainability. The adoption of smart grid technologies, the use of energy management software and analytics, and the country's focus on renewable energy are key trends shaping the market. The local special circumstances, such as the abundance of renewable energy resources and government initiatives, further contribute to 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.