Energy Management - Norway

Norway

Revenue in the Energy Management market is projected to reach US$101.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.12%, resulting in a projected market volume of US$138.0m by 2028.
In the Energy Management market, the number of active households is expected to amount to 2.3m users by 2028.
Household penetration will be 28.1% in 2024 and is expected to hit 82.8% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$139.10.

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Analyst Opinion

The Energy Management market in Norway is experiencing steady growth due to increasing customer preferences for energy efficiency and sustainability.

Customer preferences: Customers in Norway are increasingly concerned about energy consumption and its impact on the environment. They are actively seeking ways to reduce their energy usage and carbon footprint. This has led to a growing demand for energy management solutions that can help them monitor and optimize their energy consumption. Customers are also looking for solutions that can integrate renewable energy sources into their energy management systems, further driving the growth of the market.

Trends in the market: One of the key trends in the Energy Management market in Norway is the adoption of smart grid technology. Smart grids enable the efficient distribution of electricity and allow customers to monitor and control their energy usage in real-time. This technology is gaining popularity in Norway as it not only helps customers reduce their energy costs but also supports the integration of renewable energy sources into the grid. Another trend in the market is the increasing use of energy management software. This software allows customers to analyze their energy consumption patterns, identify areas of inefficiency, and implement energy-saving measures. It also provides real-time data on energy usage, enabling customers to make informed decisions about their energy consumption.

Local special circumstances: Norway has a unique advantage when it comes to energy management due to its abundant renewable energy resources. The country is known for its hydropower capacity, which accounts for a significant portion of its energy production. This has created a favorable environment for the development and adoption of energy management solutions that can integrate renewable energy sources. Furthermore, Norway has set ambitious targets for reducing greenhouse gas emissions and transitioning to a low-carbon economy. The government has implemented various policies and incentives to promote energy efficiency and sustainability, creating a supportive regulatory environment for the Energy Management market.

Underlying macroeconomic factors: The Energy Management market in Norway is also influenced by macroeconomic factors such as population growth and urbanization. As the population continues to grow and more people move to urban areas, the demand for energy is increasing. This has created a need for more efficient energy management solutions to meet the growing demand. Additionally, the rising cost of energy is driving customers to seek ways to reduce their energy consumption and lower their energy bills. Energy management solutions provide an effective way for customers to achieve these goals, further fueling the growth of the market. In conclusion, the Energy Management market in Norway is experiencing growth due to increasing customer preferences for energy efficiency and sustainability. The adoption of smart grid technology and energy management software are key trends in the market. Norway's abundant renewable energy resources and supportive regulatory environment contribute to the development and adoption of energy management solutions. The growing population and rising energy costs are also driving the demand for energy management solutions in the country.

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.