Energy Management - Laos

Laos

The Energy Management market in Laos is projected to witness a significant growth in revenue, with an estimated value of US$728.6k in 2024.
This is expected to be driven by the increasing demand for energy management solutions in the country.
Looking ahead, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2028) of 7.11%.
As a result, the projected market volume is forecasted to reach US$959.1k by 2028, indicating a positive outlook for the Energy Management market in Laos.
In line with the market growth, the number of active households in the Energy Management market is expected to increase to 44.6k users by 2028.
This suggests a growing adoption of energy management systems among households in Laos, as they recognize the benefits of efficient energy usage and cost savings.
The household penetration rate, which measures the proportion of households using energy management solutions, is projected to rise from 2.0% in 2024 to 3.5% by 2028.
Furthermore, the average revenue per installed Smart_Home in Laos currently stands at US$29.02.
This indicates the average amount of revenue generated from each household that has adopted energy management solutions.
As the market expands and more households embrace these technologies, the average revenue per installed Smart_Home is expected to contribute to the overall revenue growth in the Energy Management market.
When comparing the global market, it is noteworthy that in the United States leads in terms of revenue generation in the Energy Management market.
In 2024, in the United States is projected to generate a significant revenue of US$3,023.0m.
This showcases the mature and advanced nature of the energy management market in the United States, which serves as a benchmark for other countries, including in Laos, to learn from and potentially emulate in their own energy management strategies.
Laos is embracing renewable energy sources and implementing energy management strategies to reduce its carbon footprint.

Key regions: Japan, United Kingdom, South Korea, Asia, United States

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Analyst Opinion

The segment Energy Management covers the sale of products and services for the control and reduction of energy consumption. For many consumers saving money is one of the main arguments for buying smart home solutions. The main product category are smart thermostats in combination with AC and radiator controls build by Google Nest, Bosch, Hive, Honeywell or Samsung. Moderately rising energy prices and a decentralized energy provision are still the main global drivers. While the first smart homes were high-value mansions, new plug-and-play solutions drive prices down and thus open the market for middle class households. While smart homes now focus on preserving energy, we can also expect a shift towards energy storage and production.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.