Energy Management - Saudi Arabia
- Saudi Arabia
- The Energy Management market in Saudi Arabia is poised to witness significant growth in the coming years.
- According to projections, the revenue in this sector is expected to reach US$25.4m in 2024.
- Moreover, the market is anticipated to exhibit a robust compound annual growth rate (CAGR) of 9.33% from 2024 to 2028, resulting in a projected market volume of US$36.3m by 2028.
- In terms of household participation, the number of active households in Saudi Arabia is expected to reach 1.6m users by 2028.
- Furthermore, the household penetration rate is projected to increase from 11.1% in 2024 to 24.4% by 2028, indicating a growing adoption of energy management solutions among households in the country.
- Currently, the average revenue per installed Smart_Home in Saudi Arabia stands at US$37.83.
- This figure reflects the revenue generated by each smart home installation, showcasing the potential for revenue growth in the energy management sector.
- 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 revenue of US$3,023.0m, highlighting its position as a key player in the industry.
- Saudi Arabia is investing heavily in renewable energy projects to diversify its energy mix and reduce dependency on fossil fuels.
Key regions: Japan, United Kingdom, South Korea, Asia, United States
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.Overview
- Revenue
- Analyst Opinion
- Market Shares
- Smart Homes
- Demographics
- Global Comparison
- Methodology
- Key Market Indicators