BOULDER, Colo.--(EON: Enhanced Online News)--The home energy management (HEM) market is expanding at a slow but steady pace, as new industry participants introduce innovative products and a few U.S. utilities, including Oklahoma Gas & Electric, NV Energy, and Baltimore Gas and Electric, promote HEM products linked with demand response programs. At the same time, the government of the United Kingdom has mandated that each home with smart electric and/or gas meters include an in-home HEM display. Click to tweet: According to a new report from Navigant Research, the installed base of homes with HEM systems, either standalone or networked, will grow from 4 million in 2013 to 87 million in 2022.
“The home energy management market has shown new signs of life in the past year, as non-utility players, such as broadband service providers and home security companies, have moved in and started to lay the groundwork for growth”
“The home energy management market has shown new signs of life in the past year, as non-utility players, such as broadband service providers and home security companies, have moved in and started to lay the groundwork for growth,” says Neil Strother, senior research analyst with Navigant Research. “In some countries, government mandates that require energy management tools to be included with smart meter deployments will also play an important role in driving the market over the next 10 years.”
The barriers to wider adoption of HEM systems continue to be the cost and the perception of a long payback period, according to the report. Although some consumers will be motivated by rising electricity costs and by a desire to conserve energy, many others see little reason to jump in if the payoff is negligible. Slim savings of 3 percent to 5 percent may not be enough for them to change. Similarly, most consumers have a hard time justifying the initial investment in HEM hardware systems that cost $200 or more.
The report, “Home Energy Management”, examines global and regional HEM trends as they play out along a continuum of five segments that include: paper bills, web portals, standalone HEM, in-home displays, and networked HEM. The study explores the drivers and inhibitors shaping the market, plus major technology issues. Global HEM market forecasts, broken out by these five segments and world regions, extend through 2022. The report also includes key vendor profiles and analysis of new players, as well as case studies that illustrate the various stages of HEM market maturity. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Home Energy Management,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.