The home energy management market continues to attract attention, however, the products and services that constitute the HEM market continue to struggle for more traction. Navigant Research has released a report looking at the current HEM market with forecasts for its market forces.
The HEM market has been fairly sluggish, with plenty of trials and only a few cases of utility-led deployments or significant consumer uptake. That view is starting to change a bit, however.
Over the coming decade, a continued desire among consumers to reduce bills, regulatory mandates for greater efficiency, wider use of variable pricing schemes, and a strong green sentiment will combine to help drive adoption forward. These market forces will be countered by indifference to potential savings, a resistance to paying extra for HEM hardware, unsettled standards for interoperability, a crowded vendor space, and tepid support by many utilities. Nonetheless, the driving forces will spur some gains, particularly where mandates are strongest.
Navigant Research forecasts that global revenue from various segments of the HEM market will grow from $300.7 million in 2012 to $1.8 billion in 2022.
