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The Global Home Energy Management Market size is expected to reach $7,157. 36 million by 2027, rising at a market growth of 19. 70% CAGR during the forecast period. The cornerstone for future technology is a communications system made up of home servers and utility-owned system complicated servers.

New York, Jan. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Home Energy Management Market By Product Type, By Technology, By Offering, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06222248/?utm_source=GNW
Thus, consumers will be able to optimize their renewable energy use. The HEMS and environmental sensors will provide data to the servers. The cost of energy can then be regulated by combining renewable and fossil fuel energy sources. Different servers and types of EMS will be networked as the use of smart grid grows. Power system operations will be further optimized as they are able to work together. This kind of interconnection is known as a smart network.

Factors such as rapidly pervasive urbanization in developing countries, increased supply of connected devices through IoT, and increasing demand for power conservation solutions can expedite the growth of global home energy management devices in the forecasting period.

COVID-19 Impact

The global home energy management system market went under a significant loss during the COVID-19 pandemic. Due to the government guidelines of closing of all the industries across the world to prevent COVID spread, production of all home energy management systems was stagnated. Along with this, the disruption in the supply-chain activities of electronic products and other required materials become another major reason for the halted production of home energy management systems. Moreover, there are various factors that indirectly impacted the home energy management system market such as reduced capital budgets and postponed projects. However, economies across the globe are slowly recovering from the COVID-19 impact and may witness a rise in the demand for home energy management devices again. But, the fact that the pandemic slammed the home energy devices market across the world cannot be reversed.

Market Growth Factors

Ever-increasing power consumption in the residential sector

The power consumption in the residential sector which includes power used for lighting, heating, cooling, water heating, and consumer products, is constantly increasing. In addition, the power consumption of the residential sector is at its peak especially in developed countries. With the emergence of new consumer convenience technologies that require a huge amount of power, the need for an energy-efficient and cost-effective solution is also rising.

Energy conservation initiatives

The continuously increasing initiatives being conducted by the government and Non-government organizations in numerous countries with the purpose to conserve power and restricting the wastage of energy are crucial factors in spreading awareness for saving and better managing energy. Due to the rising awareness of energy conservation, people around the world are more attentive toward leveraging the methods to save energy.

Market Restraining Factors

Interoperability of home energy management systems

The issue of interoperability gets more serious due to the need of establishing a connection between traditional building equipment such as electric meters, roof-top chillers, and lighting control panels with advanced over the top instruments like sensors and switches in the electric power system to drive up the synchrony of energy flow and concurrent information and analysis flow. Setting up interoperability between smart homes and today’s EMS is a challenging task. Moreover, the interoperability of traditional home systems and advanced home energy …….

Source: https://finance.yahoo.com/news/global-home-energy-management-market-173600917.html

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