Residential Energy Management (REM) is any integrated system or device that has the potential to manage the energy-utilizing devices within the house, that is, to recognize the energy-saving prospects and develop best practices for handling energy resources’ consumption. It manages the energy utilization of all the devices utilized within the home and also handles the energy consumption. REM also pinpoints chances to save energy and offers data to the residents about it.
The key factor contributing to the growth of the global residential energy management market is the need for rise in energy efficiency and optimization I energy consumption arising due to decrease in natural resources. Further, the progress of smart home devices along with escalated spending extent on home improvement owing to home isolation during COVID-19 outbreak is also impacting the market growth positively. New software and digital tactics are altering home energy management solutions and behavioral demand side management, thereby projecting market growth during the forecast period.
The global residential energy management market can be categorized based on application, platform, hardware, technology, and region. The market, based on platform, is classified into energy analytics, energy management platform (EMP), and customer engagement platform (CEP). The global market, based on application, is divided into smart meters, smart appliances, in-house displays, and smart thermostat. The market, based on technology, is bifurcated into ZigBee, Wi-Fi, wireless m-bus, z-wave, threads, and home plugs. The global market, based on hardware, is diversified into load control switches (LCS), gateways, (HVAC) control devices, and demand response (DR) devices.
Regionally, the global residential energy management market was dominated by North America in terms of market share and is projected to maintain its dominance during the forecast period as well. This regional expansion can be credited to the strict government policies in place, considerable infiltration of cloud technology, and the economic incentives throughout the region. Further, Asia Pacific is also anticipated to display lucrative growth during the forecast period owing to factors such as deployment of the smart grid technology and smart meters technology.
Few of the leading players actively participating within the global residential energy management market consist of General Electric Company, Schneider Electric SE, Opower Inc., Comverge, Inc., EcoFactor, Inc., Elster Group, AlertMe.com Ltd, Itron Incorporation, Carrier Corporation, and Landis+Gyr AG, among others. TO cite, by ENGIE and C3 IoT, Inc., in October 2019, introduced smart institutions that is an AI-enabled holistic Energy-as-a-Service software solution, particularly developed for large institutions. Organizations, through Smart Institutions, could manage their energy resources and buildings automatically and proactively to enhance efficiency and decrease energy costs.