After years of Neglect, HEM Segment Posed for Significant Growth: Navigant Research By CIOReview Team

After years of Neglect, HEM Segment Posed for Significant Growth: Navigant Research

CIOReview Team | Friday, 29 May 2015, 09:27 IST

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FREMONT, CA: Navigant Research, a market research and consulting group reveals startling findings regarding the Home Energy Management (HEM) market in their latest study.

After evaluating global and regional trends in the study titled ‘Home Energy Management’, revenue of HEM products and services is expected to touch $2.4Bn by 2023. Navigant Research has focused on HEM products and services with much consideration given to multiple segments such as paper bills, web portals, standalone HEM systems, in-home displays (IHDs), and networked HEM systems.

Today, the world is moving fast toward connected-home technologies where optimal use of energy becomes the most critical factor to tackle. To address this challenge, the industry is adopting HEM system that brings forth the open communication between utility company and consumers by optimizing used energy and sharing live information about their consumption rate.

Industries provide multiple tools to customers to manage and control home energy consumption and spread the awareness about energy efficiency among them. The study also recognizes the growing interest of stakeholders, retailers, utilities service providers, industrialists and business professionals in the immense opportunities in smart grid systems comprising home entertainment, security and utility programs.

“The HEM market got a jolt when Google purchased Nest Labs for $3.2 billion in January 2014, signaling to the market that a major technology company saw value in home energy and automation,” says Neil Strother, Principal Research Analyst, Navigant Research. “This sector is poised for significant growth in 2015, as vendors release new products and large retailers offer new, customer-friendly packages and products.”

Richard Martin from Navigant Research team also identifies various other trends in this industry segment. Honeywell actively participates in the growth of HEM market by introducing its Lyric smart thermostat with geofencing capability that adjusts setting of thermostat from anywhere by using homeowner’s smartphone. In the area of marketing of energy management products, the retailers such as Best Buy, Staples and Lowe has been involved. Also, Opower, a provider of software related to utility services, upgrades its customer engagement platform, enhancing analytics capability to provide an open ecosystem for utility customers.

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