The Global Residential Energy Management (REM) Market is forecast to reach USD 5,567.7 Million by 2028, according to a new report by Reports and Data. Energy management systems are implemented to save energy by reducing energy consumption. The demand for energy management systems in the residential sector is increasing at a high rate. REMS allows residents to significantly reduce utility costs across the board, including cooling, heating, lighting, and water. The system tracks detailed usage over time and stores it within its centralized digital repository so that the residents can always have access to the building’s historical energy data. This allows them to budget better for energy usage based on time of year, weather, and so on.
The growing adoption of smart grid services is another factor driving the market. Several government regulations and policies across the globe on the utilization of renewable energy and reduction of carbon emissions are the fundamental factors driving the popularity of smart grids. Moreover, the rise in power outages and high costs associated with it is regulating the need for better and efficient energy management solutions for residential applications. This shift will lead to the need for energy management systems to monitor the power consumption and help the industry to gain valuable information on their functioning.
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Market analysts at Reports and Data estimate that the global power energy market will reach a huge market size of USD XX billion by 2030, with a CAGR of XX% throughout the forecast period. As the global population grows, urbanization is speeding up, industrial operations are on the rise, electricity power demand is increasing substantially, and energy resources are being used more widely for residential, industrial and commercial purposes. These factors all contribute to the global market revenue growth. A growing number of government investments in the energy and power industry, the increase in power energy generation activities, the rise in oil gas production and exploration, the rapid adoption of renewable and sustainable energy resources, and their increasing use in manufacturing, transportation logistics, healthcare, information technology, and agriculture contribute to revenue growth for this industry.
Some of the Leading Market Players Are Listed Below:
- General Electric Company,
- Elster Group,
- Landis+Gyr AG,
- Itron Incorporate,
- Opower Incorporate,
- Schneider Electric SE,
- Aclara Technologies LLC,
- Silver Spring Network,
- Tendril Networks, Inc.,
- com Ltd,
The Global Residential Energy Management (REM) Market Is Segmented Into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Market Segmentation:
Platform Outlook (Revenue, USD Billion; 2018-2028)
- Customer Engagement Platform (CEP)
- Energy Analytics
- Energy Management Platform (EMP)
Component Outlook (Revenue, USD Billion; 2018-2028)
- Sensors
- Controllers
- Software
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Smart Appliances
- Smart Plugs
- Smart Meters
- In-House Displays
Communication Technology Outlook (Revenue, USD Billion; 2018-2028)
- Wi-Fi
- ZigBee
- Z-Wave
- Wireless M-Bus
- Others
Hardware Outlook (Revenue, USD Billion; 2018-2028)
- Gateways
- Load Control Switches (LCS)
- Demand Response (DR) Devices
- HVAC Control Devices
Key Points Explained in the Regional Outlook Section:
- Regional market revenue share over the forecast period
- Key factors contributing to the regional market growth over the forecast period
- Vital information related to each regional market
- Leading companies in each regional market, as well as the leading products of these companies
- Detailed study of the supply demand ratios and production consumption patterns in each regional market
Global Residential Energy Management (REM) Market Report – Table of Contents:
Report Overview:
- Research Scope
- Key market segments
- Leading market players
- Market segmentation by type
- Market segmentation by application
- Market segmentation by geography
- Key learning objectives
- Report timeline
Market Segmentation:
- 1 Global Residential Energy Management (REM) market sales by product type
- 2 Global Residential Energy Management (REM) market revenue by application type
Competitive Overview:
- Global Residential Energy Management (REM) market size by manufacturer
- Global Residential Energy Management (REM) market key players
- Products/solutions/services by the major players
- New market entrants
- Mergers, acquisitions, joint ventures, and expansion strategies
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