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Home Energy Management System Market size will grow exponentially to 2024, Europe to emerge as the pioneering regional contenders

Author : Ronak Bora | Published Date : 2019-05-24 

An analysis of home energy management system market has been provided in the latest report introduced by Global Market Insights, Inc. that primarily focuses on the market trends, demand spectrum, and prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

Europe home energy management system market will witness growth owing to the strict energy conservation norms and rollout programs for smart meters. Incentives, regulations and labeling programs implemented by the government to mitigate environmental crisis will propel the business landscape. In November 2016, the European Union proposed an update on the Energy Efficiency Directive with a target of 30 percent energy savings by 2030.

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Home Energy Management System Market in the U.S. will witness growth on account of increased deployment of user friendly software services consisting home area network and wi-fi. Higher internet connectivity and real time services required for energy conservation coupled with the development of technologically efficient products and services will further accelerate the installation of HEMS in the region.

Control device home energy management system market is predicted to witness growth on account of functionalities consisting automation, smart meters, thermostats and home lighting controllers. Increasing investments toward development of smart homes and the need to optimize energy requirements will further propel the industry growth.

Home Energy Management System Market will grow on account of escalating energy consumption and increasing investments in smart grid systems. In 2017, EIA projected the world energy consumption to increase by 56 percent by 2040. Reduced energy spending, improved equipment performance and security from theft are the other necessary factors that will complement the business growth.

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Technological advancements along with growing awareness toward carbon footprint management will drive the China home energy management system market share. Modernization of old infrastructure with rising need to curtail power losses will further propel the industry growth.

Wi-fi technology home energy management system market is expected to grow owing to increasing use of internet across the globe. Development of smart homes coupled with heavy investment in wireless technology will further drive the industry growth. High capacity load balancing, network access control and ability to measure performance are some of the noteworthy features that helps in providing Wi-fi technology a competitive advantage over other verticals.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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