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Home Energy Management Systems Market Size

Report ID: GMI2566
Published Date: Dec 2024
Report Format: PDF

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Home Energy Management Systems Market Size

The global home energy management systems market was valued at USD 5.7 billion in 2024 and is estimated to grow at a CAGR 7.9% from 2025 to 2034, due to rising demand for energy efficiency, sustainability, and smart home integration. Advancements in IoT and AI technologies are enabling real-time energy monitoring, predictive analytics, and automated energy control, enhancing consumer convenience and cost savings. Government initiatives promoting energy conservation and smart grid adoption are further boosting market expansion.

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Increasing awareness of carbon footprint reduction, coupled with the growing adoption of renewable energy sources like solar power, is encouraging consumers to invest in HEMS. The proliferation of smart appliances and devices, along with improved connectivity through 5G and Wi-Fi 6, is enhancing system performance and user engagement. Additionally, the shift toward electrification in residential sectors, including the use of electric vehicles, is amplifying the need for efficient energy management. Overall, the HEMS market is poised for robust growth due to technological innovation and environmental sustainability trends.

Home Energy Management Systems Market Report Attributes
Report Attribute	Details
Base Year:	2024
Home Energy Management Systems Market Size in 2024:	USD 5.7 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	7.9%
2034 Value Projection:	USD 12.1 Billion
Historical Data for:	2021 – 2024
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Component, Application
Growth Drivers:	Growing demand of energy worldwide Ongoing advancement in technology
Pitfalls & Challenges:	High initial investments

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The global market for home energy management systems was reached USD 5.7 billion in 2024 and is projected to grow at a 7.9% CAGR from 2025 to 2034, driven by increasing demand for energy efficiency and smart home integration.

The software segment is expected to surpass USD 3.3 billion by 2034, as consumers seek real-time energy monitoring and predictive analytics to optimize energy consumption and reduce costs.

The manufacturing segment is anticipated to grow at a CAGR of over 6.9% through 2034, as manufacturers focus on improving energy efficiency to lower operational costs and meet sustainability goals.

The U.S. home energy management systems market is projected to exceed USD 2 billion by 2034, fueled by growing consumer awareness of energy consumption and the need for sustainable solutions.

Key players in the industry include ABB, C3.ai, Dexma Sensors, Eaton, Emerson Electric, ENGIE Impact, eSight Energy, General Electric, GridPoint, Honeywell, IBM, Ingersoll Rand, Johnson Controls, Mitsubishi Heavy Industries, NX Technologies, Optimum Energy, Rockwell Automation, Schneider Electric, Siemens, SkyFoundry, Telkonet, and Toshiba.