The global Home Energy Management Systems (HEMS) market is expected to exceed USD 2 billion by 2020, according to a new study by Grand View Research, Inc. Owing to increasing energy cost coupled with growing environmental concerns, energy management has emerged as a significant priority, which is expected to fuel the HEMS market. The need to conserve and optimize energy utilization is expected to serve as a key market driver. Increased connectivity and widespread adoption of smartphones is also expected to favorably impact the market growth. Energy management products demand has gained momentum over the last few years owing to use of variable pricing schemes offered by service providers. Favorable regulatory initiatives in the U.S. pertaining to energy conservation are expected to propel regional HEMS market growth.
High installation cost coupled with system complexity is expected to pose a challenge to market growth over the forecast period. Lack of consumer awareness regarding home energy management systems and the benefits they offer may also hinder the HEMS market. Technological proliferation along with decreased sensor and display costs, improved device-level information processing capability, and roll-out of smart utility meters provide avenues for market growth.
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Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/
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