Home energy management is catching on. It’s not happening quickly, but it is happening.
So says a new report by Navigant Research. The report forecasts that today’s HEM market of 4 million homes will steadily expand to 87 million homes in 2022. The figures include both stand-alone and networked systems.
Navigant’s Home Energy Management report is among several by the research firm that paint a picture of a growing energy efficiency industry.
In the US, new entrants are offering innovative HEM products. Meanwhile, some utilities – Oklahoma Gas & Electric, NV Energy, and Baltimore Gas and Electric – are linking HEM with demand response programs. At the same time, the UK government now requires that homes with smart meters include an in-home HEM display, according to the report.
“The home energy management market has shown new signs of life in the past year, as non-utility players, such as broadband service providers and home security companies, have moved in and started to lay the groundwork for growth,” said Neil Strother, senior research analyst with Navigant Research. “In some countries, government mandates that require energy management tools to be included with smart meter deployments will also play an important role in driving the market over the next 10 years.”
Other recent issuances by Navigant Research find that:
- Revenue from the still miniscule vehicle-to-grid systems frequency regulation market will grow worldwide over the next decade from less than $900,000 annually to $190.7 million by 2022. “Business models for V2G technologies are starting to emerge in select markets around the world,” says Scott Shepard, research analyst with Navigant Research. “Large corporations and government agencies, such as the U.S. Department of Defense, are driving V2G development and laying the foundation for individually owned electric vehicles to participate in grid services in the second half of this decade.”
- Global revenue from smart thermostats will increase from $85.5 million in 2013 to $1.4 billion in 2020.
- Momentum continued this year worldwide for smart city formation. This is spurring efforts to define standards and frameworks that allow greater interoperability, both within and between cities. In some cases, national governments are pushing the smart city trend, notably China, Japan and the UK.
- The market has reached an inflection point for hybrid drive technology. These systems use hydraulic pumps and motors to capture, store, and reuse the kinetic energy from a moving vehicle. Navigant sees worldwide sales reaching 6,500 by 2025.
More details about Navigant Research is available at here.