A new report by Navigant Research found that the home energy market, after years of sputtering, is finally moving along nicely.
It’s not exactly a tidal wave, but it’s progress, said Neil Struther, principal research analyst for Navigant.
In fact, global revenue from HEM products and services is expected to grow from $846 million annually in 2013 to $2.4 billion in 2023.
In the past, the solutions available weren’t interesting or well accepted, said Struther. But that’s changing.
“The fact that Google bought Nest for a significant amount signals the market is growing. Lowe’s, Home Depot and others are promoting this kinds of thing,” he said. What’s more, a few utilities are promoting home energy management.
And giants like Comcast, AT&T and Samsung are getting involved in the market in some way. “More and more people are getting on board,” he said. “tt takes time for the initial wave or early adopters to decide what’s valuable and what’s not and decide how to change what’s offered.”
The ability to control energy with smart phones has opened consumers’ eyes to the possibilities, he added. “A few years ago, you couldn’t think about turning on your lights from your phone. Having the power of control and monitoring in your pocket is a convenience factor. That broader realization is driving this market.”
The 20-something generation is helping open consumers’ eyes, he noted. “The younger generation that grew up living and breathing on mobile devices expect to see this option. ‘Why wouldn’t I be able to control my lights and thermostat with my phone,’ is their expectation.”
“Product vendors, utilities, service providers, retailers, and other stakeholders report increasing activity, and there are signs of growing awareness among consumers that new tools are available to help them better manage and control their home energy consumption,” said a company press release.
Does this mean that home energy management systems are no longer for energy nerds? Yes, says Struther. In fact, it may even be seen by some as cool.