Home Electricity Monitor Market - Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021 - 2031
Home Electricity Monitor Market - An Overview
The global home electricity monitor market is expected to witness strong growth during the forecast period between 2021 and 2031.
Home electricity monitors are devices that are deployed to manage energy consumption in different households.
Hardware component of home electricity monitors comprises a hub that can be placed on an electrical board. The hub moderates between the user and the software and can be handled virtually using a wireless device.
Software component of home electricity monitors permits the user to track and customize the usage and they can be accessed using different web portals and applications.
A few functions of home electricity monitors include tracking electricity usage, managing of backup with assistance from battery storage, and efficient usage of renewable energy sources such as solar energy.
Home Electricity Monitor Market - Trends and Opportunities
Growing consumer demand for energy-efficient solutions is the key growth driver for the global home electricity monitor market.
Also, rapid urbanization witnessed in developing economies due to the construction of smart buildings could create significant revenue-generating opportunities for well-established home electricity monitor market players, in the years ahead.
An IoT market survey revealed that the technology would witness high demand in future. Leading manufacturers in home electricity monitor market could integrate technologies such as IoT in a bid to produce improved products which could trigger the product demand.
Government initiatives and measures, promoting the construction and benefits of smart buildings could increase the demand for home electricity monitors and trigger the growth in the overall home electricity monitor market, in future.
Other factors such as integration of smart technology in residences could also contribute to the growth of the global home electricity monitor market, in the coming years.
Home Electricity Monitor Market - Competitive Landscape
The global home electricity monitor market comprises several prominent market players, many of whom have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall market, in future.
Research and development activities to produce improved quality of products could be a key growth strategy for well-established market players in future. These players could also establish R&D centers in different parts of the world which could function exclusively to produce improved quality of products.
Prominent market players could engage in growth strategies such as new product launches, which could help them create revenue-generating opportunities and gain a competitive edge over other players.
Siemens and its partners-Sagemcom and Bite Liteuva-, in October 2021, announced the rollout of 1.2Mn smart meters in Lithuania.
Collaboration with smaller players could assist prominent home electricity monitor market players expand their market presence and increase their revenue shares.
The smaller players will seek funding from private investors, which could help them in their long-term growth.
Some of the leading players in the global home electricity monitor market include Schneider Electric, Blue Line Innovations, Siemens, Neurio, and Aeotec.
Home Electricity Monitor Market - Regional Assessment
North America is expected to offer maximum revenue-generating opportunities for the global home electricity monitor market because of growing awareness about the benefits of home electricity monitors in countries such as US and Canada, contributing to market growth in the region.
Increasing adoption of IoT technology by market players in these countries could contribute to market growth, in future.
Europe is projected to witness significant growth in the overall home electricity monitor market because of rising demand for energy-efficient solutions in countries such as UK and Germany.
Asia Pacific is expected to witness moderate growth in the global market owing to rapid urbanization witnessed in developing economies such as India, leading to increased adoption of home electricity monitors.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in the overall market, in the years ahead.
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