Home energy management is becoming an important part of the overall energy mix, with tools like Nest and Blossom garnering attention from consumers and investors alike. As such, the home energy management market is expected to grow considerably over the next 9 years, passing $3 billion in 2020 before dropping back to a modest $2.4 billion in 2023.
These numbers are part of a new report published by Navigant Research, which analysed regional and global trends in the home energy management market.
The report’s authors found that there is growing attention across the board — product vendors, utilities, service providers, retailers, and other stakeholders are all reporting increasing activity, while consumers are also becoming aware and excited over the new tools available to manage and control their home energy consumption.
“The HEM market got a jolt when Google purchased Nest Labs for $3.2 billion in January 2014, signaling to the market that a major technology company saw value in home energy and automation,” says Neil Strother, principal research analyst with Navigant Research. “This sector is poised for significant growth in 2015, as vendors release new products and large retailers offer new, customer-friendly packages and products.”
Home Energy Management Revenue by Region, World Markets: 2013-2023
The executive summary attached to the report points to Google’s acquisition of everyone’s favourite smart-thermostat company, Nest Labs, back in January of 2014. According to the report’s authors, this acquisition “sent a signal to the others in the HEM market that it was time to reconsider the opportunities in what had been a sluggish space.”
From our own perspective, CleanTechnica has also noticed an uptick in the attention paid to home energy management technologies — especially those designed to “look cool.”
The Nest thermostat was really the beginning for home energy management looking “cool,” but with wi-fi enabled LED light bulbs, and the latest addition, the Blossom smart sprinkler system, the market is not only picking up pace, but it is spreading.
Bloomberg New Energy Finance analyst Colin McKerracher recently sat down to explain the connected home, which integrates many home energy management systems together with user-interface technologies and more:
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