Energy Management - Australia

Australia

Revenue in the Energy Management market is projected to reach €131.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.24%, resulting in a projected market volume of €213.9m by 2029.
In the Energy Management market, the number of active households is expected to amount to 1.4m users by 2029.
Household penetration will be 15.9% in 2024 and is expected to hit 19.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €117.40.

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Comparación de regiones

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Analyst Opinion

The Energy Management market in Australia is experiencing significant growth and development. Customer preferences are shifting towards more sustainable and efficient energy solutions, driving the demand for energy management systems and services. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the growth of the market.

Customer preferences: Customers in Australia are increasingly concerned about the impact of their energy consumption on the environment. They are seeking ways to reduce their carbon footprint and are willing to invest in energy management solutions that help them achieve this goal. Energy management systems that enable monitoring and control of energy usage are in high demand, as they allow customers to optimize their energy consumption and reduce wastage. Additionally, customers are looking for solutions that can help them save on energy costs, as energy prices in Australia are relatively high.

Trends in the market: One of the key trends in the Energy Management market in Australia is the adoption of smart energy management systems. These systems use advanced technologies such as Internet of Things (IoT) and artificial intelligence to monitor and control energy usage in real-time. They provide customers with detailed insights into their energy consumption patterns and enable them to make informed decisions about energy usage. This trend is driven by the increasing availability of smart devices and the growing importance of data analytics in energy management. Another trend in the market is the integration of renewable energy sources into energy management systems. Australia has abundant renewable energy resources, particularly solar and wind. Customers are increasingly installing solar panels and wind turbines to generate their own electricity and reduce their reliance on the grid. Energy management systems that can integrate and optimize the use of renewable energy sources are in high demand.

Local special circumstances: Australia is known for its high energy prices, which is a major driver for the adoption of energy management solutions. The country has a complex energy market, with a mix of coal, gas, and renewable energy sources. This complexity, combined with the high cost of energy, has led to a growing interest in energy management systems that can help customers reduce their energy bills. The Australian government has also introduced various policies and incentives to promote energy efficiency and renewable energy. These include grants and subsidies for the installation of energy management systems and renewable energy technologies. The government's focus on reducing greenhouse gas emissions and transitioning to a low-carbon economy has further fueled the demand for energy management solutions.

Underlying macroeconomic factors: Australia's strong economy and high living standards have contributed to the growth of the Energy Management market. As consumers become more aware of the environmental impact of their energy consumption, they are willing to invest in energy management solutions that align with their values. The country's commitment to reducing greenhouse gas emissions and transitioning to renewable energy sources has also created a favorable environment for the growth of the market. In conclusion, the Energy Management market in Australia is experiencing significant growth and development. Customer preferences for sustainable and efficient energy solutions, along with local special circumstances such as high energy prices and government incentives, are driving the demand for energy management systems and services. The integration of smart technologies and renewable energy sources into energy management systems is a key trend in the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.