Energy Management - United Kingdom

United Kingdom

Revenue in the Energy Management market is projected to reach €630.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.24%, resulting in a projected market volume of €1,074.0m by 2029.
In the Energy Management market, the number of active households is expected to amount to 7.7m users by 2029.
Household penetration will be 23.7% in 2024 and is expected to hit 26.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €87.74.

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Región

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Analyst Opinion

The Energy Management market in United Kingdom has been experiencing significant growth in recent years, driven by customer preferences for more sustainable and efficient energy solutions.

Customer preferences: Customers in the United Kingdom are increasingly concerned about the environmental impact of their energy consumption and are actively seeking ways to reduce their carbon footprint. This has led to a growing demand for energy management solutions that can help optimize energy usage, reduce waste, and increase overall energy efficiency. Additionally, businesses in the United Kingdom are under pressure to comply with strict energy efficiency regulations and meet sustainability targets, further driving the adoption of energy management solutions.

Trends in the market: One of the key trends in the Energy Management market in United Kingdom is the adoption of smart energy management systems. These systems leverage advanced technologies such as Internet of Things (IoT), artificial intelligence (AI), and big data analytics to monitor and control energy usage in real-time. They provide businesses and households with detailed insights into their energy consumption patterns, enabling them to identify areas of inefficiency and implement targeted energy-saving measures. This trend is expected to continue as more businesses and households recognize the potential cost savings and environmental benefits of smart energy management. Another trend in the market is the integration of renewable energy sources into energy management systems. The United Kingdom has made significant investments in renewable energy, particularly in wind and solar power. As a result, there is a growing need to integrate these intermittent energy sources into the grid and manage their variability. Energy management systems that can effectively balance energy supply and demand, optimize renewable energy generation, and store excess energy for later use are becoming increasingly important. This trend is likely to continue as the United Kingdom strives to achieve its renewable energy targets.

Local special circumstances: The United Kingdom is committed to reducing greenhouse gas emissions and transitioning to a low-carbon economy. The government has set ambitious targets to reduce carbon emissions and increase renewable energy generation. This commitment has created a favorable regulatory environment for the Energy Management market, with various incentives and subsidies available to businesses and households that invest in energy management solutions. Additionally, the United Kingdom has a well-established energy infrastructure and a competitive energy market, which provides opportunities for energy management companies to offer their services and solutions.

Underlying macroeconomic factors: The Energy Management market in United Kingdom is also influenced by underlying macroeconomic factors. The country has a strong and stable economy, which provides businesses and households with the financial stability to invest in energy management solutions. Additionally, the United Kingdom has a highly skilled workforce and a thriving technology sector, which supports the development and implementation of innovative energy management technologies. These factors, combined with the growing demand for sustainable and efficient energy solutions, are driving the growth of the Energy Management market in United Kingdom.

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.