Energy Management - India

  • India
  • The Energy Management market in India is projected to generate a revenue of €218.6m in 2024.
  • It is expected to experience an annual growth rate of 7.73% (CAGR 2024-2028), resulting in a projected market volume of €294.4m by 2028.
  • Moreover, the number of active households in the Energy Management market is estimated to reach 28.3m users by 2028.
  • In terms of household penetration, it is anticipated to be 3.9% in 2024, but is expected to increase to 7.7% by 2028.
  • The average revenue per installed Smart_Home currently stands at €16.85.
  • When compared globally, it is noteworthy that in the United States generates the highest revenue in this market segment, with a figure of €2,763.0m in 2024.
  • India's energy management market is experiencing rapid growth due to the country's increasing focus on renewable energy sources and government initiatives promoting energy efficiency.

Key regions: Japan, United Kingdom, South Korea, Asia, United States

 
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Analyst Opinion

The segment Energy Management covers the sale of products and services for the control and reduction of energy consumption. For many consumers saving money is one of the main arguments for buying smart home solutions. The main product category are smart thermostats in combination with AC and radiator controls build by Google Nest, Bosch, Hive, Honeywell or Samsung. Moderately rising energy prices and a decentralized energy provision are still the main global drivers. While the first smart homes were high-value mansions, new plug-and-play solutions drive prices down and thus open the market for middle class households. While smart homes now focus on preserving energy, we can also expect a shift towards energy storage and production.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.

Visión general

  • Revenue
  • Analyst Opinion
  • Market Shares
  • Smart Homes
  • Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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