Proving the Business Case for the Internet of Things

Home energy management revenues to exceed $2 billion by 2023: Navigant

Iain Morris
December 16, 2014

Revenues from home energy management services are expected to exceed $2 billion annually by 2020, according to the latest study from Navigant Research.

While the market has ‘sputtered’ for several years, according to Navigant, it has recently begun to gather momentum, with product vendors, utilities, service providers, retailers and other stakeholders reporting increasing activity.

There have also been signs of growing awareness among consumers that new tools are available to help them better manage and control their home energy consumption, says the market-research player.

Accordingly, global revenues from home energy management products and services will grow from $846 million annually in 2013 to $2.4 billion in 2023, reckons Navigant.

“The HEM market got a jolt when Google [Mountain View, CA, USA] purchased Nest Labs [Palo Alto, CA, USA] for $3.2 billion in January 2014, signaling to the market that a major technology company saw value in home energy and automation,” said 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.”

Other home energy management vendors have also been active in the last few months.

Honeywell (Morristown, NJ, USA), for instance, announced its Lyric smart themostat – featuring a geofencing capability that uses a homeowner’s smartphone location to adjust settings – in June 2014.

Meanwhile, thermostat maker Carrier (Farmington, CT, USA) and Ceiva Energy (Burbank, CA, USA) have announced a partnership to develop a service allowing utilities to deploy demand response and energy efficiency programs.

Opower (Arlington, VA, USA), another player, also released the latest version of its customer engagement platform in 2014, extending its analytics capability and providing an open ecosystem for utility customers.
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