Thursday December 11, 2014 0 comments
BOULDER - Global revenue from home energy management (HEM) products and services is expected to grow from $846 million annually in 2013 to more than $3 billion in 2020, according to a new report from Navigant Research.
Navigant said after years of sputtering growth, the HEM market has begun to gather momentum with product vendors, utilities, service providers, retailers and other stakeholders reporting increasing activity.
The report said there are also signs of growing awareness among consumers that new tools are available to help them better 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," said Neil Strother, Navigant principal research analyst.
"This sector is poised for significant growth in 2015, as vendors release new products and large retailers offer new, customer-friendly packages and products."
An executive summary of the report, "Home Energy Management," is available for free download on the Navigant Research website.