Markntel Advisors’ report, Middle East Home Energy Management System Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2028, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Middle East Home Energy Management System presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.
Middle East Home Energy Management System Market Research Report & Market Summary:
The Middle East Home Energy Management System Market is estimated to grow at a CAGR of around 12.24% during the forecast period, i.e., 2023-28. This growth could be attributed to several factors, including the continuous growth in power consumption, majorly from HVAC & lighting purposes (around 60% of the region's power is consumed by HVAC solutions), increasing adoption of renewable energy resources in the residential sector, and favorable government incentives & regulations to promote energy efficiency.
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Middle East Home Energy Management System Market Dynamics:
Key Driver-
Growing Energy Consumption to Amplify the Market – The Middle East region has been witnessing a substantial surge in electricity consumption in recent years, driven by factors like industrial & technological development, economic growth, and a rapidly expanding population. As industries flourish & new technologies emerge, the power demand continues to rise, placing significant strain on the existing energy infrastructure. According to the Saudi Central Bank, in 2020, residential buildings dominated the demand for electricity in Saudi Arabia.
Homes accounted for around 50% of total electricity consumption in the Kingdom, far more than commercial or government structures in 2022. This escalating need for electricity has prompted homeowners in the Middle East to seek effective solutions to monitor & optimize their electricity usage. This has resulted in the increased adoption of Home Energy Management Systems (HEMS) across the region & fueled market growth in recent years, as it is a viable solution to address the challenges posed by increasing electricity consumption. The rising cost of electricity in some Middle East countries such as Iraq, Lebanon, Iran, etc., has become a significant concern for homeowners. For instance:
- In 2022, Lebanon's state power company, Electricite du Liban (EDL), raised the price it charges for electricity, in line with their implementation of the National Emergency Plan.
Thus, with electricity tariffs on the rise, homeowners are increasingly motivated to adopt energy management solutions like HEMS to mitigate the impact of accelerating energy expenses. This could positively impact the market in the coming years. By leveraging HEMS, homeowners could identify areas of inefficiency, reduce energy wastage, and ultimately achieve cost savings on their electricity bills in the coming years.
Middle East Home Energy Management System Market Segmentation Analysis:
According to MarkNtel study the market is segmented into the following categories:
By Offering
- Hardware- Market Size & Forecast 2018-2028, (USD Million)
- Control Devices
- Lighting Controls
- Sensor
- Smart Meter
- Intelligent HVAC Controllers
- Others (Thermostat, Smart Plug/Strip, etc.)
- Communication Devices
- Control Devices
- Software- Market Size & Forecast 2018-2028, (USD Million)
- Services-- Market Size & Forecast 2018-2028, (USD Million)
Hardware is expected to hold a major share in the Middle East Home Energy Management System Market in the upcoming years. This growth is attributed to surging investment in residential buildings & growing awareness of energy conservation in the Middle East. Countries like UAE, Saudi Arabia, Egypt, Bahrain, etc., are witnessing surging investment in residential buildings, driven by government initiatives like Vision 2030 & Dubai Industrial Strategy 2030 & relaxed foreign investor laws.
By Communication Technology
- Z-wave- Market Size & Forecast 2018-2028, (USD Million)
- ZigBee- Market Size & Forecast 2018-2028, (USD Million)
- Wi-Fi- Market Size & Forecast 2018-2028, (USD Million)
- Homeplug- Market Size & Forecast 2018-2028, (USD Million)
- Others (6LoWPAN, Bluetooth, etc.)- Market Size & Forecast 2018-2028, (USD Million)
ZigBee is poised to grab significant share in the Middle East Home Energy Management System Market during the forecast period due to its suitability for home energy management systems & its wide range of applications in various devices.
By Country
- The UAE
- Saudi Arabia
- Qatar
- Oman
- Turkey
- Egypt
- Rest of the Middle East.
The UAE is expected to hold a major share of the Middle East Home Energy Management System Market in the forecast period.
As indicated in the latest market research report published by Markntel Advisors, “Middle East Home Energy Management System Research Report: Forecast (2023-2028)”, this report offers a detailed analysis of the industry, featuring insights into the Middle East Home Energy Management System industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.
Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/middle-east-home-energy-management-system-market.html
Top Companies Operating in the Middle East Home Energy Management System Market:
- Schneider Electric
- Honeywell International Middle East LTD
- Eaton Corporation
- Panasonic
- ABB Group
- Bosch GmbH
- Hager Middle East
- Ista The Middle East FZE
- ENGISY
- ALTEC Energy
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Key Report Highlights:
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.
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