Even as deployments of smart grid infrastructure have accelerated in recent years, the home energy management (HEM) market has struggled to gain traction.
Numerous trials have led to only a few cases of industry deployments and to anemic rates of consumer adoption. According to Pike Research, that is starting to change, and over the remainder of the decade momentum will build in this nascent market. In its new report, Pike Research predicts that the global annual shipments of standalone HEM systems will grow from a quarter million in 2011 to nearly 4.7 million in 2020, with a compound annual growth rate (CAGR) of 38.3%.
Combined revenue for all HEM segments will grow from a base of $93 million in 2011 to more than $2 billion in 2020, the cleantech market intelligence firm forecasts.