Energy Management - China

China

Revenue in the Energy Management market is projected to reach €1.2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.50%, resulting in a projected market volume of €2.1bn by 2029.
In the Energy Management market, the number of active households is expected to amount to 199.3m users by 2029.
Household penetration will be 36.6% in 2024 and is expected to hit 36.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €6.26.

Marché

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Monnaie

Analyst Opinion

The Energy Management market in China has been experiencing significant growth in recent years.

Customer preferences: Customers in China are increasingly interested in energy management solutions due to a number of factors. Firstly, there is a growing awareness of the need to reduce energy consumption and carbon emissions in order to mitigate the effects of climate change. Secondly, rising energy costs have made businesses and consumers more conscious of their energy usage and the potential savings that can be achieved through efficient energy management. Lastly, the Chinese government has implemented policies and regulations to promote energy conservation and the use of renewable energy sources, which has further incentivized the adoption of energy management solutions.

Trends in the market: One of the key trends in the Energy Management market in China is the adoption of smart grid technologies. Smart grids allow for the more efficient management and distribution of electricity, enabling better integration of renewable energy sources and improving overall energy efficiency. This trend is driven by the need to modernize the country's aging power infrastructure and reduce reliance on fossil fuels. Another trend in the market is the increasing use of Internet of Things (IoT) technologies in energy management systems. IoT-enabled devices and sensors can collect and analyze real-time data on energy consumption, allowing for more accurate monitoring and control of energy usage. This trend is driven by advancements in communication technologies and the increasing availability of affordable IoT devices.

Local special circumstances: China's large population and rapid urbanization present unique challenges and opportunities in the Energy Management market. The country's urban areas are experiencing high levels of energy consumption, leading to increased demand for energy management solutions. Additionally, China's government has set ambitious targets for renewable energy generation, which has created a favorable environment for the development and adoption of energy management technologies.

Underlying macroeconomic factors: China's strong economic growth and industrial development have contributed to the increased demand for energy management solutions. As the country continues to urbanize and industrialize, energy consumption is expected to rise, further driving the need for efficient energy management. Additionally, the Chinese government's focus on sustainable development and commitment to reducing carbon emissions has created a supportive policy environment for the Energy Management market. In conclusion, the Energy Management market in China is experiencing significant growth due to customer preferences for energy efficiency, the adoption of smart grid technologies, the use of IoT in energy management systems, and the country's unique circumstances and macroeconomic factors. As China continues to prioritize sustainable development and reduce its carbon footprint, the demand for energy management solutions is expected to continue to grow.

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 category. 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 innovative products 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 once a year, in case market dynamics change we do more frequent updates.