Residential Energy Management Market Segmentation:
Component Segment Analysis
In residential energy management market, software segment is set to hold revenue share of over 53% by the end of 2035. A major factor for segment growth is its ease of accessibility and the ability to manage & transmit a huge amount of data from multiple devices. Home energy management (HEM) software is a digital tool that authorizes the monitoring & management of energy consumption by automating definite tasks. Hence, with the integration of AI-powered devices and the penetration of IoT (Internet of Things) devices, this software provides insights on how to further improve efficiency and minimize cost.
Application Segment Analysis
In residential energy management market, power monitoring & control segment is set to capture revenue share of around 42% by the end of 2035, as a result of the increasing demand for power in the residential sector and the rising need for effective utilization of power. As per recent reports, the residential sector accounts for almost 30% of global energy consumption.
Furthermore, the rising electricity bills and the increasing focus on saving the environment by effectively using energy and reduction of power usage are other factors that are predicted to drive segment growth.
Our in-depth analysis of the global market includes the following segments:
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