Press Release Description
Middle East Home Energy Management Systems Market to Flourish with the Regulatory Thrust on Energy Efficiency
The Middle East Home Energy Management System Market is projected to grow at a CAGR of around 12.24% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The presence of supportive government incentives & regulations as well as the rising adoption of renewable energy resources, would drive market growth in the coming years. Governments in the Middle East, including Saudi Arabia, the UAE, Bahrain, and others, are actively implementing various policies like NEEP, Dubai Integrated Energy Strategy 2030, Oman National Energy Strategy, etc., to promote energy efficiency, driven by the need to reduce carbon emissions, ensure energy security, and accommodate the rapid growth of industries. These policies create a conducive environment for market expansions by increasing awareness, providing financial incentives, ensuring regulatory compliance, enabling energy cost savings, and fostering environmental consciousness among homeowners.
Furthermore, countries like Egypt, the UAE, Qatar, Oman, etc., are experiencing an increase in residential adoption of renewable energy sources, particularly solar. This surge could be attributed to the regulatory measures & annual targets set for renewable energy usage & carbon dioxide reduction. For instance, in 2022, the UAE announced its plans to generate 50% of its electricity from carbon-free sources, driven mainly by solar PV, by 2050. As a result, the availability & affordability of renewable energy sources, such as solar panels, have improved, leading to more homeowners generating their electricity. This is consequently driving the widespread adoption of home energy management systems in the region as there arises a pressing need for efficient management of this renewable energy source to fully leverage its benefits.
These systems empower homeowners to effectively manage & optimize the integration of renewable energy into their overall energy system, maximizing self-consumption & reducing dependence on the traditional power grid. Further, these policies could boost the market in the forecast period, as more residents are willing to adopt solar PVs owing to incentives & subsidies provided by these policies, environmental concerns, etc., further states the research report, “Middle East Home Energy Management System Market Analysis, 2023.”
Hardware to Hold Major Market Share
Based on the offering, the market is bifurcated into hardware, software, and service. Hardware is anticipated to hold a noteworthy share in the Middle East Home Energy Management System Market during the forecast period. With the resurging investment in residential buildings & growing awareness of energy conservation in the region, this segment is presumed to witness an upgrade in the following years. The countries in the Middle East, including the UAE, Saudi Arabia, Egypt, Bahrain, etc., are experiencing a major surge in investment in residential buildings. This growth is propelled by government initiatives like Vision 2030 & Dubai Industrial Strategy 2030, along with relaxed foreign investor laws.
Furthermore, the booming expansion in the residential sector coupled with new project announcements & population growth has raised concerns about energy consumption & sustainability. As a result, there is a growing demand for energy-efficient hardware solutions in the region, including lighting controls, sensors, smart meters, and other innovative technologies, which would eventually contribute to enhancing the Middle East Home Energy Management System Market size in the following years.
The UAE to Account for a Significant Market Share
The UAE is anticipated to hold a major share in the Home Energy Management System Market owing to government initiatives such as Green Building Regulations & the Energy Efficiency Labelling Programme, coupled with the increasing awareness of home automation & energy efficiency among consumers. The growing energy demand in the country, due to the broader economic recovery & continuous population growth, fosters the demand for home energy management system across the country. According to the Dubai Electricity and Water Authority's data in 2023, electricity demand increased to approximately 53,180 gigawatt-hours in 2022, compared to around 50,401 in 2021.
This rising energy demand is a significant driver to adopt home energy management systems as homeowners & businesses look for effective ways to manage & optimize their energy consumption to meet the increasing energy requirements, further boosting the demand for home energy management system in the coming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Schneider Electric, Honeywell International Middle East LTD, Eaton Corporation, Panasonic, ABB Group, Bosch GmbH, Hager Middle East, Ista Middle East FZE, ENGISY, ALTEC Energy, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & and product adoption?
- How has the competition been shaping across various countries?
- How would the buying behavior, customer inclination, and expectations from product manufacturers evolve during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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