MarkNtel Advisors recently published a detailed industry analysis of the Middle East Home Energy Management System Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Insights and Analysis of the Middle East Home Energy Management System Market (2023-2028)
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.
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What is driving the Middle East Home Energy Management System market?
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.
What segments define the Middle East Home Energy Management System market from 2023 to 2028? How do these segments contribute to market dynamics and growth?
By Offering
(Hardware [Control Devices, Communication Devices], Software, Services),
By Communication Technology
(Z-wave, ZigBee, Wi-Fi, Homeplug, Others),
By Country
(The UAE, Saudi Arabia, Qatar, Oman, Turkey, Egypt, Rest of Middle East)
Explore the Complete Middle East Home Energy Management System Market Analysis Report – https://www.marknteladvisors.com/research-library/middle-east-home-energy-management-system-market.html
Who are the leading key players shaping the Middle East Home Energy Management System Market landscape?
Schneider Electric, Honeywell International Middle East LTD, Eaton Corporation, Panasonic, ABB Group, Bosch GmbH, Hager Middle East, Ista Middle East FZE, ENGISY, ALTEC Energy, Others
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Questions Addressed in this Study
1.What factors are driving the Middle East Home Energy Management System Market growth?
2.How is the Middle East Home Energy Management System Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Middle East Home Energy Management System Market?
4.What is the current size of the Middle East Home Energy Management System Market, and how is it projected to change in the future?
6.What is the future outlook for the Middle East Home Energy Management System Market in terms of technological advancements and market expansion?
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