The rise in urbanization, improved earnings, easy accessibility, and availability of energy resources have escalated the demand for electricity with time. Peak demand for electricity strains the electricity generation units. This energy generation severely affects the environment in multiple ways, leading to environmental pollution, change in climate, and solid waste disposal. Fossil fuels are the largest source of generation of electricity and emit an enormousamount of greenhouse gases which is a serious concern for the environment, thus resulting in demand for energy management.
Increased energy efficiency will benefit the environment and the economy. It helps with the reduction in pollution, water usage, and waste, lowers utility bills, and stabilizes electricity rates and volatility. There are some latest technological advancements in electricity network like bidirectional communication systems, internet working systems, smart grid technology, and various energy conservation methodologies. These advancements have transformed energy consumption patterns and helped with energy conservation. Smart city projects, modern homes, and smart grid technology are increasing the demand for home energy management equipment and systems in the market. The home energy management systems help the residents monitor and manage energy consumption. It also provides a certain level of comfort to the residents as per the tracked data and behavioral pattern. With the information and feedback from the energy management system, the residents can control unnecessary electricity consumption, thus controlling energy guzzling.
Smart buildings are usually equipped with various interconnected devices which use IoT for analyzing data and provide insights about the patterns of regular device usage. With proper energy management systems on board, the buildings can operate with maximum efficiency. The smart devices can be used more effectively with maximum controlling, remote switching of devices and other measures. The market has growing demand for lightning control system, advanced central controllers, smart HVAC controllers, and self-monitoring systems &services. The overall market for home energy management is expected to have an increasing demand in future. According to Allied Market Research, the global home energy management market is expected to grow at a significant CAGR from 2021 to 2030.
Along with the adoption of home automation, there is an increment in the demand for electric vehicles (EVs) and the adoption of solar panels or rooftop photovoltaic (PVs). The existing home energy management systems in the market are specifically designed by considering certain factors. The installations of home energy management systems normally focus on the residents’ thermal comfort, mostly indoor humidity and temperature. According to the researchers at Kansas State University, there exist few concerns and certain behavior which are not considered in development of existing home energy management system. The KSU research paper considers occupants’ clothing behaviors, PMV-based thermal comforts, and EV SOC (state of charge) concerns while studying HEMS consisting of PV, EV, and HVAC. The KSU researcher’s model can be applied to any location irrespective of the electricity tariff structure and climatic conditions. This model demonstrated up to 68.5% of energy cost savings while maintaining the residents’ comfort incorporating all three parameters as mentioned above. With such ongoing researches, it is easy to predict that the home energy management system market will witness tremendous growth.