The Market Size of the Global Home Energy Management Systems (HEMS) Market is estimated to be USD 2.01 Billion in 2019 and is expected to grow at a healthy CAGR of 17% to reach a Market size of USD 4.41 Billion in 2024.

• Definition / Scope
• Market Overview
• Key Metrics
• Market Risks
• Market Trends
• Industry Challenges
• Technology Trends
• Other Key Market Trends
• Market Size and Forecast
• Market Outlook
• Technology Roadmap
• Competitive Landscape
• Competitive Factors
• Key Market Players
• Strategic Conclusion
• References

Definition / Scope

Home Energy Management System is an effective hardware and Software System that helps monitor energy spend and effectively manage power consumption of various electrical devices at home. Home Energy Management System comprises five different products which enables managing and reducing energy consumption.

These products include self-monitoring systems, lighting controls, programmable communicating thermostats, advanced central controllers and intelligent HVAC controllers. With HEMS, home users can monitor their real-time energy consumption using mobiles, tablets and other communication devices which helps them to monitor and manage energy consumption in the house.

Additionally HEMS aids home users to view spikes in energy prices and helps limit energy consumption during peak hours.

Market Overview

HEMS Market, By Components

On the basis of components the HEMS Market is classified into Hardware and, Software and Services.

Of this the Software and Services Market is expected to grow at the highest rate during the forecast period (2019 to 2024) as it is providing real-time insights on the energy consumption in households.

HEMS Market, By Hardware

Based on the Hardware the HEMS Market is segmented into Control Device and Display / Communication Device. The Control device is expected to hold the largest share in the segment as it is dominated by trending HEMS devices such as thermostat, sensor, smart meter, smart plug, strip, and lighting controller and is boosting demand in the hardware segment.

HEMS Market, By Communication Technology

On the basis of Communication Technology the HEMS Market is sectioned into Zigbee, Wi-Fi, home plug and others. Of which the Wi-Fi technology is expected to bolster the growth of the segment owing to the rapid adoption of internet across the world.

Increasing adoption of smart home technology and rising investments in wireless technologies is expected to boost the growth of the segment.

HEMS Market, By Services

Based on the Services offered, the HEMS Market can be sectioned into Monitoring & Control, Implementation & Integration, Maintenance and Consulting & Training.

Of this the Monitoring & Control segments dominate with the largest market share as it is frequently used by homeowners for monitoring energy consumption.

HEMS Market, By Region

Of the Regions, North America holds the dominant position in market share and is fueled by the offering of more efficient, convenient and economic HEMS products and solutions as well as widening their distribution.

Market Risks

High Capital Investments

There is a need for High Capital Investments due to the requirement of complex systems for the design and development of Home Energy Management System (HEMS).

High capital investments and the bureaucratic licensing procedure have proven to be barriers to market entry in the Home Energy Management System (HEMS) industry.

The main costs to the new entrants involve high Set-up costs, and high Research & Development Costs. The Set-up cost requirements are typically high due to the high costs involved in the setting up of a HEMS plant.

Also the R&D costs also are higher due to the need for new entrants to offer highly advanced products and to differ in their offering and hence the costs are spent on quality R&D.

Fragmentation of the Market

The Home Energy Management System (HEMS) market is fragmented. There exist a large number of local players in the market and they offer products to the local markets at a much lower price when compared to the organized international players.

The factors leading to the fragmentation of the HEMS Market are no economies of scale and strong competition in the market. This market will offer businesses with lower margins and expensive logistics. They also have no advantage of scale when dealing with suppliers or buyers.

Top Market Opportunities

Increasing Deployment of Renewable Energy Production technology shows promising prospects

Implementation of Solar panels and integration of Renewable Energy systems with Conventional sources of Energy has reflected well on the adoption of Home Energy Management System. The adoption of photovoltaics and Wind generators in electricity network is a boon in disguise for homeowners.

The Sweet spot in the Renewable Energy segment is being experienced in the Home Energy Management System Market as it opens door for more energy savings as the energy is being harvested from the sun in the form of solar energy by the Photovoltaics and from Wind via Wind Generators.

The emergence of new age technologies such as HEMS is offering opportunities for homeowners to make use of the renewable energy.

Growing Smart Home industry

The latest trend gaining momentum in the HEMS Market is the growing demand for Smart Homes. The Smart Home technology is gaining popularity due to consumers’ focusing on improving domestic convenience through electronic devices.

This is an evolutionary development in the Residential real-estate sector with the major aim to make living more comfortable, convenient, secure, entertaining, and sustainable.

Also the fact that using Smart Home technology with many sensors is affordable also offers an advantage for the growth of the segment.

Rising investments in Smart Grid technologies

A smart Grid technology is expected to offer lucrative opportunities for the Home Energy Management System Market in the forecast period 2019 to 2024. The HEMS market is driven by the significant investments made in the Smart Grid technology.

Since, Smart Grid technology introduces a different set of protocols and increased emphasis on Renewable Energy in the energy mix of countries around the world. Smart America Organization states that the U.S. Government is set to invest approximately USD 41 trillion over the next 20 years with the aim to improve their Smart-Grid infrastructure.

Through this investment the U.S. Government aims to promote a sustainable environment and to improve the quality of life of its citizens.

Similarly the reports from China Electricity Council states that by 2020, Chinese Government plans to construct three transmission lines, each expected to reach 20 GW of transmission capacity, thereby promoting adoption of smart grid technology in the country.

Some Major investments in the Smart Grid technology:

• In 2015, the Government of China invested USD 101 Billion and these funds were dedicated for the development and installation of Smart Grid technology.

Market Trends

Adoption of technologies for reducing Home Energy Consumption

The Global market for the Home Energy Management System is driven by the factor that consumers are looking for solutions that enables smart energy consumption in their homes.  

The need is furthered by the rising concerns of Global Warming. The ever rising demand for electricity is a key trend fueling the growth of the Global Home Energy Management System. These systems take into consideration such as environmental conditions, individual load profiles, and energy costs to optimize the energy consumption schedule for homes.

The need for automating energy usage in household through Home Energy Management System runs through the demand for optimizing energy consumption and production.

Stringent Regulation regarding Energy Conservation

Stringent Government regulation regarding energy conservation added with government intervention over misuse of energy is expected to drive the Home Energy Management System (HEMS).

Formulation of Government policies in Developed and Developing countries for the implementation of Smart Energy systems will further accelerate the sector growth.

Some Major Legislation on Energy Conservation:

• In 2015, The U.S Government under the Resident Energy Efficiency Valuation Act (REEVA) implemented pilot program to ensure residential sector achieve energy efficiency and reduce the energy expenditure.
• In 2016, The European Union announced update on the Energy Conservation directive with a target of 30 percent Energy Savings by 2030.

Rising Awareness among Consumers

Catalyzed by rising awareness among consumers regarding sustainable use of energy resources, a strong growth has been witnessed in the Home Energy Management System Market. There is an increased uptake of energy efficient appliances and Home Energy Management Systems (HEMS).

Consumers are realizing the fact that these sources not only help control energy expenses but are also providing with options for availability of energy sources that are sustainable.

Increasing Internet Penetration

Demand for Home Energy Management System is expected to witness growth in the near future due to increasing penetration of Internet. The Internet penetration is increasing due to higher internet connectivity and techsavy consumers.

Higher Internet connectivity and real-time services needed for energy conservation coupled with technologically efficient products and services will further accelerate the adoption of HEMS.

Availability of Smart Home Products

The availability of a varied range of Smart Home products is expected to drive the growth of the growth of the global HEMS market. Some of the major factors responsible for growing adoption of HEMS devices such as smart thermostats and smart lighting devices among consumers is the convenience and the comfort offered by these devices. Moreover, the demand for these devices is increasing due to the advancements in energy management system and energy conservation.

Further, it has been observed that vendors are offering compatible devices since Apple has announced their Smart Home Platform, which consequently will drive the adoption of HEMS in the near future.

Rapid advancement in technology

The rapid advancement in technology will drive the growth of the Global HEMS Market in the near future. As there are an increasing number of connected devices through Internet of Thins (IoT) there is a prime level of energy efficiency being achieved.

These technological advancements result in the increased uptake of distributed generation which in turn, drives the adoption of HEMS. As a result, the consumer can seamlessly switch between the power from the grid or their own power source and participate in demand response programs.

The technologies that take the Home technology industry to the next phase of evolution such as artificial intelligence and the explosion of the Internet of Things (IoT)-enabled devices, data analytics, edge analytics, cloud solutions, and business model innovation have had a positive impact on the HEMS Market as well.

Increasing efforts by manufacturers to develop multi-featured home energy management systems capable of connecting with multiple control devices and being managed from a remote location is auguring well for the growth of the HEMS market.

Higher initial installation cost

The higher installation cost of Home Energy Management System discourages homeowners from adopting the HEMS. These systems are relatively expensive when it comes to the cost of installation and the cost of certain smart devices.

The average cost of deploying basic HEMS is at least USD 2.50 per square foot and can cost as high as USD 7.00 per square foot, equivalent to at least USD 250,000 for a 100,000 square foot building.

The very high cost of traditional HEMS means ROI is a challenge for all but the larger buildings, often it takes around four years to recover the invested amount.

Low ROI limits the willingness of Home owners to invest into Home Energy Management System (HEMS).

Security issues

The Security of Home Energy Management System is also a concern to the homeowners as these systems are usually connected to the internet and to the Cloud. This creates concerns over trust and privacy and also opens up door for various forms of Cybercrimes.

The connected nature of the Home Energy Management System makes it vulnerable to cyberattacks. The system itself can be hacked and the introduction of smart thermostat further makes it tough or raises more cybersecurity issues due to the possibility of it being hacked by those who want to monitor and steal information for malicious purposes.

Any controlled device such as Home Automation Systems, makes it possible for hackers to access units through the internet. Some are used to control, surveillance items such as cameras, door locks, alarms and other sensitive systems, thereby leaving the homeowners vulnerable to malicious intruders.

Additional costs incurred with installation of Software and Services tools

To get a real-time feedback on the amount of energy usage at home, HEMS demands for installation of Software and Services tools. There is a need for consumers to invest on additional tools such as home energy displays, software, sensors and analytical solutions.

The cost of these tools specifically software and sensor runs down to a few thousand dollars depending on the magnitude of implementation. The additional cost incurred has a great influence on reducing the importance of energy efficiency solutions.

This acts as a restraint in the Home Energy Management Solution (HEMS), resulting in lower adoption of HEMSs.

Interoperability issues

In order to manage, monitor and control energy usage of a user a home area network is required to facilitate two-way communication between devices and HEMS. The appliances, devices and sensors used in a home network is a product of different manufacturers.

When products of different manufacturers are coupled together there can be interoperability issues i.e. some devices may not be compatible with the communication protocol, software platform from which it receives control signals.

This occurs due to presence of many manufacturers and vendors in the HEMS market who offer different solutions and if there exists an issue of interoperability then the sensors and the appliances would not be able to communicate with the HEMS.

Industry Challenges

Lack of technical know-how

Home Energy Management Systems are relatively complicated for usage and also require regular attention of users. This means that many people find it difficult to use with some even putting the system away and forgetting about it.

People are apprehensive to adopt HEMS as they have misconception that these systems could only be used in new houses or that they assume that it would be complex and difficult to implement and use.

Misconceptions like these make it difficult for a person to look for more information about them and decrease their interest in buying and installing one.

Lack of HEMS Standards and Infrastructure

With every vendor vying for adopting their favored communication protocols it becomes increasingly complacent to interconnect devices that use products from different companies.

This means that the customer has little say on their home system using different products or adding products that doesn’t use the same protocol as that of the already installed products.

The difference in the communicational protocol also affects the utility company as they need to support all the protocols that they need to conserve energy consumption.

This is also an issue for appliances and home devices manufacturers, as they need to design and develop products that must support the different communication protocols.

Technology Trends

Smart savings from Smart Thermostats

These are devices that control the energy consumption of connected heating ventilation and air conditioning (HVAC) units either through remote-control or rule based control mechanisms. Those based on rule-based control mechanism are also called as Programmable Thermostats.

Smart thermostats are an essential home energy management product as heating and cooling often amount to almost half of the average energy consumption. Homes that use smart thermostats can achieve electricity savings of between 2% to 16% and gas savings of between 8% and 12.5%

Advent of Data Analytics Platforms

As the name suggests the role of Data Analytics Platform is to analyze data collected from home energy management systems. The platform is cloud-based and it facilitates analysis of data collected from smart devices and utility for the main purpose of providing more insights into energy consumption patterns in the household. Data Analytics Platforms also offer solutions for warehousing and visualization of data.

Other Key Market Trends

The cost of Deployment and installation is a factor hindering the adoption of Home Energy Management System (HEMS), with costs up to USD 2.50 per square foot homeowners are shying away as the payback period can exceed 4 years.

In addition the connected nature of the devices to the Internet is making the devices vulnerable to cyber-attacks. The complexity of the devices to which the users must acquaint for regular use makes the HEMS a complex device to install and maintain affecting the uptake of these devices. 

Market Size and Forecast

North America 

North America accounted for the largest share of the Home Energy Management System Market in 2017, followed by Europe and Asia-Pacific. The U.S. is expected to dominate the HEMS market in North America. 

USA HEMS Market Size

• USD 402 Million – The estimated market size of the US HEMS Market in 2019
• 16.4% – The CAGR growth rate of the US HEMS market in the forecast period 2019 to 2024
• USD 859 Million- The expected market size of the US HEMS Market in 2024

Canada HEMS Market Size

• USD 204 Million – The estimated market size of the Canadian HEMS Market in 2019
• 16.6% – The CAGR growth rate of the Canadian HEMS market in the forecast period 2019 to 2024
• USD 439.67 Million- The expected market size of the Canadian HEMS Market in 2024

Mexico HEMS Market Size

• USD 120.6 Million – The estimated market size of the Mexican HEMS Market in 2019
• 16.8% – The CAGR growth rate of the Mexican HEMS market size in the forecast period 2019 to 2024
• USD 262.16 Million- The expected market size of the Mexican HEMS Market in 2024

South America

South America are being targeted as new revenue pockets by market players as there is a sharp rise in power consumption in these countries.

Brazil HEMS Market Size

• USD 124 Million – The estimated market size of the Brazilian HEMS Market in 2019
• 16.5% – The CAGR growth rate of the Brazilian HEMS market in the forecast period 2019 to 2024
• USD 266.1 Million- The expected market size of the Brazilian HEMS Market in 2024

Argentina HEMS Market Size

• USD 96.48 Million – The estimated market size of the Argentinian HEMS Market in 2019
• 16.8% – The CAGR growth rate of the Argentinian HEMS market in the forecast period 2019 to 2024
• USD 209.73 Million- The expected market size of the Argentinian HEMS Market in 2024

Asia-Pacific

Asia-Pacific is the fastest growing market with a CAGR of 17.6% fuelled by increasing proliferation of IoT and rapid adoption of advanced technologies such as Smart Homes and Smart Grids throughout the regions.

The implementation of HEMS in the Asia-Pacific countries such as China, Japan, Australia and the Rest of APAC (RoAPAC) is increasing at a substantial rate, thereby making APAC the region with the highest growth rate in the HEMS market.

China HEMS Market Size

• USD 246 Million – The estimated market size of the Chinese HEMS Market in 2019
• 17.4% – The CAGR growth rate of the Chinese HEMS market in the forecast period 2019 to 2024
• USD 548.62 Million- The expected market size of the Chinese HEMS Market in 2024

India HEMS Market Size

• USD 172.2 Million – The estimated market size of the Indian HEMS Market in 2019
• 17.6% – The CAGR growth rate of the Indian HEMS market size in the forecast period 2019 to 2024
• USD 387.32 Million- The expected market size of the Indian HEMS Market in 2024

Japan HEMS Market Size

• USD 181.44 Million – The estimated market size of the Japanese HEMS Market in 2019
• 17.7% – The CAGR growth rate of the Japanese HEMS market in the forecast period 2019 to 2024
• USD 409.84 Million- The expected market size of the Japanese HEMS Market in 2024

Europe

Europe home energy management systems market will observe lucrative growth owing to the strict energy conservation norms and rollout programs for smart meters.

Incentives, regulations and labelling programs implemented by the government to mitigate environmental crisis will propel the business landscape.

UK HEMS Market Size

• USD 270 Million – The estimated market size of the UK HEMS Market in 2019
• 16.6% – The CAGR growth rate of the UK HEMS market size in the forecast period 2019 to 2024
• USD 581.91 Million- The expected market size of the UK HEMS Market in 2024

Germany HEMS Market Size

• USD 189 Million – The estimated market size of the German HEMS Market in 2019
• 16.7% – The CAGR growth rate of the German HEMS market in the forecast period 2019 to 2024
• USD 409.09 Million- The expected market size of the German HEMS Market in 2024

France HEMS Market Size

• USD 141.75 Million – The estimated market size of the French HEMS Market in 2019
• 16.8% – The CAGR growth rate of the French HEMS market in the forecast period 2019 to 2024
• USD 308.13 Million- The expected market size of the French HEMS Market in 2024

Middle East and Africa

The Middle East and Africa (MEA) region is expected to show the substantial growth rate due to rise in investments in automation of control and monitoring equipment in this region. 

Saudi Arabia HEMS Market Size

• USD 104 Million – The estimated market size of the Saudi Arabian HEMS Market in 2019
• 16.8% – The CAGR growth rate of the Saudi Arabian HEMS market in the forecast period 2019 to 2024
• USD 228.25 Million- The expected market size of the Saudi Arabian HEMS Market in 2024

UAE HEMS Market Size

• USD 84.6 Million – The estimated market size of the UAE HEMS Market in 2019
• 16.5% – The CAGR growth rate of the UAE HEMS market in the forecast period 2019 to 2024
• USD 181.55 Million- The expected market size of the UAE HEMS Market in 2024

South Africa HEMS Market Size

• USD 104.7 Million – The estimated market size of the South African HEMS Market in 2019
• 16.6% – The CAGR growth rate of the South African HEMS market in the forecast period 2019 to 2024
• USD 225.67 Million- The expected market size of the South African HEMS Market in 2024

Market Outlook

The Market size of the Global Home Energy Management System is estimated to be USD 2.01 Billion and is expected to grow at a CAGR of 17% to reach a market size of USD 4.41 Billion in 2024

The Market for Software and Services dominates the segment of Component type and holds a market share of 56% garnering a market size of USD 1.12 Billion in 2019

On the basis of Hardware type, the control device holds the majority of the market share and is holding a market share of 41% to reach a market size of USD 824 Million in 2019

Wi-Fi technology dominated the HEMS Market by Communication technology and holds the largest market share of 36% in the segment bolstering market size in 2019 totaling USD 72.36 Million

North America held the dominant market share among all regions holding a market share of 36% and totaled a market size of USD 844.2 Million in 2019.

Technology Roadmap

Innovation and Technological Advancements

The increased demand for smartphone-based apps for smart home automation, technological advancements are the trends driving the growth of the Home Energy Management System (HEMS) Market.

From leading technological companies such as Google and Apple to Startups, businesses are focusing on HEMS as the next big opportunity after laptops, tablets and smartphones. Android Things also known as brillo, is an android-based embedded operating system launched by Google in 2015.

This system is intended for use with memory-constrained and low-power IoT devices that are built with different microcontroller unit platforms.

Voice control is expected to be the next promising feature to be integrated with HEMS. Owing to the huge opportunity offered, some of the leading technology companies are significantly involved in the development of voice assistant features and integrating them into their systems. 

Apple has added its voice assistant, Siri, to smartphones and smart systems; Google Assistant powers Google Home; and Amazon has also added Alexa to its Echo lineup which is a hands-free and voice-controlled smart device.

Distribution Chain Analysis

The Home Energy Management System ecosystem includes the following key players:

Chip Manufacturers: It mainly refers to the manufacturers of Integrated circuit chips made of semiconductor material such as silicon. The type of Sensors manufactured by Chip makers for Home Energy Management System includes Zigbee, Wi-Fi and Z-Wave among others.

Device manufacturers: It represents the manufacturers of Hardware devices such as Smart Thermostats, Smart Appliance, Smart Lighting, Smart Plug and Smart Hub.

Technology providers: This section represents the technologists who offer Monitoring and Control solutions such as Energy Portal, Load Monitor and In Home Display.

Software/ Service providers: These providers include technologists who offer the software platforms such as Smart Home Platform, Data Analytics Platform and Web Services Platform

System integrators: The role of System Integrators is to combine the sub-systems of HEMS such as the Hardware components including Smart Thermostats, Smart Appliances, Smart Lighting, Smart Plug and Smart Hub with that of the User Interface and Software Portals.

Distributors: The Distributors are the players who buy products from the Manufacturers and sell to the end-users.

End users: The end-users are typically the consumers such as Homeowners who install Home Energy Management Solutions at their home.

Competitive Landscape

The Global Home Energy Management System (HEMS) is concentrated and technology driven. The top 4 Enterprises constitute 45 per cent of the total Global Home Energy Management System market revenue.

The competitive landscape of the Global HEMS market is characterized by the presence of core solution suppliers and application sub-system providers.

Their approach has been to offer Energy Management solutions as a part of Home automation products and services. The New Entrants in the Home Energy Management Systems need high capital investments.

Furthermore, to keep pace with the technological advancements they need to invest heavily on Research & Development activities. However Favorable Government Regulations promoting optimal energy consumption is expected to reflect positive impact for the new players entering into the market. As such market poses moderate threat to new entrants.   

Competitive Factors

Constant product innovation with easy-to-operate features is one of the major ways to expand the market share and sustain competition in the market.

Most top industry players are continuously investing large capital in research & development activities, forging partnerships, and acquiring other companies to gain a foothold in emerging economies.

For instance, Smart home devices, like NEST, Amazon’s Echo, and Google’s Home which are as a result of constant innovation, allows users to connect and automate a growing number of technologies (such as lights, thermostats, security cameras, and door locks) with a single device.

Key Market Players

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

Honeywell International Inc. is a worldwide diversified technology and manufacturing company. The Company provides aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

Schneider Electric SE manufactures electrical power products. The Company offers car chargers, home security goods, light switches, access control, sensors, valves, circuit breakers, cables, accessories, signaling devices, fuse, motor starters, and voltage transformers. Schneider Electric serves customers worldwide.Cisco

Allure Energy, Inc. is a smart grid technology provider based in Austin, Texas. Allure Energy develops technologies that are smart grid compliant, security enabled, and cost effective.

C3 IoT is a provider of software for developing, deploying, and operating AI, predictive analytics, and IoT applications at enterprise scale. Its solutions leverage big data, telemetry, elastic cloud computing, analytics, machine learning, and social human-computer interaction models. The company offers a set of cross-industry enterprise AI and IoT applications for predictive maintenance, fraud detection, sensor network health, supply chain optimization, investment planning, and customer engagement.

Capgemini U.S. LLC provides consulting, technology, outsourcing, and local professional services. The Company offers strategy and transformation, finance and technology transformation, human resources consulting, supply chain management, environment solutions, innovation, application development, marketing, sales, and outsourcing services. Capgemini operates globally.

Strategic Conclusion

The Home Energy Management System Market is driven by factors such as rising internet penetration, and increasing number of connected devices such as IoT devices and growing awareness among consumers regarding energy consumption.

As HEMS provides a way for monitoring and controlling energy consumption, consumers are enthralled to adopt it but there arises some repercussions due to the high cost of deployment and installation in addition to the vulnerability to cyber-attacks.

As the HEMS Market is in the growth stage a CAGR of 17% is set to be witnessed which is a sweet spot for the growth of the market and the growth is set to propel in the forecast period (2019 to 2024) with minor issues such as security and privacy issues to be mitigated by the manufacturers and vendors for flourishing in the HEMS Market.

References

• https://blogs.intel.com/iot/2016/06/20/costs-savings-roi-smart-building-implementation/#gs.dvi9ss
• https://sustainable-now.eu/guide-to-home-energy-management-systems/
• https://www.academia.edu/19077366/Home_Energy_Management_Systems
• https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6386860/
• https://www.researchgate.net/publication/308881096_Home_Energy_Management_System
• https://www.nrel.gov/docs/fy13osti/57586.pdf
• https://aceee.org/files/proceedings/2016/data/papers/12_630.pdf
• http://www.ijirset.com/upload/2018/october/29_Energy%20_IEEE.pdf
• http://www.cusa.uci.edu/wp-content/uploads/2015/02/PGE-HEMS-Report.pdf
• https://www.asmag.com/showpost/25810.aspx

Appendix

• GW – Giga Watts
• R&D – Research & Development
• IoT – Internet of Things
• HEMS – Home Energy Management Systems
• HVAC – Heating, Ventilation and Air Conditioning
• APAC – Asia Pacific Countries