Market Data: Residential Energy Management Systems
Oct 5, 2020
The residential energy management system (REMS) market is undergoing rapid expansion and transformation. New digital and software approaches are changing behavioral demand side management (DSM) solutions and home energy management software. Despite the economic impacts of COVID-19 and shelter‑in‑place orders, home energy management hardware, such as smart thermostats and smart lighting, are gaining traction among residential customers as residential energy management (REM) assets and as elements of the smart home.
Data analytics applications in REM solutions are also evolving. For example, improved disaggregation of data on home energy use is creating cost savings for residential customers and improved customer engagement opportunities for utilities. Although large technology companies have opened other energy data gathering channels via voice assistants such as Amazon’s Alexa and Google Home, a rich startup ecosystem has emerged to engage customers with app-, panel-, and sensor-based REM service interfaces.
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