The North America Energy Management Systems Market would witness market growth of 15.0% CAGR during the forecast period (2022-2028).
Energy efficiency is quickly becoming a top priority for private businesses and government agencies around the world. Increased economic activity has resulted in high rates of energy consumption, bringing global electricity systems to their limitations. In such a scenario, the requirement for an efficient approach with the ability to optimize the consumption of energy would increase all over the world. Therefore, the demand for energy management systems is estimated to significantly rise in the forecasting period.
Along with that, energy management solutions are becoming increasingly popular as a means of gaining a competitive advantage, increasing productivity, and lowering energy costs. Additionally, corporate attention is being drawn to government regulations on energy conservation and the limited quantity of fossil fuels. Because energy is used by every industry, large or small, it is critical to implement an energy management system. Although technology is rapidly evolving, end-user customers may not be adopting it at the same rate. The majority of potential customers of energy management systems are aware of the benefits of adopting such a system but prefer to perform various tasks employing traditional technology and applications. Moreover, Due to increased awareness of the benefits of integrating energy management system solutions across businesses and commercial and residential properties, the industry has grown significantly in recent years. Many businesses have considerable power requirements and hence, they are implementing EMS to save energy.
Smart metering technologies along with smart grid investments are also witnessing substantial expansion in North America. The adoption rate of smart meters in the region is predicted to reach over 80% by the end of 2024, up from roughly 60% in 2018. According to the Institute for Electric Efficiency, the number of smart meters installed in the US reached 90 million in December 2018.
Commercial building managers and owners have prioritized reducing energy use in order to save money. According to the US Energy Information Administration, commercial and residential buildings consume over 40% of the country's energy. The New York State Energy Research and Development Authority estimates that deploying real-time energy management systems along with smart technologies can cut costs by 15% on average. As a result of these advancements, the need for EMS as part of smart solutions in both residential and commercial buildings has increased.
The US market dominated the North America Energy Management Systems Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $26.2 billion by 2028. The Canada market is experiencing a CAGR of 17.6% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 16.6% during (2022 - 2028).
Based on Component, the market is segmented into Solution and Services. Based on Type, the market is segmented into Industrial, Building, and Home. Based on Application, the market is segmented into Commercial and Residential. Based on End User, the market is segmented into Energy & Utilities, IT & Telecom, Manufacturing, Retail, Healthcare & Life Sciences, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Energy Management Systems Market is Estimated to reach $107.1 Billion by 2028, at a CAGR of 15.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co., Siemens AG, Yokogawa Electric Corporation, Honeywell International, Inc., Schneider Electric SE, DEXMA Sensors, SL, Delta Electronics, Inc., Johnson Controls International PLC, C3.ai, Inc., and GridPoint, Inc.
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