Market Size of North America Energy Management Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 15.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Energy Management Systems Market Analysis
The North America Energy Management System market is expected to register a CAGR of 15.1% over the forecast period (2021 - 2026).The outbreak of COVID-19 has had a mixed impact on the Energy management system market as the vendors operating in the market serving the end-user industries, which are deemed essential by various governments globally, in times of pandemic, the global residential power has seen a significant growth owing to home quarantines thus driving the demand for the deployment of energy management systems.
- Energy efficiency has been increasingly becoming the primary focus of private enterprises and government authorities worldwide. The increasing economic activities have led to high-energy consumption rates and have pushed the global electricity grids to their limits. This is expected to drive the energy management systems market in the forecast period.
- Owing to the government regulations, cost savings, and optimizing their energy consumption, homes, industries, and enterprises have been increasingly adopting energy management solutions. The primary component of EMS measuring, communication, and software application helps reduce costs. According to a study by MIT, buildings waste at least 30% of their energy, which can be saved with the help of EMS.
- Reduction in energy consumption has been a primary concern among commercial building owners and managers to save money. According to the US Energy Information Administration, almost 40% of the energy consumed in the country powers commercial and residential buildings. According to the New York State Energy Research and Development Authority (NYSERDA), enabling real-time energy management systems and smart technologies can reduce costs by an average of 15%. Such developments have been influencing the demand for EMS further, as part of the smart solutions in both the commercial and residential buildings.
- Energy Management hardware manufacturers need to meet the regulatory standards imposed across regions concerning the end-device equipment's power management section. These power standards vary from region to region and are continually evolving.
