North America Energy Management System (EMS) Market size is expected to grow at a significant CAGR from 2021 to 2027 on account of ongoing technological upgrades along with ongoing government incentive programs including energy credits and duty drawbacks. Increasing implementation of strict government standards & regulations to promote energy efficiency will stimulate the market outlook across the region. In addition, rising utilization of smart units propelled by cost competitiveness is expected to strengthen the industry dynamics.
North America Market, By Service
BEMS service segment is set to increase substantially through 2027, owing to growing inclination of end users toward energy efficient units’ installation along with focus toward reduction of electricity bills. Additionally, increasing consumer demand for the analysis and monitoring of load fluctuations, real-time power consumption and system performance will accelerate the product installation. Ability to reduce overall operating costs in line with continued replacement of conventional units with smarter versions will further complement the industry outlook.
North America Market, By Component
Sensors units of EMS market will experience surge in adoption till 2027, due to offering more informed choices as well as early detection of underlying power quality problems. Introduction of machine learning, Internet of Things (IoT), and big data techniques for collecting & processing information allows consumer recognition for smart home adoption. Moreover, ongoing refurbishment of old buildings with rapid integration of energy efficient systems in residential establishments will boost the market demand.
North America Market, By End-User
Power & Energy management system operations are poised to observe exponential implementation of EMS units on account of optimizing and efficient monitoring of electrical equipment. Ability to record higher gains owing to increasing demand for optimizing and efficient monitoring of electrical units will further propel the product adoption. Moreover, these units provide indication to monitor health & maintenance requirement of electrical units including transformers and pumps.
North America Market, By Country
U.S. energy management system market revenue is estimated to register lucrative growth during the forecast period, impelled by favorable incentive programs focused on digitalization of power grid infrastructure.
Moreover, implementation of strict energy efficiency government policies to accomplish energy intensity targets will sway product deployment in the country. For instance, in December 2020, U.S. Department of Defense aims to develop a new & innovative method for energy management and analysis. The platform will be the part of Facility Energy Saving and Security Technology (FEST) project and will be able to integrate multi-source data and its conversion into actionable insights for energy efficiency, improved safety, and resilience.
Competitive Industry Landscape
Prominent industry players include Siemens, Emerson Electric, ABB, Rockwell Automation, Honeywell, GridPoint, Eaton, Schneider Electric, Optimum Energy LLC. and Telkonet. The companies are developing advanced technologies & introducing new product portfolios to stimulate their industry presence as well as strengthen their competitive advantage through product differentiation and planning marketing strategies.