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North American Energy Management Systems Market revenue to see massive growth through 2027
Published Date: 2021-10-14
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North American Energy Management Systems Market size is projected to increase exponentially between 2021 and 2027, according to a latest forecast report by Graphical Research.
The North America Market growth is owing to increasing focus toward electricity conservation & sustainable development. Rising population along with increasing electricity usage enforced governments for emphasis on energy conservation thereby stimulating product demand. In addition, introduction of stringent emission reduction regulations in line with the provision of incentives upon successful installation of energy efficient system will drive industry dynamics.
The pandemic outbreak had slightly affected the industry dynamics of energy management system in North America owing to lockdown implementations. However, post COVID- 19 pandemic, several companies and industries have reclaimed their strength along with booming IT sector stimulating digitization & automation across several industries have accelerated product installation.
HEMS segment is expected to witness healthy growth through 2027 on account of rising number of nucleated families along with high migration rate as well as increasing electricity demand. Rising investments pertaining to wireless technologies facilitates end users to remotely monitor their energy consumption thereby strengthening business spectrum. Moreover, growing need for new policies implementation to limit electricity consumption as well as ability of these units to provide constant power supply will accelerate system deployment.
Browse detailed statistical insights from the report, “North America Energy Management System Market Forecast 2027 By End-User (Power and Energy, IT, Manufacturing, Enterprise, Healthcare), By Service (IEMS, BEMS, HEMS), By Component (Metering and Field Equipment, Hardware, Software, Networking Device, Control Systems, Sensors), Research Report, COVID-19 Impact Statistics, Country Outlook (U.S., Canada, Mexico), Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
Growing demand for automation of buildings to offer occupant comfort, lower O&M costs, and efficient operations will positively influence implementation of hardware components. Moreover, ability to collect information locally and providing appropriate data to the dashboard, allowing the end user to assess live data, augments industry outlook. Additionally, capability to act as an interface between supplier & end user, thereby enabling supplier signal with demand response, improving market trends.
IT application across EMS market is set to grow substantially from 2021 to 2027 due to current industrial revolution 4.0 which provides advanced machines and process networking by using Information & communication technologies (ICT). Development of new technologies enabled raw data collection & analysis thus offering efficient, faster & flexible processes. Furthermore, accessibility of economical product pricing on account of exceedingly competitive scenario in the market.
Canada energy management systems market will gain remarkable momentum during the forecast timeline on account of increasing consumer awareness of electricity conservation. Government initiatives for penetration of energy management systems across all segments along with ability of these units for simple and fast configuration, user-friendly interface & interoperability which further drive industry growth. For instance, In July 2021, Canada invested approximately USD 200,000 for implementation of energy management systems across all facilities in the city of Guelph. This will improve the city’s average cumulative energy performance nearly by 10% enabling energy cost savings for several Canadian companies.
The North American energy management systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
North America Market, By Service
North America Market, By Component
- Metering & Field Equipment
- Networking Device
- Control Systems
North America Market, By End Use
- Power and Energy
The above information has been provided for the following counties:
- North America