The North America Home Energy Management Market would witness market growth of 19.23% CAGR during the forecast period (2021-2027).
Home energy management refers to an efficient advanced technology that includes both software and hardware solution that provides the customers a detail of their power consumption. The constant monitoring feature of home energy management allows the customers to eliminate the cost that occurs due to the unnecessary consumption of energy in their homes, offices, or any other building in which the system is installed.
This intelligent energy management solution has the ability to receive DR signals from the utility and prepare signal-based time-table. In modern era, the smart home technology enables the users to manually control the amount of energy being consumed by them on monthly basis and allows them to automate the process of energy management for higher comfort.
With the rising adoption of various automated customer service products, North America is one of the most advanced regions across the world.
The US and Canada are large countries with a cold climate, the people residing in the countries need a lot of energy for heating their homes as well as water. According to the office of energy efficiency and renewable energy, the residential sector was responsible for around 21% of total U.S. energy consumption in 2020. Such figures indicate the need to better manage, and monitor energy in the residential sector. If the available HEMS solutions can monitor and reduce electricity usage while also monitoring the environmental consequences of energy savings, these solutions can become widely attractive among the regional population who are conscious about the environment. Hence, these factors are anticipated to boost the growth of home energy management solutions during the forecasting period.
The USA market dominated the North America Home Energy Management Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,884.6 million by 2027. The Canada market is poised to grow at a CAGR of 19.6% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 21.9% during (2021 - 2027).
Based on Product Type, the market is segmented into Lighting Controls, Programmable Communicating Thermostats, Advanced Central Controllers, Intelligent HVAC Controllers, and Self-Monitoring Systems and Services. Based on Technology, the market is segmented into Ethernet, Z-Wave, ZigBee, Wi-Fi, and Other technologies. Based on Offering, the market is segmented into Software, Services, and Hardware. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Home Energy Management Market is Estimated to Reach USD 7,157.36 million by 2027 at a CAGR of 19.70%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Schneider Electric SE, General Electric (GE) Co., Intel Corporation, Honeywell International, Inc., Panasonic Corporation, Google LLC, Comcast Corporation, Vivint Smart Home, Inc., Alarm.com Holdings, Inc., and Generac Holdings, Inc.
By Product Type
By Technology
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By Country
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