According to a new report from ResarchAndMarkets.com, the North American home energy management market is expected to witness market growth of 19.23% CAGR during the forecast period (2021 to 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 a signal-based timetable. In the modern era, 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 in the world.
Since the United States 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 of the environment. Hence, these factors are anticipated to boost the growth of home energy management solutions during the forecasting period.
The U.S. market dominated the North American Home Energy Management Market by Country in 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $1,884.6 million by 2027. The Canadian market is poised to grow at a CAGR of 19.6% from 2021 to 2027. Additionally, Mexico's market is expected to experience a CAGR of 21.9% from 2021 to 2027.
For more information on the report, visit Research and Markets' website.
