North America Energy Management Systems Market Size

North America Energy Management Systems Market Size

North America Energy Management Systems Market was valued at USD 10.5 billion in 2023 and is anticipated to grow at a CAGR of over 5.6% from 2024 to 2032, owing to the government regulations and initiatives that are targeting carbon emission reduction. Software solutions play a crucial role in helping businesses comply with regulations and achieve their sustainability targets by providing accurate reporting, energy usage insights, and optimization recommendations. Increasing awareness among businesses and consumers about the significance of energy efficiency and sustainability is further bolstering the demand for these systems.

Moreover, the advancement of technology, such as the incorporation of IoT devices and artificial intelligence into energy management systems, is augmenting their functionalities and rendering them more accessible and user-friendly. Companies are innovating their solutions as part of their business expansion strategies. For example, in November 2022, Schneider Electric confirmed its comprehensive range of home energy management products, wiser gateways and smart plugs to receive Matter certification. Therefore, along with the growing adoption of renewable energy sources, this is witnessing crucial opportunities for the expansion of the energy management systems market across various sectors.