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North America Home Energy Management Systems Market Size

Report ID: GMI9651
Published Date: May 2024
Report Format: PDF

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North America Home Energy Management Systems Market Size

North America Home Energy Management Systems Market was valued at USD 1.4 billion in 2023 and is anticipated to grow at a CAGR of 7.1% from 2024 to 2032, owing to the increasing consumer awareness of energy efficiency, rising energy costs, and advancements in smart home technology. Governments worldwide are promoting energy-saving initiatives and offering incentives, which further boosts market expansion. The integration of renewable energy sources, such as solar panels, with HEMS allows homeowners to optimize energy consumption and reduce reliance on the grid. Technological advancements, including IoT and AI, enhance the functionality and user-friendliness of these systems, making them more appealing.

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Several companies are taking continuous efforts to bring product innovation, expanding their business on a large scale. For instance, in May 2022, General Electric secured a contract for the provision of medium voltage cubicles, energy management systems, and automation technology. The trend towards sustainable living and smart home ecosystems propels market growth, as consumers seek comprehensive solutions for energy monitoring, control, and optimization. As a result, the HEMS market is expected to continue its upward trajectory in the coming years.

North America Home Energy Management Systems Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Home Energy Management Systems Market Size in 2023:	USD 1.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	7.1%
2032 Value Projection:	USD 2.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	350
Tables, Charts & Figures:	15
Segments covered:	Component, and Product
Growth Drivers:	Convenience of cloud computing and data analytics Increasing demand for energy efficient solutions
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of North America home energy management systems was reached USD 1.4 billion and is anticipated to grow at 7.1% CAGR through 2032, owing to the increasing consumer awareness of energy efficiency, rising energy costs, and advancements in smart home technology.

The networking device segment in the North America home energy management systems market will generate USD 500 million by 2032 due to advancements in wireless technologies, including Wi-Fi 6, Zigbee, Z-Wave, and other protocols.

U.S. home energy management systems market is anticipated to surpass USD 2 billion by 2032 as rising energy prices in the country are driving homeowners to seek ways to reduce their energy bills.

Alarm.com, Alphabet, Inc., Comcast Cable Communications, LLC, Ecobee, Inc., Energyhub, Inc., EcoFactor, Inc., General Electric, Honeywell International Inc., Ingersoll Rand, Johnson Controls, NX Technologies, and Nest Labs, Inc.