Energy Management - North America

North America

Revenue in the Energy Management market is projected to reach US$3.4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.10%, resulting in a projected market volume of US$5.2bn by 2028.
In the Energy Management market, the number of active households is expected to amount to 89.8m users by 2028.
Household penetration will be 20.4% in 2024 and is expected to hit 46.1% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$89.31.

Market

Region

Region comparison

Currency

Analyst Opinion

The Energy Management market in North America is experiencing significant growth and development due to various factors.

Customer preferences: Customers in North America are increasingly becoming more conscious about energy consumption and its impact on the environment. They are actively seeking ways to reduce their energy usage and carbon footprint. This has led to a growing demand for energy management solutions that can help them monitor, control, and optimize their energy consumption.

Trends in the market: One of the key trends in the Energy Management market in North America is the adoption of smart technologies and IoT (Internet of Things) solutions. These technologies enable real-time monitoring and control of energy usage, allowing customers to identify areas of inefficiency and implement energy-saving measures. The integration of advanced analytics and machine learning algorithms also helps in identifying patterns and anomalies in energy consumption, leading to further optimization. Another trend in the market is the increasing adoption of renewable energy sources. North America has witnessed a significant growth in renewable energy installations, such as solar and wind power. Energy management solutions are being used to effectively integrate these renewable sources into the grid and optimize their usage. This trend is driven by government incentives and regulations promoting clean energy and reducing dependence on fossil fuels.

Local special circumstances: North America has a diverse energy landscape, with different regions relying on various sources for power generation. For example, some states in the United States have a high dependence on coal, while others rely more on natural gas or renewable energy. This diversity creates unique challenges and opportunities for energy management providers. They need to tailor their solutions to the specific needs and requirements of each region, taking into account the local energy mix and infrastructure.

Underlying macroeconomic factors: The Energy Management market in North America is also influenced by macroeconomic factors such as energy prices, government policies, and technological advancements. Fluctuations in energy prices can impact the demand for energy management solutions, as customers are more likely to invest in these solutions when energy costs are high. Government policies and regulations, such as energy efficiency standards and renewable energy targets, also play a crucial role in shaping the market. Technological advancements, such as the development of advanced sensors, data analytics tools, and communication technologies, are driving innovation in the energy management industry, enabling more efficient and effective solutions. In conclusion, the Energy Management market in North America is witnessing significant growth and development driven by customer preferences for energy efficiency and sustainability, trends such as the adoption of smart technologies and renewable energy sources, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, energy management providers need to adapt and innovate to meet the changing needs and requirements of customers in North America.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.