Energy Management System Market Size, Share, Growth Analysis, By Component (Software, Hardware), By Type (Home Energy Management Systems, Building Energy Management Systems), By Deployment (On-premises, Cloud-based), By Region - Industry Forecast 2024-2031

North America accounted for the largest market share of over 35% in 2021. The U.S. also, Canada are scheduled to furnish income creating open doors with the flooding entrance of savvy matrices and infrastructural spending. In 2021, the IEA predicted that investments in electricity grids would rise by 10%, with the United States being one of the primary investors in infrastructure. Additionally, the region's significant uptake of smart energy demand has prompted stakeholders to contribute funds to EMS. IoT-based solutions are expected to be in high demand in the building, commercial, and residential sectors, among other prominent industries. An increase in the amount of energy used to heat and cool space is primarily to blame for the trajectory of the growth.

For instance, the Annual Energy Outlook 2022 was cited by the U.S. Energy Information Administration in June 2022, indicating that nearly half of the energy consumed by U.S. buildings in 2021 was used for heating and cooling. Clean energy technologies and connectivity are expected to be emphasized by electricity providers as well as commercial and industrial businesses in order to reduce carbon emissions and access the global market.

As EMS continues to gain ground throughout the region, participants in the industry are expected to unlock opportunities in the United Kingdom, France, Italy, and Germany. The adoption of buoyant energy policies is primarily to blame for the expansion.

All 27 EU member states made a commitment to the European Commission in July 2021 to cut emissions by at least 55% by 2030. In addition, the government of the United Kingdom asserts that all buildings will have low-carbon heating and energy efficiency by 2050, and that approximately 700,000 homes will be upgraded by 2025. In order to reduce energy costs and emissions, governments are likely to concentrate on reducing energy consumption, Europe's market share for energy management systems may grow as a result of this trend.