Increasing Need for Energy Efficiency Keeps Demand for Energy Management Strong
North American energy management services market expected to boom over the next five years
MOUNTAIN VIEW, Calif. — The rise in energy prices and consumers’ focus on energy efficiency have compelled facility and home owners in North America to adopt energy-saving solutions, notes Frost & Sullivan. Suppliers are diversifying their portfolios with respect to system design and technology in order to remain competitive and meet the needs of building and home owners.
A report from Frost & Sullivan, “Analysis of the North American Energy Management Systems Market,” finds that the market earned revenues of $8.45 billion in 2014 and forecasts this to reach $11.39 billion in 2020. The study covers home energy management systems (HEMS) and building energy management systems (BEMS). The BEMS market is a higher revenue generator than the HEMS market and is expected to continue to be so throughout the forecast period.