The Energy Management Systems Market Size is valued at USD 35.29 Bn in 2022 and is predicted to reach USD 102.91 Bn by the year 2031 at a 12.8% CAGR during the forecast period for 2023-2031.
Energy Management Systems are valuable tools for organizations looking to minimize energy costs, improve energy efficiency, and lessen their environmental impact. These systems offer a data-driven approach to energy management, allowing organizations to make informed decisions and take proactive measures to optimize energy usage. It is applicable to small-scale systems like microgrids. It is one of the new technologies that enable an organization to monitor, evaluate, and visualize energy usage to gather real-time data on energy use.
The growing utilization of smart meters and smart grids is essential for raising market value. In addition, governments worldwide are launching projects to digitize their domestic energy systems to increase their effectiveness and value and support economic growth. Various governments have focused on developing secure, economical, and sustainable energy systems, thus driving market growth.
However, the COVID-19 pandemic outbreak caused a dramatic decrease in the market. This results from the decline in energy use in heavy sectors such as those reliant on coal, oil, and natural gas. Nevertheless, the sector has persisted due to increased demand from residential energy usage. Online purchasing, remote work, running home appliances, cooling or heating homes, and streaming entertainment services have all increased since the lockdown was implemented.
Competitive Landscape:
Some major key players in the Energy Management Systems Market:
- ABB
- Siemens
- Schneider Electric
- General Electric
- Emerson Electric Co.
- Cisco Systems, Inc.
- Honeywell International Inc.
- Eaton
- Mitsubishi Electric Corporation
- IBM
- Hitachi
- Rockwell Automation, Inc.
- Yokogawa Electric Corporation
- C3 AI
- Delta Electronics, Inc
- Enel X
- Neptune India
- Weidmuller
- Energy Management Systems, Inc.
- Distech Controls
Market Segmentation:
The Energy Management Systems Market is divided on the basis of component, type, deployment, and end-use industry. On the basis of components, the market is segmented into software, hardware, and services. The type segment includes Home Energy Management Systems (HEMS), Building Energy Management Systems (BEMS), Industrial Energy Management Systems (IEMS). The deployment is segmented into on-premises and cloud-based. The end-use industry segment includes power & energy, telecom & IT, manufacturing, commercial & residential, food & beverages, and others.
On The Basis Of The End-Use Industry, The Food & Beverage Segment Is Accounted As A Major Contributor To The Energy Management Systems Market
The food & beverage category is expected to hold a major share in the global Energy Management Systems Market. Transformers and generators used in the production of food and drinks are protected by energy management systems. Effective energy management has evolved into a business requirement for food and beverage facilities. Manufacturers are forced to change their practice of treating energy usage as an unmanaged business expense due to increased competitive pressures, narrower margins, and rising energy costs.
Even while electricity accounts for the majority of food and beverage plants' highest energy costs, it also presents the biggest chances for cost savings. It has the potential to provide the highest rates of profit. Technological advancements, new international frameworks, and a supply chain transformation to increase resilience and efficiency across the global food system are all driving unprecedented change in the food and beverage business.
The Hardware Segment Witnessed A Rapid Growth
The segment is expected to grow at a rapid rate in the global Energy Management Systems Market owing to the growing prevalence of sensing and communication technology. Furthermore, bridges and sensors have gained popularity, with wired sensor networks gaining popularity for being more reliable, having longer service lifetimes, and being less susceptible to interference and disturbances. With monitoring and regulating building operations gaining traction as a means of integrating intelligence, hardware components could increase the energy management systems market forecast for the duration of the projected period.
In The Region, The Asia Pacific Energy Management Systems Market Holds A Significant Revenue Share
Asia Pacific region in Energy Management Systems Market is expected to record the maximum market share in terms of revenue in the near future due to the rise in digitalization and the increase in data generated by IoT devices. Furthermore, given the region's expanding energy needs and large carbon footprint, many organizations are turning to energy management systems to optimize energy resources for their operations.
Furthermore, North America is predicted to grow rapidly. Global investments in more energy-efficient infrastructure have been steadily increasing, with governments investing in a variety of initiatives such as renewable energy, adopting solutions to improve power grid efficiency, and imposing sanctions on the use of inefficient technologies.
Energy Management Systems Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 35.29 Bn |
|
Revenue forecast in 2031 |
USD 102.91 Bn |
|
Growth rate CAGR |
CAGR of 12.8% from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
By Component, Type, Deployment, End-Use Industry |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
ABB, Siemens, Schneider Electric, General Electric, Emerson Electric Co., Cisco Systems, Inc., Honeywell International Inc., Eaton, Mitsubishi Electric Corporation, IBM, Hitachi, Rockwell Automation, Inc., Yokogawa Electric Corporation, C3 AI, Delta Electronics, Inc, Enel X, Neptune India, Weidmuller, Energy Management Systems, Inc., Distech Controls |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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