In 2021, the market for energy management systems was worth USD 37.33 billion, and by 2030 it will be worth USD 162.03 billion, growing at a 16.73% CAGR during the forecast period.
Home area networks (HANs) are undergoing a revolutionary change in multiple domains of power consumption, such as energy conservation at consumption premises and electricity usage patterns. This is due to rapid technological improvements, such as network communication, smart grid, bidirectional communication mediums, information infrastructures, energy conservation methodologies, and various techniques.
The market is expanding quickly due to rising end-user demand for more smart meter applications and investments in smart grid and smart building technology.
Exxon Mobile predicts that by 2040, the industrial sector’s energy demand will rise and reach 123 quadrillion British thermal units, necessitating the use of EMS solutions.
The progressively decreasing energy intensity of conventional fuels like coal has become a growing source of concern worldwide. Governments worldwide have committed resources to develop safe and sustainable energy systems. Additionally, governments in many countries are forced to set up efficient energy management systems due to the rapid industrialization that has increased energy consumption.
Additionally, governments are pressured to increase their investments in renewable energy due to the inflation of energy prices and competition among suppliers.
The energy and utility sectors’ modernization increases efficiency through the vigorous backing of smart infrastructure initiatives. Growing investments in smart projects like smart buildings and farms create a significant need for efficient energy management. The use of smart meters and the smart grid is growing, encouraging market expansion.
Due to the system’s integration of multiple technologies to maintain energy efficiency, installation of the full system is costly; this aspect is significantly hampering market growth.
Energy management systems are increasingly in demand due to the expanding usage of renewable energy sources. Government organizations and the leading industry players are working together to expand the market for energy management systems globally. Due to the cost-effectiveness and efficiency of the energy management systems, there are significant opportunities for the market’s expansion and development globally throughout the forecast period.
In 2022, the industrial energy management systems (IEMS) category was the major market contributor. Systems for managing energy are widely used across many different sectors and businesses. Systems for managing energy are widely used in the manufacturing industry.
The building energy management system (BEMS) segment will expand rapidly due to rising energy management system awareness and an increase in building and construction projects.
In 2022, the sensors section accounted for the biggest revenue share. Technology advancements and the acceptance of novel items are accelerating the segment’s growth. Due to the increased importance placed on tracking and monitoring data, there is a boom in demand for sensors. The efficiency of the sensors is another factor driving the market for energy management systems forward.
The software segment will expand rapidly during the forecast period. The key market participants are fusing data analytics and software with energy management systems, fueling the industry’s expansion during the forecast period.
In 2022, the residential sector held the highest market share. The residential sector is using energy management systems. Over the projection period, the global market for energy management systems would expand due to growing domestic power bills expenses.
In 2022, the energy management system market was dominated by Asia-Pacific. Energy management system are in high demand due to the scarcity of electricity in various parts of Asia-Pacific. Market expansion is also being fueled by rising urbanization and industrialization. The market for energy management system is expanding in the Asia-Pacific region due to the significant investments made in their development.
During the projection period, North America will grow at the fastest rate. The government’s strict laws on energy storage and managements are fueling market expansion. Additionally, the government is putting favorable regulations into effect that encourage the use of energy systems. The market for energy management system in North America is expanding due to this factor.
- Honeywell International Inc.
- Cisco Systems, Inc.
- Schneider Electric SE
- Johnson Controls, Inc.
- Siemens AG
- General Electric
- International Business Machines Corp.
In 2021, the market for energy management system was worth USD 37.33 billion, and by 2030 it will be worth USD 162.03 billion, growing at a 16.73% CAGR during the forecast period. The EMS market will expand due to the rising demand for energy efficient solutions and the rising acceptance of renewable energy sources.
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