|Energy Management Systems Market 2022 Competitive Analysis And Forecast To 2030 With Massive Cagr Development|
Energy Management Systems Market Growth & Trends
The global energy management systems market size is expected to reach USD 111.86 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to expand at a CAGR of 13.3% from 2023 to 2030. Soaring installation of Energy Management Systems (EMS) has emerged as an invaluable practice to enhance performance and sustainable energy efficiency. Stakeholders have prioritized energy reduction to minimize greenhouse gas emissions and costs and boost the energy supply chain. EMS is poised to gain ground with utilities seeking increased operational control and visibility. Prominently, the expanding footfall of smart buildings has expedited the installation of smart grids and smart meters, thereby bolstering market growth.
Smart homes have reinforced the value proposition of energy management by monitoring energy usage. Besides, electricity providers have exhibited an inclination for intelligent solutions, including smart thermostats and smart sensors. The rising footprint of Industry 4.0, cloud analytics, IoT and sensors will solidify the position of leading companies gearing to boost their portfolios. In essence, smart energy management has gained ground in controlling, monitoring, optimizing, and measuring energy consumption. Industry players are also expected to bank on AI-powered EMS to manage and monitor the behavioral patterns of the system and optimize energy usage.
Industrial energy management systems (IEMS) have emerged as a promising source to help minimize energy costs and underpin resiliency. Industrial companies with production facilities, warehouses and aftermarket services have prioritized EMS to expand their footfall across under-penetrated areas. Notably, smart solutions have fueled the trend to streamline energy management across North America, Europe and the Asia Pacific. With sustainable energy receiving impetus, smart energy management could add a fillip to the global market.
EMS solutions are expected to help minimize production risk, cut quality and compliance costs and enhance energy use. Some factors, such as volatile energy costs and the adoption of state-of-the-art technologies, will foster energy management systems market value. Stakeholders anticipate smart IEMS to streamline efficient energy management, real-time monitoring of metering locations, reduce downtime, maximize energy savings, and reduce OPEX. Moreover, the prevailing trends allude to a strong inclination towards IEMS across automotive, oil & gas, manufacturing, and food & beverage industries, auguring well for the market growth.
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Energy Management Systems Market Segmentation
Grand View Research has segmented the global energy management systems market report based on system type, component, deployment, vertical, and region:
Energy Management Systems System Type Outlook (Revenue, USD Million, 2017 – 2030)
· Industrial energy management systems (IEMS)
· Building energy management systems (BEMS)
· Home energy management systems (HEMS)
Energy Management Systems Component Outlook (Revenue, USD Million, 2017 – 2030)
Energy Management Systems Deployment Outlook (Revenue, USD Million, 2017 – 2030)
Energy Management Systems Vertical Outlook (Revenue, USD Million, 2017 – 2030)
· Energy & Power
· Telecom & IT
List of Key Players of Energy Management Systems Market
· Schneider Electric SE
· Honeywell International Inc.
· Siemens AG
· Johnson Controls, Inc.
· C3.ai, Inc.
· General Electric
· International Business Machines Corporation
· Cisco Systems, Inc.
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world’s renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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