Wilmington, DE, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global energy management system market is anticipated to generate a revenue of $161.9 billion by 2030. The market garnered $36.2 billion in 2020 and is expected to show a stunning CAGR of 16.2% from 2021 to 2030.
The global energy management systems market is expected to observe significant growth due to the increase in the proclivity of energy efficiencies and regulatory obligations. Furthermore, emerging economies are expected to create huge growth opportunities in the coming years. However, hidden costs, financial strains, and long payback may restrain the market’s growth.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2020-2030 |
| Market Size in 2020 | $36.2 Billion |
| Market Size in 2030 | $161.9 Billion |
| CAGR | 16.2% |
| No. of Pages in Report | 285 |
| Segments Covered | By Component, End User, Type & Application |
| Drivers | Rise in inclination toward energy efficiencies. Energy price volatility |
| Opportunities | Emerging economies would unlock new opportunities in the future. |
| Restraints | Financial difficulties, hidden costs, and long payback time hinder the market growth. |
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The report divides the global energy management system market into different segments based on end-user, type, component, application, and region.
By component, the report is classified into service and solution. The solution segment generated the highest market share in 2020, providing around three-fourths of the market. On the contrary, the service segment is predicted to manifest the highest CAGR of 18.5% over the analysis timeframe.
Based on end-user, the energy and utilities segment held the maximum market share in 2020, generating around one-third of the market. On the other hand, the healthcare segment is predicted to showcase the greatest CAGR of 19.1% from 2021 to 2030.
By region, the global energy management systems industry is evaluated across several regions including North America, Asia-Pacific, Europe, and LAMEA. The Asia-Pacific region held the biggest market share, contributing to around one-third of the market. Furthermore, the region is predicted to exhibit the highest CAGR of 17.9% over the analysis timeframe.
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The global energy management systems market also includes a thorough analysis of the prominent market players such as Schneider Electric, Siemens AG, Johnson controls international plc., yokogawa electric corporation, Honeywell International Inc., C3 energy, Gridpoint Systems, Delta electronics, General Electric company, and Dexma.
Key Industry Development -
February 2023: Tata Power partnered with the Virtual Power Plant (VPP) and Distributed Energy Management System (DERMS) provider AutoGrid to deploy an AI-enabled smart energy management system focusing on the behavioural demand
response across its residential, commercial, and industrial customers in Mumbai. This program will help address peak demand challenges and support India's clean energy transition and Net Zero Goals.
February 2023: SWTCH Energy, a company specializing in electric vehicle (EV) charging solutions for multi-tenant properties, partnered with AutoGrid, the industry’s leading virtual power plant (VPP) and distributed energy resources management system (DERMS) provider, to integrate 250 EV chargers in multi-tenant properties into an active demand response program with a Canadian utility. This partnership marks the first demand response program in North America to incorporate EV chargers in multi-unit residential buildings.
May 2023: Savant Systems, Inc., a global industry leader in smart home and energy anchored by power storage and a patented award-winning flexible load management system, has acquired POMCube, Inc.Through this acquisition it intends to improve energy efficiency and independence on the path to Net Zero.
June 2023: EVoke Systems partnered with FleetZero Inc., that enables FleetZero to distribute EVoke System's open and scalable cloud platform for electric vehicle (EV) charging, energy management, and grid interaction to help mitigate the challenges light to heavy duty fleets encounter as they transition to zero emissions. Through this partnership facilitates open and scalable platform solutions for energy management challenges that fleets face when adopting and utilizing EVs and EV charging infrastructure.
July 2023: Schneider Electric and Pacific Gas and Electric Company (PG&E) have launched a distributed energy resource management system (DERMS) on Microsoft's Azure. Through this product launch the DERMS is intended to help maintain grid reliability while also encouraging the adoption of electric vehicles, energy storage, rooftop solar, and other distributed energy resources (DER).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
