Richmond, Feb. 14, 2024 (GLOBE NEWSWIRE) -- According to a research report "Energy Management System Market”, by Product Type (Home energy management, Building energy management, Industrial energy management), Application (Energy distribution, Design, Property safety, E-Mobility, Automation, Others), End-User (Food & beverages, Manufacturing, Commercial & Residential, Telecom & IT, Power & energy), Distribution Channel (Hypermarkets and Supermarkets, Conventional Store, Online, Subscription Model, Others) and Region - Global Forecast to 2030.
Global Energy Management System Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 43 Billion |
| Market size value in 2030 | USD 114.3 Billion |
| CAGR (2023-2030) | 13% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product Type, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Energy Management System Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Global Energy Management System market occupies an essential role in the contemporary manufacturing industry. Efficient energy management in residential, commercial, and industrial sectors can reduce energy requirements, resulting in cost savings and positive environmental impacts. Over the last three decades, a significant portion of energy demand has been met by petroleum, natural gas, and coal, despite their environmental drawbacks and limited availability. Developing sustainable, reliable, and secure energy policies is crucial to meet the needs of a growing population and economy. This involves optimizing energy supplies, minimizing environmental costs, and promoting the use of clean and renewable energy sources. In the industrial context, electrical energy is crucial for production, especially in energy-intensive sectors like fertilizer, cement, and textiles.
As industrial units increase, so does energy demand. To bridge the demand-supply gap, either more energy must be generated or existing consumption reduced. The domestic sector faces the brunt of power shortages, impacting daily activities and causing rising commodity prices. Improving process and system efficiency is one option to mitigate this impact, reducing product costs through efficient energy management. Another option is transitioning to non-conventional energy sources, with a focus on balancing conventional and nonconventional sources. Given depleting coal reserves, developing renewable energy technology, particularly solar energy, is essential as a viable alternative.
Major Vendors in the Global Energy Management System Market:
- ABB Limited
- C3.ai Inc.
- Delta Electronics Inc.
- EATON Corporation
- Emerson Electricity Company
- General Electric Company
- Honeywell International Inc.
- IBM Corporation
- Johnson Controls International PLC
- NEC Corporation
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens
- Toshiba Corporation
- Yokogawa Electric Corporation
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Increasing installation of smart grid and smart meters
One of the primary drivers for the global Energy Management System market is the significant shift in Smart grids enable real-time monitoring of energy consumption and grid performance, providing utilities with accurate data for efficient management. Automated load balancing in smart grids helps optimize energy distribution, reducing wastage and enhancing overall grid reliability. Smart grids facilitate the seamless integration of renewable energy sources by intelligently managing fluctuations in generation and consumption. Smart meters provide real-time data on energy consumption, allowing consumers and utilities to make informed decisions for better energy management. With two-way communication, smart meters enable demand response programs, allowing utilities to manage peak demand and consumers to adjust their usage based on pricing and incentives. The accuracy of billing is improved with smart meters, reducing discrepancies and ensuring that consumers are billed based on their actual energy usage.
Market Dynamics
Drivers:
- Increasing installation of smart grid and smart meters
- Growing government measures for sustainable policies.
- Rising inclination toward energy efficiencies
- Fluctuation of energy prices increase demand
Opportunities:
- Technological Advancements
- Fast growing economy and urbanization
- Rising smart building and home automation
- Rise in decentralized energy system
Rise in decentralized energy system
The growth of the global Energy management system market, Decentralized energy systems involve the generation of power closer to the point of use, often through small-scale renewable energy sources like solar panels, wind turbines, or local cogeneration systems. Instead of relying solely on centralized power plants, decentralized systems distribute energy production across various smaller sources. Solar, wind, biomass, and other renewable sources are commonly used in decentralized systems, promoting cleaner and more sustainable energy production. Decentralized systems often incorporate energy storage technologies, such as batteries, to store excess energy for use during periods of high demand or low renewable generation. Integration with smart grid technologies enables efficient monitoring, control, and optimization of decentralized energy sources.
North America dominates the market for Energy Management System.
North America stands out as the dominating region in the global Energy Management System market, with the United States leading in consumption and market share. The region's dominance can be attributed to the high prevalence of busy lifestyles, a strong culture of convenience, and a well-established food and beverage industry. The U.S. market particularly changes drastically due to political influences benefits manufacturers.
Asia-Pacific, and specifically India, is emerging as a key player with substantial growth potential in the Energy Management System market. The growth is evolving sustainable energy infrastructure across the region. The development of industrial and residential architectures is creating demand for smart grid and smart metering to optimize energy utilization. India's market is driven by a rising urban population, increasing disposable incomes, and a shift towards Westernized habits. The convenience factor aligns well with the fast-paced urban life in countries like India, making Energy Management Systems increasingly popular. Additionally, government initiatives promoting the manufacturing processing sector and improvements in distribution channels contribute to the market's growth.
Another noteworthy region is the Middle East and Africa, where the demand for convenient manufacturing solutions is on the rise due to changing lifestyles and an expanding working-class population. South Africa, in particular, showcases promise as a market with high growth potential, driven by urbanization and a growing awareness of convenient manufacturing options.
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The E-Mobility Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global Energy Management System market, the E-Mobility segment comprises, the growing popularity of electric vehicles is impacting energy management by creating additional demand for electricity. Development of charging infrastructure is crucial for supporting widespread EV adoption. Smart charging solutions are being integrated to optimize energy consumption and grid stability. E-mobility requires effective grid load management to prevent strain on the electricity grid during peak charging times. Smart charging solutions enable load balancing and efficient energy distribution. Integration with demand response programs allows flexibility in charging schedules, aligning EV charging with periods of lower demand or higher availability of renewable energy. This bidirectional flow enhances grid stability and provides a potential revenue stream for EV owners.
Segmentations Analysis of Energy Management System Market: -
- By Product Type
- Home energy management
- Building energy management
- Industrial energy management
- By Application
- Energy distribution
- Design
- Property safety
- E-Mobility
- Automation
- Others
- By End-User
- Food & beverages
- Manufacturing
- Commercial & Residential
- Telecom & IT
- Power & energy
- By Distribution Channel
- Hypermarkets and Supermarkets
- Conventional Store
- Online
- Subscription Model
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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