New York, USA, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The market value of energy management systems in 2021 was USD 37.33 billion and will reach USD 162.03 billion by 2030, growing at a 16.73% CAGR. Some of the factors driving the energy management system market growth include an increase in the use of smart grid services, escalating industrial sector competition, increasing preference from emerging economies for cost-effective products, and government regulations and incentives. The demand for energy is soaring due to increasing urbanization, expanding populations, and people's increasing wants. An efficient energy management system is required to efficiently use energy, save costs, increase profitability, and adhere to environmental standards.
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The Energy Management Systems Market Insights:
- By system, in 2022, the largest market share was held by IEMS/ Industrial energy management system with 71.33% of revenue share.
- By component, with the largest revenue share of 60.91%, the hardware segment ruled the overall market.
- On the basis of end-user, in 2022, the energy and power segment ruled the market with 37.17% of the share.
- North America led the market with the largest share of 38.42% in 2022.
Factors influencing the Energy Management Systems Market growth:
Factors like rapid growth of urbanization and growing government initiatives are expanding the market growth rate.
- Governments around the world are making constant attempts to limit or curb carbon & greenhouse gas emissions in response to growing environmental concerns. Helpful government measures are driving the need for energy management systems. The government is, however, funding programs to develop the infrastructure. All these factors contribute to the market's growth for energy management systems.
- Additionally, market expansion globally is driven by the tremendous growth of urbanization. Urbanization growth demands more industrial products, which leads to an energy problem in the sector. As a result, to increase their production efficiency, enterprises must use more fuel.
Energy Management Systems Market Segmentation Analysis
The market segmentation of energy management systems is done on the basis of component, system, end-user, and region.
By System
- IEMS/ Industrial energy management systems
- BEMS/ Building energy management systems
- HEMS/Home energy management systems
By Component
- Hardware
- Software
- Services
By End-User
- Residential
- Telecom & IT
- Retail
- Energy & Power
- Healthcare
- Manufacturing
- Others
By Region
North America
- Mexico
- Canada
- The U.S.A.
- Rest of North America
Europe
- Germany
- France
- United Kingdom
- Russia
- Austria
- Rest of Europe
Asia-Pacific
- India
- Vietnam
- Korea
- China
- Japan
- Rest of Asia-Pacific
LAMEA
- Latin America
- The Middle East
- Rest of LAMEA
Middle East & Africa
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By system, in 2022, the largest market share was held by IEMS/ Industrial energy management system with 71.33% of revenue share. IEMS is an industry specific reporting, monitoring, and carbon emissions system that is fully integrated and highly customizable from start to finish. IEMS is designed and constructed to adequately monitor energy use, analyze operational data, send out automatic alarms and alerts, and record system events that meet the operational requirements of each application.
By component, with the largest revenue share of 60.91%, the hardware segment ruled the overall market. The market is expanding significantly due to the steadily rising use of EMS Supervisory Control & Data Acquisition that is considered the brains of an E.M.S. By eliminating the requirement for service personnel to visit all sites for assessment, data gathering, etc., a well-designed EMS SCADA system saves money & time. Real time monitoring, troubleshooting, system modifications, longer equipment life, and auto report generating are a few of its main advantages.
On the basis of end-user, in 2022, the energy and power segment ruled the market with 37.17% of the share. E.M.S. helps in improving the operation of the Energy & Power sectors, consequently fostering market expansion. E.M.S. solutions help the energy & power sector lower production risk, lower quality, and compliance costs, and improve energy efficiency. Stakeholders in this industry employ smart IEMS to accelerate effective energy management and real time surveillance of the metering locations, maximize energy savings, minimize downtime and reduce OPEX.
North America led the market with the largest share of 38.42% in 2022. This is a result of the E.M.S. consumption steadily increasing in an effort to reduce its carbon footprint. Additionally, the adoption of the Energy Policy Act in the United States is encouraging market expansion in this area. The Energy Policy Act (E.P.A.) covers various issues related to the production of energy in the United States, including energy tax and price incentives, technology for combating climate change, limiting ethanol use in motor fuels, etc.
Key EMS developed by pivotal players worldwide:-
| EMS platform | Features | Organization Name |
| ABB Ability-TM OPTIMAX | Increases the efficiency of the energy-intensive electrolyzers which are used to generate green hydrogen thereby aiding to the aim of net zero carbon emission and also reduces the electricity costs by 20%. | ABB |
| Wiser App (a Home Energy Management Software) | Wiser lays the groundwork for smart homes by combining numerous home solutions on a single platform. With the introduction of this user-friendly app, users may remotely control many house functions such as HVAC, TV, lights, and so on. | Schneider Electric |
| Higher-efficacy HVAC equipment | Helps the user to achieve significant energy savings and a lower carbon-footprint, thereby paving the way for market growth. | Johnson Controls |
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Energy Management Systems Market key players:
- Schneider Electric SE
- Siemens AG
- General Electric
- International Business Machines Corp.
- ABB
- Honeywell International Inc.
- Johnson Controls, Inc.
- Cisco Systems, Inc.
- GridPoint
Recent Developments
- On January 2023, Schneider Electric revealed the Schneider Home platform, the first customer energy management system (EMS) that combines all energy endpoints and home appliances into a single interface that can be viewed through a single smartphone application, was revealed by Schneider Electric.
- On September 2022, Enersponse, a leading DER management provider, announced a collaboration with NexRev, a leading power management technology, and services company. The strategic alliance was established to combine the cutting-edge resources and technologies of both firms to provide clients with value-added options to save money, reduce energy use, and reach corporate ESG targets.
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