New York, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global Energy Management Systems Market size is estimated to attain at 17.20% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 266.03 billion by the end of 2035, up from a revenue of USD 39.61 billion in the year 2022. The demand for energy efficiency has been on the rise in recent years. The European Union (EU) has set a goal to decrease energy consumption by 20% by the year 2020 as compared to the projected baseline. This is driven by factors such as increasing energy costs, environmental concerns, and government regulations. This growth can be attributed to the numerous benefits that energy management systems offer, including reduced energy consumption, lower operating costs, improved asset performance, and enhanced sustainability. By implementing an EMS, businesses can not only save money but also reduce their carbon footprint and contribute towards a more sustainable future.
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Energy Management Systems Market: Key Takeaways
- Market in North America to propel highest growth
- Commercial segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Government Regulations and Incentives to Boost Market Growth
Government regulations and incentives play a crucial role in driving the growth of the EMS market. For instance, in Europe, the Energy Performance of Buildings Directive (EPBD) requires all new buildings to be nearly zero-energy by the end of 2020. This has led to an increase in the adoption of EMS systems in buildings, which has resulted in energy savings of up to 50%. Similarly, in the United States, the Department of Energy's Better Buildings Initiative provides technical assistance, financing, and recognition to organizations that adopt energy-efficient practices, including the use of EMS systems.
These policies not only help reduce carbon emissions and promote sustainability but also provide financial benefits to businesses and consumers. Incentives such as tax credits, rebates, and grants encourage the adoption of EMS systems, making them more accessible and affordable. Moreover, government regulations create a level playing field for businesses, ensuring that those who invest in energy efficiency are rewarded and those who do not are penalized. Overall, government regulations and incentives are essential in promoting the growth of the EMS market and achieving a more sustainable future.
Energy Management Systems Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Focus on Reducing Energy Consumption and Emissions to Drive the Growth in the North America Region
The energy management systems market in North America region is estimated to garner the largest revenue by the end of 2035. This is largely due to the increasing focus on reducing energy consumption and emissions, as well as the availability of renewable energy sources such as solar and wind. These renewable energy sources are becoming more cost-effective and are gaining more support from the government, which is likely to drive the growth of the market in the coming years. Renewable energy is supported by benefit funds (PBF) established and utilized by various states, in the USA. These funds aim to invest in energy sources for the benefit of the public. Further, based on information provided by the OECD as of 2019 8% of the total primary energy consumed in the USA comes from renewable energy sources.
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Implementation of Government Policies for the Efficient Use of Energy to Drive the Growth in the Europe Region
The Europe energy management systems market is estimated to garner the largest revenue by the end of 2035. The surge in the implementation of government policies for the efficient use of energy, and reducing the amount of carbon emissions is expected to create a need for more energy-efficient systems and technologies. For instance, the updated Energy Efficiency Directive, which was officially published on September 20 2023 represents an increase in the European Union's commitment to improving energy efficiency. The Directive requires member states to implement a range of measures, such as setting minimum energy efficiency standards for energy-using products, setting performance requirements for buildings, and encouraging the use of renewable energy sources. As such, it is expected to create the need for more energy-efficient systems and technologies in order to comply with the Directive.
Energy Management Systems Segmentation by Type
- Building Energy Management Systems
- Home Energy Management Systems
- Industrial Energy Management Systems
The home energy management systems segment in energy management systems market is anticipated to hold the largest revenue by the end of 2035. This is largely due to the increasing popularity of smart home technology, which is making it easier for people to monitor their home energy consumption and automatically adjust their energy consumption accordingly. It is observed that there are 300 million smart homes worldwide with around 61 million households, in the United States actively utilizing smart home devices as of 2023. Additionally, the rising cost of electricity and the increasing demand for renewable energy sources are also expected to drive the growth of the segment. Home energy management systems allow homeowners to remotely monitor their energy consumption and make adjustments to their energy usage based on a variety of factors, such as weather conditions and time of day. Additionally, these systems are often integrated with renewable energy sources, such as solar or wind power, which can help to reduce the amount of electricity that households consume while also helping to reduce their carbon footprint.
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Energy Management Systems Segmentation by Application
- Residential
- Commercial
The commercial segment is anticipated to hold the largest revenue by the end of 2035 in global energy management systems market. The commercial sector consumes a large amount of energy for its operations, such as for lighting, heating, cooling, and other energy-intensive activities. Energy usage in commercial buildings totaled approximately 6.8 quadrillion British thermal units (quads). The main sources of fuel consumed in buildings made up, around 72% of the energy consumed by the commercial sector. As the demand for energy-efficient solutions increases, the demand for energy management systems is also expected to increase. The commercial sector is also more prone to energy losses due to inefficient energy management. Energy management systems can help to identify energy losses and suggest ways to reduce them, resulting in greater cost savings for the sector.
Energy Management Systems Segmentation by Component
- Service
- Solution
Energy Management Systems Segmentation by End User
- IT & Telecom
- Healthcare
- Retail
- Energy & Utilities
- Others
A few of the well-known market leaders in the global energy management systems market that are profiled by Research Nester are Mitsubishi Electric Corporation, IBM Corporation, Cisco Systems, Inc., Honeywell International, Inc., General Electric Company, ABB Ltd., Siemens AG, Hitachi, Ltd., Emerson Electric Co., Eaton, and other key market players.
Recent Developments in the Market
- After the gas turbines were successfully installed in Colorado, GE (NYSE; GE) made an announcement about the availability of options for reducing emissions in its LM25000XPRESS aeroderivative gas turbine fleet globally.
- Siemens AG has partnered with EnergyHub to broaden its network of partners, for its grid software business.
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