Chicago, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Energy Management Systems Market is projected to grow from USD 38.6 billion in 2022 to USD 75.0 billion by 2027, at a CAGR of 14.2% according to a new report by MarketsandMarkets™. The growth of the energy management systems market is proportional to the installation of smart grids and smart meters. Also, the increasing energy consumption as well as the price volatility of energy resources plays a major role in driving the growth of energy management systems.
The energy management systems market is expected to witness significant growth during the forecast period. With such a high demand for energy resources, the volatility in energy prices centers on changes in supply and demand. Economic conditions, availability of energy resources, and increasing demand are the prime factors contributing to price volatility. With the advent of IoT for home automation and building automation purposes, managing energy efficiently has become a top priority. Hence, these factors are driving the need for energy management technology to monitor and optimize energy consumption, driving the growth of the global market of energy management systems.
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The energy management systems are thus gaining momentum in the market to monitor, track, and analyze the energy consumption which can help in reducing carbon footprints and lower the energy costs. Apart from this, the increasing urbanization eventually affects the growth of digitalization and increased the electricity consumption among countries, which is expected to fuel the demand of energy management systems.
Many businesses and industries worldwide are striving to reduce their carbon footprint as the continued issues of energy reduction and global warming are plaguing every aspect of society. The stringent environmental laws and regulations at regional and global levels regarding net-zero emissions and sustainability have further put an impetus on the importance and the growth of energy management systems.
Home energy management systems is projected to emerge as the fastest-growing segment for energy management systems market
Based on the type, home energy management systems is projected to hold the highest CAGR during the forecast period. Under a robust smart grid concept, a modern home equipped with HEMS contributes significantly toward efficiency improvement, economizing energy usage, reliability, as well as conserving energy for distributed systems. Water heaters, refrigerators, and clothes dryers are major energy consumers and are responsible for about 18% of all homes’ energy use. Many of the technologies designed to improve whole-building energy performance can also be used to increase the efficiency of these appliances. Regions such as North America and Europe are already well versed with the concept of home energy management systems, whereas the developing countries, especially the Asia Pacific, are aiming to achieve 100% electrification and, as a result, are working extensively toward the adoption of these technologies.
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North America likely to emerge as the largest energy management systems market
North America accounted for the largest share in the global energy management systems market during the forecast period. North America’s market share can be attributed to the increased focus on home energy management systems with the increased installation of smart meters in the region. North America, followed by Europe contribute considerably to the global manufacturing and industrial sectors due to their developed economies and stringent government regulations related to efficient energy use. Integrating distribution automation and the sharing of infrastructure will help to further reduce operating costs in the industry. The Energy Department of the US is investing in strategic partnerships to accelerate investments in grid modernization. As a result, the region is expected to contribute substantially to the orders for energy management systems.
Key Market Players
The leading players in the Energy Management Systems Market include Siemens (Germany), ABB (Switzerland), Schneider Electric (France), Hitachi (Japan), General Electric (US), Emerson Electric Co. (US), Mitsubishi Electric Corporation (Japan), Eaton (Ireland), Honeywell International, Inc. (US), IBM (US), and Cisco Systems, Inc. (US).
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