Wilmington, Delaware, United States, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Energy Management Systems (EMS) Market is likely to grow at a CAGR of 13.4% between 2021 and 2031. EMS is a software control system that is designed to reduce energy consumption, predict electrical system performance, and increase reliability of electrical systems. This includes lighting, ventilation, and heating installations. Energy management systems play a crucial role in operating and controlling a host of computer networks and functions such as optimal power flow, contingency analysis, static state estimation or SSE, and others.
Rise in demand for energy and power in residential, industrial, and commercial applications has increased the need for energy management systems in order to ensure smooth flow of power. However, high cost of installation and lack of standardization are likely to restrain the market during the forecast period. Nevertheless, increase in efforts in terms of product development, partnerships, and investment to improve product portfolio by players are likely to help create new business opportunities in the market in the near future.
According to TMR report, the energy management systems market stood at US$ 6.7 Bn in 2020 and is anticipated to reach US$ 26.8 Bn by the end of 2031. Entry of new players will not only intensify market competition, but also increase revenue in the next few years.
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Key Findings of Study
- High Adoption Rate of EMS by Several Organizations: Energy management system includes usage of hardware, software, and other components for monitoring dashboards and efficiency management of the resources. Thus, a number of organizations operating in different industries are making significant efforts to improve EMS operability in order to ensure smooth revenue generation.
- Demand in Multiple Applications: Energy consumption is considered an essential part of human lives. Hence, increasing number of application sectors are opting for EMS to ensure proper monitoring and control of energy in a building. Several end-user industries such as construction, healthcare, education institutions, power & energy, and IT & telecom use EMS for managing electronic components. Increase in demand in the aforementioned sectors is projected to propel market growth in the near future.
Key Drivers
- Rise in demand for energy management systems in various industries due to the ability to provide section and department wise electrical energy usage information
- Rapid expansion of the healthcare and retail sectors leading to increase in need to optimize energy consumption
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Regional Growth Dynamics
- North America is anticipated to account for the largest market share during the forecast period. This is ascribed to rise in usage of EMS in building and industrial applications in Canada and the U.S. Advancement in digital and communication technologies is expected to augment the energy management system market in the region during the forecast period. Additionally, rise in awareness about greenhouse gases and carbon emission is projected to propel the adoption of energy management systems in North America.
Key Players
Prominent players in the global energy management systems market are
- Siemens AG,
- Schneider Electric SE,
- Rockwell Automation, Inc.,
- Pacific Controls,
- Mitsubishi Electric Automation,
- Johnson Controls, Inc.,
- Honeywell International, Inc.,
- General Electric Company,
- Eaton Corporation plc, and Emerson Process Management
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Energy Management Systems (EMS) Market Segmentation
Component
- Hardware
- Software
- Communication Networks
- Control Systems
- Sensors & Other Equipment
Application
- Industrial
- Building
- Home
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Countries
- U.S.
- Canada
- Germany
- France
- U.K.
- Italy
- Russia & CIS
- China
- Japan
- India
- ASEAN
- Brazil
- Mexico
- GCC Countries
- South Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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