Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- The "Global Energy Management Systems Market by Component, Type (Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems), Deployment, End-User Industry and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global energy management systems market is projected to experience substantial growth, with an estimated value of USD 75.6 billion by 2028.
The market is anticipated to record a robust compound annual growth rate (CAGR) of 13.2% during the forecast period (2023-2028). Key insights into the market dynamics, premium insights, and prominent companies have been unveiled in a comprehensive market report.
Software emerges as the fastest-growing segment in the energy management systems market. Specifically, cloud-based energy management software has gained dominance due to its flexibility and scalability. The industrial sector is expected to drive significant growth in the energy management systems market, driven by the need for energy management across various industries. Smart buildings, equipped with automated systems for HVAC, lighting, and security, leverage sensor data to enhance energy efficiency.
The Industrial Energy Management Systems (IEMS) segment holds the largest market share in the energy management systems market. With the advent of Industry 4.0, the integration of sensors and cloud analytics enables smart energy management in manufacturing environments. This extends beyond temperature control to encompass industrial equipment, power plants, vehicles, and lighting. Implementing energy management systems facilitates efficient equipment operations and maintenance, leading to optimal energy performance and enhanced sustainability.
The on-premise segment, in terms of deployment, dominates the energy management systems market. On-premise solutions entail the installation of energy management systems on a company's own servers, providing control and data storage locally. Although on-premise deployments involve higher costs and maintenance, they offer direct access to real-time data. However, cloud-based deployments are gaining popularity due to their cost-effectiveness and ease of scalability.
Europe holds the second-largest position in the energy management systems market. The European Commission's 'Fit for 55' package, aiming to reduce carbon emissions by 55% by 2030, drives the demand for energy management systems in the region. Substantial investments in power grid expansion and modernization are required to integrate renewable energy sources effectively. The emphasis on improving power and energy trading efficiency presents lucrative opportunities for the energy management systems market in Europe.
The global energy management systems market presents a host of opportunities for businesses to address increasing energy consumption, promote sustainability, and leverage technological advancements. Despite challenges such as high installation costs and the need for maintenance, the market's potential for growth remains significant.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 262 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $40.7 Billion |
| Forecasted Market Value (USD) by 2028 | $75.6 Billion |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
Premium Insights:
- Escalating Energy Consumption and Price Volatility to Drive Market
- Asia-Pacific Market to Grow at Highest CAGR During Forecast Period
- US Held Largest Market Share in North America in 2022
- Hardware Segment to Hold Major Market Share During Forecast Period
- Industrial Energy Management Systems Segment to Dominate Market During Forecast Period
- On-Premises Segment to Account for Largest Market Share During Forecast Period
- Power & Energy Segment to Account for Largest Market Share During Forecast Period
Market Dynamics:
Drivers
- Increased Energy Usage and Price Volatility
- Rising Installation of Smart Grids and Smart Meters
- Government Initiatives to Combat Climate Change and Improve Energy Efficiency
Restraints
- High Cost of Installation
- Prolonged Repayment Period
Opportunities
- Accelerating Urbanization and Digitization Trends
- Subsidies on Carbon and Electricity Tax Policies
Challenges
- Lack of Awareness in Small- and Medium-Sized Businesses
- High Maintenance Cost
Case Study Analysis:
- Leading Property Company in New Zealand to Reach Green Star Goals and Sustainability Targets
- Technological Capabilities of Enercon Monitored Via Building Management Systems
- Lundin Norway Edvard Grieg Platform and Honeywell Developed Digital Twins for Energy Management Systems
Key Companies Mentioned:
- ABB
- C3 AI
- Cisco Systems, Inc.
- Delta Electronics, Inc.
- Distech Controls
- Eaton
- Emerson Electric Co.
- Enel X
- Energy Management Systems, Inc.
- Hitachi
- Honeywell International Inc.
- IBM
- Mitsubishi Electric Corporation
- Neptune India
- Rockwell Automation, Inc.
- Schneider Electric
- Siemens
- Weidmuller
- Yokogawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/cgiy6d
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