Chicago, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global Energy Management Systems Market is projected to grow from USD 40.7 billion in 2023 to USD 75.6 billion by 2028, at a CAGR of 13.2% according to a new report by MarketsandMarkets™. An energy management systems is a system used by operators of electric utility grids to monitor, control, and optimize the performance of the generation or transmission systems. It can further be used in small-scale systems such as by electricity grid operators to control and optimize the energy usage of devices such as HVAC, fans, pumps, lighting, etc., that are commonly found in larger buildings and factories. Energy management systems are used to increase the efficiency of the total infrastructure of these buildings and minimize their environmental impact while simultaneously improving their revenues. With this, building owners are looking to adopt an energy management system that will help track, monitor, and manage their building’s energy usage.
Escalating energy consumption and price volatility, Installation of smart grids and smart meters are the key factors driving the growth of energy management systems market. North America is projected to hold the largest size of the energy management systems market during the forecast period due to a continuous increase in the demand for electricity.
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Energy & Power industry is estimated to be the second-fastest growing segment in the energy management systems market.
The energy management systems market segments based on the end-user industry; the power & energy is estimated to be the second–fastest growing segment. Every step toward improving efficiency and minimizing energy waste is crucial, and irrespective of the type of facility, power becomes an important tool. Certain examples include the petroleum industry, gas industry (natural gas and coal gas), electrical power industry, and the nuclear/coal industry. These industries are the main sources of energy supply and must simultaneously deliver cost-effective and reliable energy while addressing environmental issues. Unplanned outages, equipment glitches, and poor power quality can increase costs daily. Proper power and energy management systems in place can help in reducing costs, improve operational efficiency, and meet sustainability goals. Power management systems are integrated with power meters, power management software, and power quality mitigation equipment. Power management is primarily about the enhancement of electrical reliability or availability.
Energy Management Systems Market Scope:
| Report Coverage | Details |
| Market Size | USD 75.6 Billion by 2028 |
| Growth Rate | 13.2% of CAGR |
| Largest Market | North America |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2023-2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Energy Management Systems Market by Component, Type, Deployment, End-use Industry, and Region. |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growth of urbanization and digitalization |
| Key Market Drivers | Rising installation of smart grids and smart meters |
Europe is expected to be the second largest region in energy management systems market.
Europe is estimated to hold the second largest position in the Energy management systems market. The energy management systems market in Europe, by country, has been segmented into the UK, Germany, France, Italy, and the Rest of Europe.
According to the European Commission, substantial investments exceeding USD 61 billion would be required annually for the expansion, replacement, and refurbishment of the power grid to integrate renewable energy production, a crucial step towards achieving the 55% emission reduction target by 2030. This presents an immense opportunity for the growth of the energy management systems market across the region. Moreover, the need to address supply power issues in Europe is expected to drive the demand for energy management systems, as monitoring and optimizing energy consumption becomes paramount in the transition to a more sustainable energy landscape.
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Energy Management Systems 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
North America is expected to be the largest region in the Energy Management Systems Industry
North America is projected to hold the largest size of the energy management systems market, followed by Europe and the Asia Pacific due to a continuous increase in the demand for electricity. . The region, by country, has been segmented into the US, Canada, and Mexico. North America has already been adopting home energy management systems widely across the region. The region has a well-established concept of smart homes, which helps them monitor their electric consumption and reduce the unnecessary wastage of electricity. Home energy management systems (HEMS) are a growing sector in the modern era of the smart grid and smart homes. Home energy management systems are primarily intended to save energy by providing information to users regarding energy consumption and helping them adapt their energy use behavior based on the feedback they receive from the home energy management systems.
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Key Market Players:
Some of the major players in the Energy Management Systems Companies are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), General Electric (US), Emerson (US), Cisco Systems, Inc. (US), Honeywell International Inc. (US), Eaton (Ireland), Mitsubishi Electric Corporation (Japan), IBM (US), Hitachi (Japan), Rockwell Automation, Inc. (US), Yokogawa Electric Corporation (Japan), C3 AI (US), Delta Electronics, Inc. (US), Enel X (Italy), Neptune India (India), Weidmuller (Germany), Energy Management Systems, Inc. (US), Distech Controls (Canada).
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