Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Energy Management System Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The global Energy Management System (EMS) market is set to experience substantial growth from 2024 through 2028, propelled by increasing awareness of energy optimization needs across industrial, commercial, and public sectors. Advances in digitization and electrification of the energy industry are key drivers of this market expansion, emphasizing the critical role of EMS in enhancing energy efficiency and ensuring consistent energy provision.
An Energy Management System is a sophisticated platform comprising meter sensors, control systems, and real devices, designed to offer comprehensive control and monitoring of energy usage across various appliances and systems. Key beneficiaries include the HVAC systems of hotels or commercial establishments, where EMS plays a significant role in managing and reducing energy consumption for heating, ventilation, and air conditioning, ultimately leading to operational cost savings and improved efficiency.
The adoption of smart metering technologies and energy management projects is on the rise globally, significantly influencing the growth trajectory of the EMS market. Emerging markets, such as India, have notably surpassed 5 million smart meters installations, reflecting the nation's commitment to energy efficiency. Similarly, vast numbers of advanced metering infrastructure installations in the U.S. equate to burgeoning market growth.
Amidst rising energy demands, market pressures, and an increased focus on environmental sustainability, there is a strong impetus for companies to harness energy management systems to economize energy usage. Volatility in energy prices further underscores the value EMS brings to organizations, allowing them to adapt to fluctuating energy costs effectively.
The global EMS market continues to be energized by recent projects and investments aimed at incorporating sustainability and reducing emissions. Noteworthy endeavors include Siemens Energy’s infrastructure overhaul designed to optimize manufacturing processes and the Madrid City Government's USD 17 million initiative for enhanced municipal energy management – both harbingers of the market's projected growth.
Market Segmentation Insights:
- The EMS Market is segmented by type into Building, Industrial, and Home Energy Management Systems.
- Component differentiation features Hardware and Software segments.
- Varying deployment modes include Cloud-Based and On-Premise solutions.
- A broad spectrum of end-users ranges from Manufacturing and Power & Energy to IT & Telecom sectors.
Regional Prospects:
The market extends across key regions like North America, Asia-Pacific, Europe, South America, and Middle East & Africa, highlighting the global importance of energy management solutions.
Innovations in the Competitive Landscape:
Leading players such as ABB Ltd, Honeywell International, Inc., and Siemens AG are pioneering advancements within the EMS sector, facilitating the integration of energy management with the latest digital technologies to meet the evolving demands of energy efficiency and sustainability.
The Energy Management System Market's continued expansion demonstrates a collective move toward smarter energy solutions, reflecting a global commitment to environmental stewardship, energy efficiency, and economic sustainability.
A selection of companies mentioned in this report includes
- ABB Ltd
- Honeywell International, Inc.
- General Electric Co.
- IBM Corporation
- Siemens AG
- Cisco Systems, Inc.
- Eaton Corporation
- Schneider Electric SE
- Rockwell Automation Inc.
- Mitsubishi Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/1mgpi3
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