Farmington, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Global Energy Management System Market Size Was Valued At USD 24.73 Billion In 2021. The Market Is Expected To Grow From USD 27.31 Billion In 2022 To USD 60.54 Billion By 2030, Exhibiting A CAGR Of 12.0% During The Forecast Period. COVID-19 has had effects on the world that have never been seen before and are shocking. For example, demand is lower than expected in all regions compared to before the pandemic. Based on what we found, the world market was 9.3% smaller in 2020 than it was in 2019.
As part of the study, we looked at different solutions, such as EcoStructurePower Design, Electrical Calculation Tools, SIMATIC Energy Management, and the Advanced Energy Management System. Smart metres and smart grids are becoming more popular, which is a big reason why the market value is going up. Aside from this, governments all over the world are taking steps to digitise their national energy systems to make them more efficient and valuable, which will help the economy grow. Governments in a lot of different countries are putting a lot of effort into building energy systems that are safe, cheap, and long-lasting. This is causing a lot of market growth. Energy management is also important because the government has strict rules and policies about how to use green and sustainable energy.
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Recent Developments:
- December 2021 – General Electric acquires Opus One Solutions Energy Corporation, a software company that helps optimize energy planning and operations. The acquisition enables General Electric to plan, optimize and transact renewable and distributed energy resources (DER) to power the modern grid.
- March 2020 – Yokogawa India Ltd. acquired capital from Japan-based APB Corporation to expand its EMS business.
Segment Overview
Type Insights
Type divides the market into systems and services. The system will have a big share of the market, and the services segment is expected to grow quickly over the next few years. The industry 4.0 revolution and factory automation drive most of the demand for energy systems. Modern "energy-as-a-service" models are easy to expand, which speeds up their use and lets businesses focus on more important tasks. Energy management services will grow quickly over the next few years thanks to these kinds of improvements.
Product Insights
Based on the product, the market is split into glass wool, yarn, roving, chopped strands, and other types. In 2021, the most market share was in the glass wool segment.
Glass wool is often used as an indoor insulation material for both sound and heat. Most of the time, they are put on interior walls, under wood floors, or under sloped roofs. Since glass wool loses its ability to keep heat in quickly when it gets wet, it is usually found inside homes.
End-user Insights
The market has been divided into oil & gas, manufacturing, building automation, energy & utilities, automotive, pharmaceutical, and other sectors for end-user analysis. Because people need more energy, the oil and gas business has a big share of the market. Also, governments around the world are putting strict rules on the oil and gas industry to make it use energy more efficiently and keep the environment safe. By using power management systems, businesses can save a lot of energy and reduce their carbon emissions, which saves them money. So, because the government has strict rules, oil and gas companies have to use high-tech ways to manage power. The goal of the petrochemical and refinery industries is to cut costs. Energy management systems can help with this.
Regional Outlook:
At present, North America has the biggest share of the market, and this is likely to stay the case. Measures in ISO 50001 that help with LEED certification are driving the adoption of energy systems across the region. Politics also has a big effect on how U.S. energy rules are changed. Policy changes are having a direct effect on how many people adopt. Leading North American companies like Microsoft, Apple, IBM, and others are investing in developing advanced EMS solutions to cut down on wasted energy. So, big companies are getting steadily more behind infrastructure that uses less energy. Industry programmes like the North American Energy Management Pilot Program, which helps save energy and natural resources, are also helping the market grow.
Europe also has a big share of the market because more and more people are looking for ways to update their old power grids with smart grid solutions. Also, the European Union is pushing for different standards and rules to make energy use more efficient. This is making more people in Europe want the power management system.
Asia-Pacific is expected to have the highest CAGR during the time frame of the forecast. Changes in the infrastructure for clean energy in the area will drive this growth. As industrial and residential buildings change, smart grid and smart metering solutions are needed to make the best use of energy. Also, the fact that the regional energy associations have set up an ambitious agenda for sustainable energy helps the demand for next-generation solutions and services for energy management.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 12.0% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 60.54 Billion |
| By Type | System, Services, Others |
| By End-user | Oil & Gas, Manufacturing, Building Automation, Energy & Utilities, Automotive, Pharmaceutical, Others |
| By Companies | General Electric Company (Massachusetts, U.S.), IBM Corporation (New York, U.S.), Honeywell International Inc. (North Carolina, U.S.), Rockwell Automation Inc. (Wisconsin, U.S.), Schneider Electric SE(Rueil-Malmaison, France), SAP SE (Walldorf, Germany), Siemens (Munich, Germany), Eaton (Dublin, Ireland), Mitsubishi Electric Corporation (Tokyo, Japan), Cisco System Inc. (California, U.S.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
Because EMS is becoming more digital, the infrastructure for managing energy is also changing.
Digitalization has made a big difference in how many business and industrial processes work, as well as how energy is managed. When energy models are updated, they become more efficient and also worth more. When energy management processes are digitalized, all of the network's equipment and devices can be connected and coordinated, which makes the network more efficient. Buildings that are connected to the internet can talk to smart power grids. Also, the digitization of EMS makes it possible to link energy data with operational data to learn more about how energy is used. The people who run the system can use these ideas to make the equipment more reliable and cut down on unplanned downtime. So, the infrastructure for managing energy can be changed by digitising energy processes.
Driving Factors:
The demand for renewable energy will go up if the government makes it easier to use it.
The steady drop in energy intensity from traditional resources like coal is now a worldwide problem. Governments all over the world have spent money and time on making an energy system that is reasonable, safe, and can last for a long time. Also, fast industrialization raises the need for energy, which makes it more likely that governments in many different countries will adopt efficient systems for managing energy. On top of that, there is more competition among energy providers, and energy prices are going up, which forces governments to put more money into renewable energy.
Restraining Factors:
Adoption is limited by the fact that people don't know enough about it and it costs a lot to do.
All over the world, people want more ways to manage energy. But many small and medium-sized businesses still don't know what energy management is or what it can do for them. The growth of the market as a whole is slowed down by this thing. Because their infrastructure is better, large companies are more likely to use advanced energy management solutions. On the other hand, it's hard for small and medium-sized businesses to use it because it costs money to set up and use.
Key Segments Covered:
Top Market Players:
General Electric Company (Massachusetts, U.S.), IBM Corporation (New York, U.S.), Honeywell International Inc. (North Carolina, U.S.), Rockwell Automation Inc. (Wisconsin, U.S.), Schneider Electric SE(Rueil-Malmaison, France), SAP SE (Walldorf, Germany), Siemens (Munich, Germany), Eaton (Dublin, Ireland), Mitsubishi Electric Corporation (Tokyo, Japan), Cisco System Inc. (California, U.S.), and others.
By Type
- System
- Home Energy Management System
- Building Energy Management System
- Industrial Energy Management System
- Services
- Monitoring & Control
- Implementation & Integration
- Maintenance
- Consulting & Training
- Others
By End-user
- Oil & Gas
- Manufacturing
- Building Automation
- Energy & Utilities
- Automotive
- Pharmaceutical
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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