New York, March 29, 2023 (GLOBE NEWSWIRE) -- The Global Energy Management System Market was worth USD 55.2 Billion in 2022 and is projected to reach approximately USD 208.4 Billion by 2032. It is anticipated that this market will experience the highest Compound Annual Growth Rate (CAGR) of 14.6% between 2023 and 2032.
The energy management system is used to endure, manage and remotely monitor various industries like power and energy, telecommunications and IT, healthcare, and many other industries. Energy management systems organize all the information regarding saving energy and track the usage of data. It focuses on reducing electronic waste and replacing it with advanced technologies, which helps to save energy.
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Key Takeaway:
- By Product, industrial energy management systems (IEMS) will dominate the market in 2022.
- By Component, the hardware segment accounted for the largest revenue share in 2022.
- By Solution, carbon energy management leads the market with a major share of the account.
- By Deployment Mode, the on-premise segment will dominate over the cloud-based segment in 2022.
- By End-Use Industry, the Manufacturing segment is expected to grow at an exponential growth rate during the forecast period of 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 33.6%.
- Asia-Pacific will grow at a significant CAGR over the forecast period of 2023-2032.
An energy management system plays a very important role in creating opportunities for organizations to improve and adopt energy-saving technologies. Energy management system providers are investing in development to gain momentum to increase energy efficiency and power generation flexibility by ensuring energy supply stability. The Green Energy Consumer emphasizes quality and occupancy sensors for regulating energy consumption. Technologies that minimize energy consumption can lead to decarbonization trends by avoiding the use of fossil fuels and switching to renewable energy.
Factors affecting the growth of the Energy Management System industry?
There are several factors that can affect the growth of the energy management system industry. Some of these factors include:
- Reduced energy cost: adoption of energy management systems in organizations has reduced the cost of operation for companies. That is boosting the growth of the energy management market.
- Government support: governments across the world are supporting the adoption of energy management systems through various policies and programs. This is driving the growth of the energy management system market.
- Increasing demand in SMEs: many small and medium enterprises are adopting the energy management system for its benefits in management.
- Technological developments: major companies in the energy management system market are investing in innovation and technological advancements in the energy management system.
- Adoption of renewable energy: individuals across the world are accepting and implementing renewable energy in both commercial and residential use.
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Top Trends in Global Energy Management System Market
The COVID-19 pandemic outbreak has forced organizations to adopt artificial intelligence-powered building management systems to optimize and automate energy use.
The COVID-19 pandemic has made organizations in developing countries adopt the technologies like edge artificial intelligence. Common hybrid work cultures and rotating timetables have fuelled the trend toward intelligent building management. The edge AI has offered a building management system that enhances security makes better use of building resources, minimizes energy consumption, and provides better occupant comfort. These factors are expected to drive the growth of the energy management market during the forecast period.
Market Growth
Energy management systems help to reduce energy costs. Even governments of established and emerging countries have implemented various programs and policies in favor of the introduction and acceptance of energy management systems in the global market. Energy management systems are considered one of the most innovative technologies in the power and energy sector.
Small and medium industries are using energy management systems due to the benefits they provide. One of the most important factors driving the growth of the global energy management system market is technological development. In addition, governments are investing heavily in developing energy management systems. These factors are driving the growth of the global energy management system market during the forecast period.
Regional Analysis
North America leads the energy management system market with a 33.6% share in the account. The domination of the North American region is due to countries like the United States and Canada are said to offer revenue-generating opportunities in the market. Smart grid adoption and infrastructure spending have significantly increased in this region. According to reports, investments in power grids are expected to grow, making the United States the leading source of infrastructure investment. Moreover, the demand for smart energy has been remarkably accepted across the region, prompting stakeholders to invest in the energy management system. Strong demand for internet of things based solutions is expected in the commercial, residential, and construction sectors.
Behind the North American region, Asia Pacific is expected to grow at a significant CAGR during the forecast period. The growth of the Asia Pacific region is due to the advantages offered by the agencies in the region, like tax advantages, industrial growth, and subsidies. Factors like these are fuelling the growth of the energy management system in the Asia Pacific region.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include General Electric Company, Elster Group GmbH, Honeywell International Inc., Cisco Systems Inc., Daintree Networks, Emerson Process Management, Siemens AG, Schneider Electric, Daikin Industries, C3 Energy, Johnson Controls Inc., and other key players.
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Scope of the report
| Report Attribute | Details |
| Market Value (2022) | USD 55.2 billion |
| Market Size (2032) | USD 208.4 Billion |
| CAGR (from 2023 to 2032) | 14.6% |
| North America Revenue Share | 33.6% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Energy loss due to the use of fossil fuels has become a global problem. Governments around the world are heavily investing in developing safe, efficient, and long-term energy systems. This is driving the growth of energy management systems in the market. Also, increasing energy demands due to urbanization and the introduction of Industry 4.0 are forcing organizations and businesses to adopt energy management systems. Global warming, climate change, and natural disasters have forced companies to adopt energy efficiency systems like energy management systems. This is expected to boost the market during the forecast period.
Energy demand is increasing exponentially with ongoing urbanization, population growth, and increasing personal needs. Addressing these issues, using energy effectively, reducing costs, improving profitability, and complying with environmental regulations requires an efficient energy management system. The energy management system cuts fuel consumption in half and allows energy to be managed more efficiently by reducing the company's operating costs. These factors are driving the growth of the energy management system market.
Market Restraints
The need for energy management systems is increasing all over the world. However, some small and medium enterprises are still unaware of the benefits of energy management systems, which may hamper the growth of the energy management system market. Large companies use advanced energy management systems within their organizations because of their large infrastructures. On the other hand, the high installation and implementation costs limit its acceptance in small and medium enterprises.
Market Opportunities
The development of advanced infrastructure, along with the progress of urbanization, has increased the demand for advanced energy management systems. This has a direct impact on the deployment of smart grids and meters in both developed and developing countries. Implementing a smart grid in organizations can reduce operational costs and increase efficiency. An increase in smart meter and grid installations are expected to create lucrative opportunities for the energy management system market during the forecast period.
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Report Segmentation of the Energy Management System Market
Product Insight
By product, the energy management system is classified into Building Energy Management Systems (BEMS), Industrial Energy Management Systems (IEMS), and Home Energy Management Systems (HEMS). From these products, the industrial energy management systems segment leads the market with a major revenue share in the account. The growth of this segment is attributed to the increasing shift towards energy efficiency. This is anticipated to drive the growth of the energy management systems market during the forecast period.
Building energy management systems (BEMS) is anticipated to grow at a significant CAGR over the forecast period. The growth of this segment is owing to the increasing use of internet of things integrated devices and connectivity. To monitor the real-time data for efficient management of buildings, smart buildings are expected to adopt digital building solutions and the internet of things. Also, the massive shift towards industry 4.0 has boosted the growth of this segment in the market.
Component Insight
The energy management system is divided into hardware, software, and services on the basis of components. Among these components the hardware segment dominated the market owing to the increasing adoption of communication and sensing technology. The functions like controlling and monitoring the building operations are moving towards the integration of intelligence in the system. This is expected to boost the growth of the hardware segment in the energy management system market.
After the hardware segment, the software segment is anticipated to grow at a high CAGR during the forecast period. The growth of this segment is owing to the importance of software in minimizing energy consumption by giving information related to energy consumption patterns. The software’s gaining popularity to obtain the advantages like reducing energy costs, monitoring data, and streamlining workflow. These factors are anticipated to drive the growth of the software segment throughout the forecast period.
Solution Insight
The carbon energy management segment held the largest share of the energy management system market in 2022. The growth of this segment is due to increasing environmental awareness and the depletion of fossil fuel reserves. The carbon energy management system is used to reduce greenhouse gas emissions and carbon emissions. These factors are driving the growth of this segment.
utility billing and customer information systems are expected to be the fastest-growing CAGR segment. Utility billing and customer information systems help manage customer data very efficiently and effectively. It also helps customers reduce their administrative costs. These factors are driving the growth of this segment in the market.
Deployment Mode Insight
The on-premise deployment mode will cover the largest market revenue share in 2022. The growth of the on-premise deployment mode is owing to the increasing adoption of this segment in developed countries. Whereas, cloud-based deployment mode is expected to grow significantly over the forecast period. The growth of this segment is driven by the factors like reduced cost and carbon emissions in the environment. Cloud-based deployment mode helps businesses and organizations by accessing and monitoring the data remotely. These factors are anticipated to boost the cloud-based deployment mode segment in the energy management system.
End-Use Industry Insight
The manufacturing industry dominated the end-use industry segment in the energy management system market in 2022. Energy management systems help the manufacturing sector reduce industry costs and emissions. Energy management systems enable manufacturing companies to operate machines optimally and save energy. These factors are boosting the growth of the manufacturing segment in the market.
The power and energy segment is expected to grow at the fastest CAGR during the forecast period of 2023-2032. Energy management systems are used in the power and energy sector to monitor and track energy usage in real time. Energy management systems support the power and energy sector through seamless, energy-saving operations. These factors are driving the growth of this segment during the forecast period.
Recent Development of the Energy Management System Market
- In March 2020, Yokogawa India Ltd. Partnered with APB Corporation of Japan to develop an energy management system business in India.
- In December 2021, General Electric acquired Opus One Solutions Energy Corporation. It is a software company which offers helps to optimize energy planning and operations.
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Market Segmentation
By Product
- Building Energy Management Systems (BEMS)
- Home Energy Management Systems (HEMS)
- Industrial Energy Management Systems (IEMS)
By Component
- Hardware
- Software
- Services
By Solution
- Demand Response Management
- Utility Billing and Customer Information System
- Carbon Energy Management
By Deployment Mode
- On-Premises
- Cloud-Based
By End-Use Industry
- Manufacturing
- Retail & Offices
- Healthcare
- Power and Energy
- Telecommunication and IT
- Residential
- Other End-Use Industry
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
-
Market Key Players:
- Siemens AG
- Honeywell International Inc.
- General Electric Company
- Cisco Systems Inc.
- Schneider Electric
- Emerson Process Management
- Elster Group GmbH
- Daintree Networks
- C3 Energy
- Daikin Industries
- Johnson Controls Inc.
- Other Key Players
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