Energy Management Systems Market to Witness Revolutionary Growth by 2027
Posted by Siddhant on July 26th, 2022
According to the new market research report "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 - Global Forecast to 2027", published by MarketsandMarkets™, the global Energy Management Systems Market size is estimated to be USD 75.0 billion by 2027 from USD 38.6 billion in 2022, at a CAGR of 14.2% during the forecast period. The Energy Management Systems Market, is expected to witness significant growth during the forecast period. With such a high demand for energy resources, the volatility in energy prices centers on changes in supply and demand. Economic conditions, availability of energy resources, and increasing demand are the prime factors contributing to price volatility. With the advent of IoT for home automation and building automation purposes, managing energy efficiently has become a top priority. Hence, these factors are driving the need for energy management technology to monitor and optimize energy consumption, driving the growth of the global market of energy management systems.
Industrial energy management systems is expected to occupy majority of the Energy Management Systems Market share
Industrial energy management systems segment, by type, is projected to hold the highest market share during the forecast period owing to the advantages of tracking, analyzing, and planning the energy consumption in an industry. The IEMS market has continued to develop rapidly over the past few years, wherein ISO 50001 has become the established standard. New technologies available today allow greater insight into energy procurement, energy use, and the management of energy as an input to the industrial process. The key factors contributing to this larger share are increase in energy consumption, government regulations, and the goal of reducing carbon emissions and tackling climate change, which will eventually increase the demand for industrial energy management systems.
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Cloud Based segment by deployment is expected to grow at the highest CAGR from 2022 to 2027
Based on the deployment, the cloud-based segment is estimated to be the fastest-growing market from 2020 to 2027. Cloud-based systems provide access to information with greater flexibility. With the help of a cloud-based system, users can store information from many different data acquisition systems and access and analyze this information from different sites with one application. Because these systems are generally sold as a service, the consumer does not need to maintain and update the database and infrastructure, which again reduces wasted time and money that could be spent on implementing energy and money-saving practices based on the data received. Cloud-based software can allow small and medium-sized businesses to act faster than the established companies. This has expected to allow for a competitive edge in the market for energy management systems.
North America likely to emerge as the largest Energy Management Systems Market
North America accounted for the largest share in the global Energy Management Systems Market during the forecast period. North America’s market share can be attributed to the increased focus on home energy management systems with the increased installation of smart meters in the region. North America, followed by Europe contribute considerably to the global manufacturing and industrial sectors due to their developed economies and stringent government regulations related to efficient energy use. Integrating distribution automation and the sharing of infrastructure will help to further reduce operating costs in the industry. The Energy Department of the US is investing in strategic partnerships to accelerate investments in grid modernization. As a result, the region is expected to contribute substantially to the orders for energy management systems.
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Schneider Electric (France), ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), and Siemens (Germany) are the key players in the global Energy Management Systems Market.
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About the AuthorSiddhant
Joined: July 26th, 2022
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