Energy Management Systems Market– Statistics And Analysis & Forecast To 2030Posted by Mrudula Karmarkar on January 5th, 2023 The global energy management systems market size is expected to reach USD 111.86 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to expand at a CAGR of 13.3% from 2023 to 2030. Soaring installation of Energy Management Systems (EMS) has emerged as an invaluable practice to enhance performance and sustainable energy efficiency. Stakeholders have prioritized energy reduction to minimize greenhouse gas emissions and costs and boost the energy supply chain. EMS is poised to gain ground with utilities seeking increased operational control and visibility. Prominently, the expanding footfall of smart buildings has expedited the installation of smart grids and smart meters, thereby bolstering market growth. Smart homes have reinforced the value proposition of energy management by monitoring energy usage. Besides, electricity providers have exhibited an inclination for intelligent solutions, including smart thermostats and smart sensors. The rising footprint of Industry 4.0, cloud analytics, IoT and sensors will solidify the position of leading companies gearing to boost their portfolios. In essence, smart energy management has gained ground in controlling, monitoring, optimizing, and measuring energy consumption. Industry players are also expected to bank on AI-powered EMS to manage and monitor the behavioral patterns of the system and optimize energy usage. Industrial energy management systems (IEMS) have emerged as a promising source to help minimize energy costs and underpin resiliency. Industrial companies with production facilities, warehouses and aftermarket services have prioritized EMS to expand their footfall across under-penetrated areas. Notably, smart solutions have fueled the trend to streamline energy management across North America, Europe and the Asia Pacific. With sustainable energy receiving impetus, smart energy management could add a fillip to the global market. EMS solutions are expected to help minimize production risk, cut quality and compliance costs and enhance energy use. Some factors, such as volatile energy costs and the adoption of state-of-the-art technologies, will foster energy management systems market value. Stakeholders anticipate smart IEMS to streamline efficient energy management, real-time monitoring of metering locations, reduce downtime, maximize energy savings, and reduce OPEX. Moreover, the prevailing trends allude to a strong inclination towards IEMS across automotive, oil & gas, manufacturing, and food & beverage industries, auguring well for the market growth. Besides, Eaton will apparently join forces on energy management system interoperability with Areti, Terna and ENEL in Rome and Copenhagen. Meanwhile, in October 2020, Emerson reportedly completed the acquisition of Open Systems International, Inc. (OSI Inc.) for USD 1.6 billion in an all-cash transaction. Emerson expects the acquisition will bolster the end-to-end ability to optimize, control and monitor real-time operations in the power sector. Leading companies are poised to prioritize advanced technologies to leverage real-time data to minimize energy consumption and bolster energy efficiency. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/energy-management-systems-market/request/rs1 An uptick in the management of energy use across commercial, industrial, and public sector organizations has fueled the demand for energy management systems (EMS). Implementing advanced energy-efficient technologies and reducing energy waste will gain ground to contain greenhouse gas emissions, minimize the potential exposure to fluctuating energy prices and bolster productivity. In February 2020, the World Resources Institute cited data suggesting that energy consumption was the biggest source of human-caused greenhouse gas emissions. Amidst the prevailing trend, industry players could seek IoT-based solutions to optimize energy consumption and control the energy flow. Energy Management Systems Market Report Highlights
The competitive landscape alludes to strategic planning, such as technological advancements, collaborations, product offerings, mergers & acquisitions, and geographical expansion to gain momentum globally. For instance, in July 2022, Eaton collaborated with the EU-backed Flow Consortium (24 external partners and six leading universities across Europe) to develop and demonstrate an integrated electric vehicle charging infrastructure. The USD 10.4 million project, under the aegis of EU’s Horizon Europe Research and Innovation program, could span till March 2026. The robust pace of digitization in the energy landscape, along with the paradigm shift witnessed in electrification, has fostered the demand for energy management system software. EMS plays an invaluable role in helping companies identify opportunities to enhance and adopt energy-saving technologies. EMS is likely to receive impetus to provide stability in energy provision, flexibility in power generation and boost energy efficiency. Furthermore, the environmentally friendly energy consumer framework will emphasize quality and occupancy sensors to regulate energy consumption. Technologies to minimize energy consumption may lead to the decarbonization trend to avoid using fossil fuels. State-of-the-art technologies, such as edge AI have gained considerable traction across advanced and emerging economies, mainly due to the onslaught of the COVID-19 pandemic. The prevalence of hybrid work culture and rotating class schedules furthered the trend for smart building management. Additionally, edge AI has underscored building management system (BMS) to bolster safety, minimize energy consumption, better utilize building assets and offer increased occupant comfort. The outbreak prompted building managers to prioritize AI-leveraged BMS and optimize and automate energy usage. The post-COVID outlook suggests an emphasis on EMS could pave the way for low-carbon economic growth. List of Key Players of Energy Management Systems Market
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