Energy Management Systems Market

Global Energy Management Systems Market

Energy Management Systems Market – By Type of EMS, End User, Application, Component and Region.

Market Synopsis:

Global Energy Management Systems Market is valued at USD 36.4 Billion in the year 2021 and is expected to reach a value of USD 87.7 Billion by the year 2028. The Global Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 15.8% over the forecast period.

The Energy Management Systems is witnessing considerable growth during the forecast period due to the increasing awareness and the benefits of executing Energy Management Systems solutions across industries and residential and commercial properties. Several companies require higher demand for power owing to which these companies are adopting Energy Management Systems to save power which is expected to increase the demand for Energy Management Systems in the years to come.

Additionally, the increasing use of renewable sources of energy like the use of solar panel systems in commercial and residential areas is further predicted to rise the demand for energy management system solutions in the coming future. Furthermore, the increasing number of reliable information technology platforms for optimizing and controlling available resources to offer customized and appropriate data for the corrective actions and better monitoring of energy-efficient solutions is the prime factor driving the growth of the Energy Management Systems Market during the forecast period. The rising growth of the healthcare sector and well-organized retail sector has led to the growth in the demand for Energy Management Systems solutions during the forecast period.

Moreover, the investments in these sectors are expected to increase owing to the rapid commercialization of the advanced products during the forecast period. Furthermore, the energy management system is widely adopted in various industries as it offers department and section-wise electric energy usage info. which is fueling the growth of the Energy Management Systems throughout the forecast period. Moreover, many companies have developed and introduced special sector-oriented Energy Management Systems software platforms to authorize enterprises to control and provide efficient solutions that are projected to increase the scalability of advanced products in the Global Energy Management Systems Market in the upcoming years.

Market Segmentation:

The Energy Management Systems (EMS) Market is segmented on the basis of EMS, end-user, application, and component. Based on EMS the market is segmented as BEMS, IEMS, and HEMS. Based on end-user, Manufacturing, Power and Energy, IT and Telecommunication, Healthcare, and other end users. Based on application, the market is segmented as Energy Generation, Energy Transmission, Energy Monitoring, Component, Hardware, Software, and Services. Based on components, the market is segmented as Hardware, Software, and Services.

Based on the Type of EMS:

On the basis of the type of Energy Management Systems, the market is segmented as BEMS, IEMS, and HEMS. The Industrial Energy Management Systems (IEMS) segment is projected to dominate the Energy Management Systems Market during the forecast period. EMS has witnessed a high market penetration in the industrial sector, particularly in the manufacturing and power sectors for accessing in real-time the pattern for power consumption for accomplishing cost reduction.

Based on Component:

On the basis of components, the market is segmented as Hardware, Software, and Services. The software segment is anticipated to grow at the highest CAGR during the forecast period. The integration of data analytics software in existing modules has been one of the prime achievements of the industry during the forecast period. Moreover, companies like Building IQ, and Ecova have advanced sector-specific software platforms that support organizations to run algorithms for optimized solutions which is driving the growth of the software segment during the forecast period.

North America Dominates the Global Energy Management Systems Market

North America is projected to account for the largest share of the Global Energy Management Systems during the forecast period. The government projects like electricity and monitoring systems and neighborhood-oriented brokerage in North America are driving the growth of the Global Energy Management Systems Market. Additionally, ISO 500001 measures support LEED certification which is projected to drive the adoption of energy systems across North America.

Asia Pacific Region is Projected to Account for the Fastest Growth During the Forecast Period

Asia Pacific region is projected to grow at the fastest growth in the Global Energy Management Systems Market throughout the forecast period. The growth of Asia Pacific is attributed to the rapid industrialization and the adoption of energy management solutions for domestic utilization in the Asia Pacific region. Moreover, in India, the government and market players are focusing on technological advancement for providing better output to the customers which is driving the growth of the Energy Management Systems Market in the coming years.

Competitive Landscape:

The key players in the Global Energy Management Systems Market include IBM Corporation, Rockwell Automation Inc., General Electric Co., Schneider Electric SE, Cisco Systems Inc., Tendril Networks Inc., Eaton Corporation, EnerNOC Inc., Elster Group GMBH, SAP SE, Siemens AG, Honeywell International Inc. and others.

Segmentation of the Global Energy Management Systems Market: