Energy Management Systems Market to Reach Valuation of USD 87.7 Billion by 2028 - The Increasing Awareness and the Benefits of Executing Energy Management System Solutions Across Industries and Residential and Commercial Properties are Driving the Market Growth
In terms of revenue, the Global Energy Management Systems Market is probable to reach USD 87.7 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 15.8% from 2022 to 2028.
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 EMS 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.
Key Highlights from the Report:
- The Industrial Energy Management Systems (IEMS) sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). 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.
- The software sub-segment holds a substantial market share in 2021. 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.
- Asia Pacific is the fastest regional segment. 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.
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 system 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 system 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.
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 system 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 system market in the upcoming years.
Asia Pacific is the largest 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.
The Energy Management Systems is segmented as follows:
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Pages and in-depth TOC on "Energy Management Systems Market Size, Share & Trends Analysis Report by Type of EMS (BEMS, IEMS, HEMS), by End User (Manufacturing, Power and Energy, IT and Telecommunication, Healthcare), by Application (Energy Generation, Energy Transmission, Energy Monitoring), by Component (Hardware, Software, Services), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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