Energy Management Systems Market to Cross USD 110.76 Billion by 2030 Driven Rising Environmental Concerns and Demand for Sustainable Practices | By SNS Insider
Based on SNS Insider’s research, environmental concerns, cost reduction needs, regulatory compliance, technological advancements, sustainability demands, energy security, and the promise of a solid return on investment are all significant drivers behind the energy management systems market’s expansion.
Pune, Nov. 03, 2023 (GLOBE NEWSWIRE) — The Energy Management Systems Market had a valuation of USD 40.5 billion in 2022 and is projected to reach USD 110.76 billion by 2030, experiencing a compound annual growth rate (CAGR) of 13.4% during the forecast period from 2023 to 2030, as per the SNS Insider report.
Energy management systems are computer-based tools designed to monitor, control, and optimize energy usage within residential, commercial, and industrial settings. These systems leverage advanced technology and data analytics to provide real-time insights into energy consumption patterns, enabling informed decision-making for energy efficiency and sustainability. The foremost advantage of EMS is the potential for substantial cost savings. By identifying inefficiencies and optimizing energy consumption, businesses can lower their utility bills.
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One of the primary drivers for the growth of the energy management systems market is the rising concern for environmental sustainability. With global warming and climate change becoming increasingly urgent issues, governments and organizations worldwide are looking for ways to reduce their carbon footprint. EMS plays a pivotal role in helping businesses and industries monitor and optimize their energy consumption, thereby reducing greenhouse gas emissions. Government regulations and policies related to energy efficiency are becoming increasingly stringent. Companies that do not comply with these regulations may face penalties and reputational damage. Energy management systems provide a comprehensive solution for adhering to these regulations, ensuring that businesses are in compliance and helping them avoid potential fines. The need for cost reduction is a universal concern for businesses of all sizes. Energy costs can be a substantial portion of an organization’s operational expenses. Energy management systems allow companies to gain real-time insights into their energy usage patterns and identify areas where they can cut costs.
Energy Management Systems Market Overview & Scope:
|Market Size in 2022||USD 40.5 billion|
|Market Size by 2030||USD 110.76 billion|
|CAGR||CAGR of 13.4% over 2023-2030|
|Key Segments||By Type (Building energy management systems (BEMS), Home energy management systems (HEMS), Industrial energy management systems (IEMS))
By Component (Software, Hardware, and Services)
By Deployment (Cloud Based and On-Premise)
By Vertical (Residential, Telecom & IT, Manufacturing, Energy & Power, Retail, Food & Beverages, Healthcare, and Others)
By Application (Energy Distribution, Automation, Property Safety, e-Mobility, Design, and Others)
|Key Market Players||ABB, Honeywell International Inc., Schneider Electric SE, International Business Machines Corporation, Mitsubishi Electric Corporation, Johnson Controls, General Electric, C3.AI, GridPoint, Siemens AG, Cisco Systems and other players|
|20% free customization scope (equivalent to 50 analyst working hours)||If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization.|
|Pricing & Purchase Options||Avail customized purchase options to meet your exact research needs. Explore purchase options.|
Key Takeaway from Energy Management Systems Market Study
- Building Energy Management Systems (BEMS) are poised to play a pivotal role in dominating the market. BEMS is a sophisticated solution that integrates advanced technology to monitor, control, and optimize energy consumption within commercial, industrial, and residential buildings. The primary objective of BEMS is to enhance energy efficiency, reduce operational costs, and minimize environmental impact.
- Energy distribution is another crucial segment that will assert its dominance in the energy management systems market. The distribution of energy involves the transmission of electricity from power plants to end-users, such as homes, businesses, and industries. Effective energy distribution is vital for ensuring a stable and reliable energy supply.
- DNV, a leading global quality assurance and risk management company, has announced the acquisition of SaaS firm ANB Systems. This acquisition comes at a time when the global energy landscape is evolving rapidly. With climate change concerns and sustainability goals at the forefront, there is a growing need for comprehensive energy management solutions.
- Yokogawa, a global leader in industrial automation and control solutions, has announced its involvement in the ambitious Yuri green hydrogen project in Australia. Hydrogen is widely regarded as a key element in the transition to a more sustainable and eco-friendly energy landscape, and the Yuri project is poised to make significant contributions to this endeavor.
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Market Dynamics Analysis
The energy management systems market is experiencing dynamic shifts driven by a confluence of factors. Several drivers are propelling its growth, foremost among them being the increasing global awareness of the importance of energy conservation and the pursuit of sustainable practices. As governments and organizations strive to meet stringent environmental regulations and reduce their carbon footprints, the demand for energy-efficient solutions continues to rise. The integration of advanced technologies, such as the Internet of Things (IoT) and artificial intelligence, is another key driver, facilitating real-time monitoring and control of energy consumption in various sectors, including commercial, industrial, and residential. However, amidst this promising growth, the market faces certain restraints and challenges. The initial high implementation costs of energy management systems can act as a barrier for smaller businesses and organizations with limited budgets. Moreover, the complexity of retrofitting such systems into existing infrastructures can be daunting, necessitating a skilled workforce and strategic planning. Additionally, the potential threats to the market include cybersecurity concerns, as these systems become increasingly interconnected. The vulnerability to cyberattacks and data breaches can undermine the trust in these technologies.
Key Regional Developments
North America is a prominent player in the global energy management systems market. The region has witnessed substantial growth due to stringent energy efficiency regulations and a strong emphasis on sustainability. The United States and Canada, in particular, have made substantial investments in EMS technology, promoting the adoption of smart grids and advanced metering infrastructure (AMI). Europe is a mature market for energy management systems, characterized by a strong commitment to renewable energy and environmental sustainability. The European Union has set ambitious energy and climate targets, which require substantial energy efficiency improvements. The Asia-Pacific region is experiencing rapid growth in the market, primarily driven by China, Japan, and India. Factors contributing to this growth include rapid urbanization, industrialization, and a growing awareness of the need for sustainable energy practices.
Impact of Recession
The ongoing recession has presented challenges to the energy management systems market, but it has also opened up opportunities for innovation and adaptation. Companies in this sector must remain resilient, explore new markets, and adapt their strategies to survive and thrive in the face of economic uncertainty. With the right approach, energy management system providers can continue to contribute to energy efficiency and sustainability even during challenging economic times.
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Table of Content
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Russia-Ukraine war
4.2 Impact of Ongoing Recession
4.2.2 Impact on major economies
18.104.22.168 United Kingdom
22.214.171.124 South Korea
126.96.36.199 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Energy Management Systems Market Segmentation, By Type
8.1 Building energy management systems
8.2 Home energy management systems
8.3 Industrial energy management systems
9. Energy Management Systems Market Segmentation, By Component
10. Energy Management Systems Market Segmentation, By Deployment
10.1 Cloud Based
11. Energy Management Systems Market Segmentation, By Vertical
11.2 Telecom & IT
11.4 Energy & Power
11.6 Food & Beverages
12. Energy Management Systems Market Segmentation, By Application
12.1 Energy Distribution
12.3 Property Safety
13. Regional Analysis
13.2 North America
13.3.1 Eastern Europe
188.8.131.52 Rest of Eastern Europe
13.3.2 Western Europe
184.108.40.206 Rest of Western Europe
13.4.8 South Korea
13.4.12 Rest of Asia-Pacific
13.5 Middle East & Africa
13.5.1 Middle East
220.127.116.11 Saudi Arabia
18.104.22.168 Rest of Middle East
22.214.171.124 South Africa
126.96.36.199 Rest of Africa
13.6 Latin America
13.6.8 Rest of Latin America
13 Company Profile
13.1 Pact Clothing
13.1.1 Company Overview
13.1.3 Product/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
14 Company Profile
14.1 Honeywell International Inc.
14.1.1 Company Overview
14.1.3 Product/ Services Offered
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Schneider Electric SE
14.4 Johnson Controls
14.5 General Electric
14.6 Mitsubishi Electric Corporation
14.9 Siemens AG
14.11 International Business Machines Corporation
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
15.3.1 Industry News
15.3.2 Company News
15.3.3 Mergers & Acquisitions
16. USE Cases and Best Practices
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