The global energy management systems market was worth USD 45.11 billion in 2021 and is projected to amplify at a CAGR of 14.55% over 2022-2030, thereby amassing USD 153.62 billion by end of the assessment timeline.
Real-time data transfer gives utilities advantages like real-time pricing, outage detection, power theft identification, preventing metre data tampering, and better service. In smart buildings, a number of sensor- and actuator-based devices are installed to remotely control the connection of electrical loads based on consumer preferences or utility decisions that take into account the need for smart metres. The market for energy management systems may be driven by the rising installation of smart grids and smart metres on a global scale. Regional governments all across the world have adopted the laws and guidelines for raising awareness about energy saving. The market for energy management systems is driven by these laws and regulations.
Governments from several nations are attempting to decarbonize, which entails various procedures. Many nations have established or have already set guidelines and norms about energy use and lowering the carbon footprint as a result of the sharp increase in carbon emission rates. The creation of ISO 50001 offers a standardised, global method for applying best practises across all nations and industries. It offers a framework to support the development of energy management capabilities within businesses, markets, and the whole economy. At the national level, further policies are in place to limit energy use and, consequently, carbon emissions from the use of power. Today, many businesses employ environmental sustainability to set themselves apart from rivals. This gives them a competitive edge and aids in building a positive brand.
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EMS solutions will support businesses in their efforts to save energy. As a result, the government's policies and the move to combat climate change would be an important driving force behind the energy management systems.
Global Energy Management Systems Market- Key trends
Government policies to encourage the adoption of green energy sources is aiding industry expansion
The world is witnessing a wave of global warming and climate change due to widespread urbanization and industrialization. Humans are exploiting natural resources to fulfil various needs. The rising demand for continuous power supply across various nations has resulted in fossil fuel depletion. Therefore, various governments have joined hands to promote the use of sustainable energy sources as a measure to tackle climate change and other environmental threats. This in turn is adding traction to the development of this industry.
Global Energy Management Systems Market- Segmental assessment
By Component
• Software
• Hardware
• Services
By Type
• Home Energy Management Systems
• Building Energy Management Systems
- Industrial Energy Management Systems
By Deployment
• On-Premise
• Cloud Based
By End use
• Power Energy
• Telecom IT
• Manufacturing
• Residential Commercial
• Food Beverages
• Others
The manufacturing segment is poised to amass notable gains over the stipulated timeframe owing to the rising efforts of companies to reduce their utility costs.
Global Energy Management Systems Market- Competitive intelligence
The prominent players characterizing the competitive terrain of this industry are ABB (Switzerland), Cisco Systems, Inc. (US), General Electric (US), Schneider Electric (France), Honeywell International Inc. (US), Eaton (Ireland), Emerson Electric Co. (US), Energy Management Systems, Inc. (US), Mitsubishi Electric Corporation (Japan), IBM (US), Rockwell Automation, Inc. (US), Siemens (Germany), Hitachi (Japan), Yokogawa Electric Corporation (Japan), C3 AI (US), Delta Electronics, Inc. (Taiwan), Enel X (Italy), Neptune India (India), Weidmuller (Germany), SWITCH Energy Inc. (Canada), Sensorberg (Germany), Distech Controls (Canada), Budderfly (US), GridPoint (US), and geo (Green Energy Options) (UK).
Notably, in August 2021, Emerson announced the acquisition of Open Systems International, Inc. to diversify its offerings in the field.
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