Energy Management Systems Market Size, Share, Industry Report, Growth, Analysis, Price, Trends, Outlook, Segments, Key Players and Forecast 2023-2028
Global Energy Management Systems Market Size To Grow At A CAGR Of 14% In The Forecast Period Of 2023-2028
The ‘Global Energy Management Systems Market Growth, Share, Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global energy management systems market, assessing the market on the basis of its segments like type, component, solution, service, industry, and major regions.
Energy Management Systems Market Size, Share, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 14%
|Revenue Forecast in 2026||USD 94 billion|
|Growth Rate CAGR||14%|
|Major Players||Mitsubishi Electric Corporation, Delta Electronics, Inc., General Electric Company,
Schneider Electric SE, ABB Ltd., Honeywell International Inc. and among others.
The global energy management systems market is expected to register growth during the forecast period on account of exponential rise in the use of energy, and the surge in energy prices. With various commercial and industrial processes require energy, which is increasing further due to digitalisation across the globe. The ongoing trend of modernisation of energy models providing superior efficiency is driving market growth. Coordinating and connecting energy management processes for all the equipment and devices of networks results in higher efficiency gain.
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The increasing digital connectivity of buildings is likely to allow communication with smart power grids as well as allow consumers to connect operational data and energy data to attain useful observations regarding energy consumption. The rising demand for energy owing to growing industrialisation is encouraging governments worldwide to adopt efficient energy management systems, propelling the energy management systems market growth.
The growing environmental concerns and climate change are likely to fuel the market growth of energy management systems. Misuse of energy results in increased demand, further pressuring energy production systems and often resulting in the usage of non-renewable fuels sources that damage the environment. The increased support by various governments towards energy management and consumption efficiency is likely to drive the growth of the energy management systems market.
Energy Management Systems Industry Definition and Major Segments
An energy management system is known a structure for energy consumers such as commercial, industrial, as well as public sector organisations, that helps monitor and control use of energy. Such systems aid users in recognising opportunities to adapt and develop energy-saving technologies, including systems that do not need expensive capital investment. Successful implementation of energy management systems require equipment, basic staff training, and careful installation.
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Based on type, the market is classified into:
- Home EMS
- Building EMS
- Industrial EMS
By component, the market is segmented into:
- Display Devices
Based on the solution, the market is classified into:
- Demand Response Management
- Carbon Energy Management
- Utility Billing and Customer Information System
By services, the market is segmented into:
- Monitoring and Control
- Implementation and Integration
- Consulting and Training
By industry, the market is categorised into:
- Power and Energy
- Telecom and IT
Based on region, the market is divided into:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Energy Management Systems Market Trends
With the rising investment in smart projects, involving smart cities, smart farming, and smart buildings, the demand for advanced energy management is likely to create massive growth in the market. This is due to the surging usage of smart grids and smart meters and their benefits like improved reliability, optimised utility bills, fraud detection, and reduced cost, among others.
Geographically, the Asia Pacific region is expected to gain momentum in the energy management systems market share over the coming years on account of the growing sustainable energy infrastructure in the region. The expansion of residential and industrial infrastructure is likely to generate demand for smart grids as well as smart metering solutions to enhance energy utilisation which is further expected to boost the market growth.
Meanwhile, the North American region is anticipated to drive the energy management systems market growth on account of the growing initiatives like LEED certification by governments in the region, boosting the energy systems adoption. There is a strong presence of leading companies like General Electric Company, and Honeywell International Inc, among others in the region. This, along with increasing investments in advanced energy management systems solutions to lessen energy wastage, is expected to propel the market demand in the North American region.
Key Market Players
The major players in the global energy management systems market report are Mitsubishi Electric Corporation, Delta Electronics, Inc., General Electric Company, Schneider Electric SE, ABB Ltd., and Honeywell International Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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