What is the global market size of Energy Management System Market?

Global Energy Management System Market size was valued at USD 58.4 billion in 2021 and is poised to grow from USD 67.1 billion in 2022 to USD 161.9 billion by 2030, growing at a CAGR of 16.2% in the forecast period (2023-2030).

Global Energy Management System Market Size, Share, Growth Analysis, By System(On-Premises, Cloud), By Component(Residential, Energy & Power) - Industry Forecast 2024-2031

Report ID: SQMIG45F2071 | Region: Global | Published Date: February, 2024
Pages: 265 | Tables: 66 | Figures: 75

Global Energy Management System Market Insights

Energy Management System Market size was valued at USD 58.4 billion in 2019 and is poised to grow from USD 67.1 billion in 2023 to USD 161.9 billion by 2031, growing at a CAGR of 16.2% in the forecast period (2024-2031).

With real-time data communication, utilities can benefit from real-time pricing, outage detection, power theft identification, avoiding meter data tampering, and better service. In smart buildings, a number of sensor- and actuator-based appliances are commissioned to remotely manage the connection of electrical loads based on consumer preference or utility decisions regarding the need for a smart meter.

The global market for energy management systems may be pushed forward by an increase in the number of smart meters and grids installed. Regional governments all over the world have endorsed the laws and regulations that are intended to raise awareness about energy conservation.

The market for energy management systems is driven by these regulations and policies. The demand for energy management systems (EMS) has increased as a result of an increase in the management of energy use by public sector, industrial, and commercial organizations. In order to reduce greenhouse gas emissions, reduce potential exposure to fluctuating energy prices, and boost productivity, advanced energy-efficient technologies will gain ground.

The World Resources Institute cited data in February 2020 indicating that human-caused greenhouse gas emissions came primarily from energy consumption. Industry players may look for Internet of Things (IoT) solutions to control energy flow and optimize energy consumption in the midst of the current trend.

US Energy Management System Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Energy Management System Market Report Snapshots

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Startups and established players see EMS as a source of revenue and may place an emphasis on both organic and inorganic strategies, such as collaboration and mergers and acquisitions. In addition, if demand and supply, interest rates, inflation, and GDP fluctuate, microeconomic and macroeconomic factors could alter the global landscape. Opportunities in cloud solutions and smart energy management are likely to be capitalized on by major players. Of late, industry players could investigate potential open doors in lattice programming as energy organizations stress savvy meters to support productivity, readiness, and adaptability. 'Honeywell International Inc.', 'General Electric', ' Schneider Electric SE ', ' Siemens AG ', ' ABB Ltd. ', ' Johnson Controls International plc ', ' General Electric Company ', ' IBM Corporation ', ' Cisco Systems, Inc. ', ' Eaton Corporation plc ', ' Emerson Electric Co. ', ' Mitsubishi Electric Corporation ', ' Schneider Electric Industries SAS ', ' Rockwell Automation, Inc. ', ' Yokogawa Electric Corporation ', ' Fuji Electric Co., Ltd. ', ' C3 Energy ', ' Enernoc, Inc. ', ' Ecova, Inc. ', ' EnerNOC, Inc. '

Regional governments all over the world have enacted a number of regulations with the intention of lowering energy consumption and raising awareness of energy conservation. In application areas like the industrial, commercial, and residential sectors, these regulations and policies drive the EMS market. Decarbonization is a process that is being worked on by governments in a number of countries. Numerous nations have either established or have already implemented standards and norms regarding energy consumption and carbon footprint reduction. A standardized, international approach to best practices that can be utilized in all nations and industries has been developed through the creation of ISO 50001. It provides a framework for enhancing enterprises', industries', and the economy's capacity for energy management. At the national level, additional policies are also in place to cut down on energy use and, as a result, electricity consumption-related carbon emissions. Environmental sustainability is now a distinguishing factor for a number of businesses. This gives them a leg up on the competition and helps them build a good reputation for their brand. In their efforts to conserve energy, organizations will benefit from EMS solutions. Therefore, the energy management systems would be driven by such government policies and a shift toward combating climate change.

Environmental, economic, and social sustainability issues abound as a result of the anticipated global urbanization. As a result, the key mode of production for smart cities is a data-driven urban scenario, and urban processes and practices are becoming highly responsive to it. In light of the growing trend toward urbanization, this form is increasingly being used to address sustainability issues. Critical energy investment funds should be possible by introducing energy. The executives frameworks to assist with observing energy utilization. Additionally, it would assist in predicting the kind of energy-saving strategy that could be utilized in that circumstance.

North America accounted for the largest market share of over 35% in 2021. The U.S. also, Canada are scheduled to furnish income creating open doors with the flooding entrance of savvy matrices and infrastructural spending. In 2021, the IEA predicted that investments in electricity grids would rise by 10%, with the United States being one of the primary investors in infrastructure. Additionally, the region's significant uptake of smart energy demand has prompted stakeholders to contribute funds to EMS. IoT-based solutions are expected to be in high demand in the building, commercial, and residential sectors, among other prominent industries. An increase in the amount of energy used to heat and cool space is primarily to blame for the trajectory of the growth.

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Global Energy Management System Market Size, Share, Growth Analysis, By System(On-Premises, Cloud), By Component(Residential, Energy & Power) - Industry Forecast 2024-2031

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