Dublin, June 23, 2022 (GLOBE NEWSWIRE) -- The "Energy Management Systems Market by Component, Type (Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems), Deployment, End-User Industry and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Companies Mentioned
- ABB
- C3 AI
- Cisco Systems, Inc.
- Delta Electronics, Inc.
- Distech Controls
- Eaton
- Emerson Electric Co.
- Enel X
- Energy Management Systems, Inc.
- General Electric
- Hitachi
- Honeywell International Inc.
- IBM
- Mitsubishi Electric Corporation
- Neptune India
- Rockwell Automation, Inc.
- Schneider Electric
- Siemens
- Weidmuller
- Yokogawa Electric Corporation
The global energy management systems market is expected to grow at a CAGR of 14.2% to reach USD 75.0 billion by 2027, from an estimated USD 38.6 billion in 2022. The growth of the energy management systems market is proportional to the installation of smart grids and smart meters.
The increasing energy consumption as well as the price volatility of energy resources plays a major role in driving the growth of energy management systems. There are several government policies and regulations being implemented to increase the energy efficiency and to tackle the climate change. Energy management systems, as a result, may experience a growth in demand during the forecast period.
The report explains, describes, and forecasts the global energy management systems market, by component, type, deployment, end user industry, and region. It also offers a detailed qualitative and quantitative analysis of the energy management systems market.
Software: The fastest-growing segment, by component, in the energy management systems market
Based on component of energy management systems, the software segment is expected to exhibit the highest CAGR from 2022 to 2027. The software segment is driven by the rising demand for cloud-based services from applications such as utilities, industrial, commercial, and residential. EMS software provides automated load control, which identifies peak load times, benchmarking energy price analysis, graphical data presentation, wastage tracking, and energy scheduling. Thus, the rising demand due to the advantage of real-time monitoring and optimization of energy use is expected to propel the demand for software integrated energy management systems.
On-Premise: The largest segment, by deployment, in the energy management systems market
The on-premise segment accounted for the largest share in the global energy management systems market, by deployment, in 2022. The dominance of this segment can be attributed to the reliability over the back-up provided by installing systems on the company's local server. Also, the reduced level of cyber threats and more privacy been providds to the data is experienced with the on-premise type of deployment. On-premise energy management systems are installed locally on a company's own servers, and the initial deployment costs, as well as the maintenance costs, are extremely high. Cloud-based is priced under a monthly or annual subscription basis, including costs for support and updates, with the additional fees being of training, whereas, on-premise deployment is generally priced under a one-time perpetual license fee, which is usually based on the organization's size or the number of parallel users.
Asia Pacific: The fastest-growing region in the energy management systems market
The market in the Asia Pacific accounted for 23.3% share of the global energy management systems market in 2021 and is expected to grow at the fastest CAGR of 15.0% during the forecast period. The major end users for energy management systems in the Asia Pacific region are the manufacturing industries and the region has emerged as a global hub for manufacturing activities. The growth of the manufacturing and industrial sectors makes it necessary for the economies in this region to prudently manage and increase the existing power and fuel resources to ensure energy security. The huge manufacturing sector prevailing in this region is the major factor driving the energy management systems market. The Industrial energy management systems, as a result, have a wide application in this region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Energy Management Systems Market
4.2 Market in North America, by Component and Country
4.3 Market, by Component
4.4 Market, by Type
4.5 Market, by Deployment
4.6 Market, by End-User Industry
4.7 Market, by Region
5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 Market Dynamics
5.3.1 Drivers
5.3.1.1 Escalating Energy Consumption and Price Volatility
5.3.1.2 Installation of Smart Grids and Smart Meters
5.3.1.3 Government Policies to Increase Energy Efficiency and Tackle Climate Change
5.3.2 Restraints
5.3.2.1 High Installation Costs
5.3.2.2 Extended Payback Period
5.3.3 Opportunities
5.3.3.1 Growth of Urbanization and Digitalization
5.3.3.2 Subsidies on Carbon and Electricity Tax Policies
5.3.4 Challenges
5.3.4.1 Lack of Awareness in Small and Medium-Sized Businesses
5.3.4.2 Hardware Maintenance Costs
5.4 COVID-19 Impact
5.5 Trends/Disruptions Impacting Customers' Businesses
5.6 Market Map
5.7 Value Chain Analysis
5.8 Technology Analysis
5.9 Key Conferences & Events, 2022-2024
5.10 Tariffs, Codes, & Regulations
5.11 Trade Analysis
5.12 Innovations and Patent Registrations
5.13 Porter's Five Forces Analysis
5.15 Buying Criteria
6 Energy Management Systems Market, by Component
7 Energy Management Systems Market, by Type
8 Energy Management Systems Market, by Deployment
9 Energy Management Systems Market, by End-User Industry
10 Energy Management Systems Market, by Region
11 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/zauujz
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