Pune, India, June 07, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global energy management system market size was valued at USD 28.25 billion in 2022 and is projected to grow from USD 31.75 billion in 2023 to USD 82.34 billion by 2030, exhibiting a CAGR of 12.6% during the forecast period. Government Policies Favoring Use of Sustainable Energy to Promote Market Development. Fortune Business Insights presents this information in their report titled Global Energy Management System Market Forecast, 2023–2030.
The growing use of smart grids and smart meters is essential for raising market value. In addition, governments all over the world are launching projects to digitize their domestic energy systems in an effort to increase their effectiveness and value and support economic growth. Sustainable, safe, and economical energy systems are the focus of governments worldwide, which has significantly increased industry growth. The need for energy management is further reinforced by strict government rules & regulations for using renewable and sustainable energy sources.
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Key Industry Development:
November 2022 – ABB Limited launched ABB Ability Optimax to increase the efficiency of energy-intensive electrolyzers used to produce green hydrogen, aiding hydro-production companies to reduce energy consumption by up to 20%. It also incorporated forecasting and intra-day planning to ensure the consumers can trade competitively with the grid.
Key Takeaways
- The increasing adoption of smart meters and smart grids play a vital role in enhancing the market value.
- Fast Digital Transformation to Augur Growth
- Demand for Industrial Energy Exhibited Major Decline during COVID-19 Pandemic
- Digital Transformation of EMS is Reshaping the Energy Management Infrastructure
- By System Type Analysis: Growing Energy Consumptions across Industry to Boost Market Share
Discover the Leading Players Featured in the Report:
“Companies leading the energy management system market Are General Electric Company (U.S.), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Eaton Corporation (Ireland), ABB Limited (Switzerland), Johnson Controls International PLC (U.S.), Emerson Electric Company (U.S.), NEC Corporation (Japan)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 12.6% |
| 2030 Value Projection | USD 82.34 Billion |
| Base Year | 2022 |
| Energy Management System Market Size in 2022 | USD 28.25 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Type, Component, Enterprise Type, Vertical and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/industry-reports/energy-management-system-market-101167
Drivers & Restraints:
Government Initiatives that Favor the Use of Sustainable Energy to Meet Rising Demand
Global concern has grown over the steadily declining energy intensity of conventional fuels such as coal. Worldwide, governments have committed resources to creating a fair, secure, and sustainable energy system. Also, the fast industrialization that is causing an increase in energy demand drives governments in various nations to establish effective energy management systems. In addition, escalating energy price inflation and supplier rivalry are pressuring governments to boost their investments in renewable energy. These factors are expected to increase the energy management system market share.
On the contrary, lack of awareness and the high implementation cost of installing these systems will impede the energy management system market growth.
Segments
By System Type
- Home Energy Management System
- Building Energy Management System
- Industrial Energy Management System
By End User
- Residential/Smart Homes
- Commercial Building/Complex
- Industrial
By Application
- Property Safety
- Automation
- Energy Distribution
- Design
- e-Mobility
- Others
By Industry
- Oil & Gas
- Manufacturing
- Energy & Utilities
- Automotive
- Healthcare
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Regional Insights
North America Dominates the Market due to Increasing Adoption
North America now has the greatest market share and is anticipated to continue to rule the market in the coming years. Energy system adoption is being pushed by ISO 50001 measures in support of LEED certification throughout the region. Moreover, political pressures are radically altering U.S. energy rules. Adoption is being negatively impacted by these evolving rules. Major businesses in North America are investing in the creation of cutting-edge EMS solutions to cut down on energy waste, including Microsoft Corporation, Apple, Inc., IBM Corporation, and others.
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Competitive Landscape
Enhancing Product Portfolios by Important Players to Maintain Positions
Energy management system players use methods such as product launches, collaborations, partnerships, and acquisitions to compete in this industry. Companies are also concentrating on ongoing product improvement with user-friendly features, which aid in maintaining competitiveness and boosting brand value. A number of industry participants are funding R&D projects with their money. To improve their market positions, a number of rising firms are providing improved components, integrated systems, software, and services.
FAQ’s
How big is the energy management system market?
Energy Management System Market size was USD 28.25 billion in 2022.
How fast is the energy management system market growing?
The Energy Management System Market will exhibit a CAGR of 12.6% during the forecast period, 2023-2030
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