Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) --
Growing emphasis on energy efficiency and sustainability drives demand for energy management systems.
The increasing global emphasis on energy efficiency and sustainability is a pivotal driver for the energy management systems market. Governments and organizations worldwide are enacting strict regulations and policies to curb energy consumption and carbon emissions. For example, the European Union has established a goal to reduce collective energy consumption by at least 11.7% by 2030. Furthermore, heightened consumer awareness regarding the advantages of energy conservation and the imperative to minimize energy expenses is fueling the demand for energy management systems.
The rapid progress in the Internet of Things (IoT) and smart grid technologies is significantly bolstering the expansion of the energy management systems market. IoT-enabled devices and sensors enable real-time monitoring, control, and optimization of energy usage across various residential, commercial, and industrial sectors. Integrating energy management systems with smart grid technologies facilitates efficient energy distribution, management of demand response, and incorporation of renewable energy sources, thereby fostering market growth.
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Segmentation Overview:
The energy management systems market has been segmented into component, type, deployment, end-use, and region.
Energy & Power segment to attract lucrative growth owing to the demand for energy management solutions.
- The market segmentation, based on end-use, includes IT and telecom, energy and power, residential, healthcare, retail, and others. The energy and power segment holds a substantial share of the energy management systems market end-use segment. This can be attributed to the increasing demand for efficient energy management solutions in the power generation, transmission, and distribution sectors.
Building energy management systems registered massive growth in 2023
- The market is segmented by type into Industrial energy management systems (IEMS), building energy management systems (BEMS), and home energy management systems (HEMS). Building Energy Management Systems (BEMS) hold a substantial share of the type segment of the energy management systems market. This can be attributed to the increasing focus on energy efficiency and sustainability in commercial and industrial buildings, coupled with stringent regulations and standards for energy conservation.
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Energy Management Systems Market Report Highlights:
- The energy management systems market growth is anticipated at a CAGR of 12.7% by 2032.
- The rise in the adoption of renewable energy sources is projected to drive energy management systems market growth.
- North America accounted for a significant market share in 2023 due to the rise in investment in grid technology and growing awareness to reduce energy consumption and pollution levels.
- Some prominent players in the energy management systems market report include Schneider Electric, Siemens AG, Honeywell International Inc., ABB Ltd., General Electric Company, Johnson Controls International PLC, Eaton Corporation PLC, Cisco Systems Inc., Emerson Electric Co., Rockwell Automation Inc., Yokogawa Electric Corporation, Enel X, and others.
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