The report "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", size is estimated to be USD 75.0 billion by 2027 (forecast year) from USD 38.6 billion in 2022 (estimated year), at a CAGR of 14.2% during the forecast period. The energy management systems market, is expected to witness significant growth during the forecast period. With such a high demand for energy resources, the volatility in energy prices centers on changes in supply and demand. Economic conditions, availability of energy resources, and increasing demand are the prime factors contributing to price volatility. With the advent of IoT for home automation and building automation purposes, managing energy efficiently has become a top priority. Hence, these factors are driving the need for energy management technology to monitor and optimize energy consumption, driving the growth of the global market of energy management systems.
Browse 156 market data Tables and 62 Figures spread through 249 Pages and in-depth TOC on "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"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/energy-management-systems-ems-market-1189.html
Industrial energy management systems, by type, is expected to occupy majority of the energy management systems market share
Industrial energy management systems segment, by type, is projected to hold the highest market share during the forecast period owing to the advantages of tracking, analyzing, and planning the energy consumption in an industry. The IEMS market has continued to develop rapidly over the past few years, wherein ISO 50001 has become the established standard. New technologies available today allow greater insight into energy procurement, energy use, and the management of energy as an input to the industrial process. The key factors contributing to this larger share are increase in energy consumption, government regulations, and the goal of reducing carbon emissions and tackling climate change, which will eventually increase the demand for industrial energy management systems.
Cloud Based segment by deployment is expected to grow at the highest CAGR from 2022 to 2027
Based on the deployment, the cloud-based segment is estimated to be the fastest-growing market from 2020 to 2027. Cloud-based systems provide access to information with greater flexibility. With the help of a cloud-based system, users can store information from many different data acquisition systems and access and analyze this information from different sites with one application. Because these systems are generally sold as a service, the consumer does not need to maintain and update the database and infrastructure, which again reduces wasted time and money that could be spent on implementing energy and money-saving practices based on the data received. Cloud-based software can allow small and medium-sized businesses to act faster than the established companies. This has expected to allow for a competitive edge in the market for energy management systems.
North America likely to emerge as the largest energy management systems market
North America accounted for the largest share in the global energy management systems market during the forecast period. North America’s market share can be attributed to the increased focus on home energy management systems with the increased installation of smart meters in the region. North America, followed by Europe contribute considerably to the global manufacturing and industrial sectors due to their developed economies and stringent government regulations related to efficient energy use. Integrating distribution automation and the sharing of infrastructure will help to further reduce operating costs in the industry. The Energy Department of the US is investing in strategic partnerships to accelerate investments in grid modernization. As a result, the region is expected to contribute substantially to the orders for energy management systems.
Schneider Electric (France), ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), and Siemens (Germany) are the key players in the global energy management systems market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441