Energy Management System Market is projected to grow at a CAGR of 12.75% during the forecast period: MRFR

Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Energy Management System Market.

Energy Management System Market Highlights

The Energy Management System Market is predicted to reach USD 101.36 Billion by 2032, registering a 12.75% CAGR during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. As per MRFR analysis, the Energy Management System market is expected to grow significantly over the forecast period due to several factors. An energy management system (EMS) is software that allows you to control and monitor the electric utilities and devices that use electricity. For instance, an energy management system may be used to handle the individual HVAC units in each guest room at any hotel. The EMS provides you with information on energy usage in order to maximize functionality and comfort while minimizing consumption and utility expenses.

In addition to the EMS interface, an EMS typically consists of three components: energy usage metering sensors, a control system that sends commands from the EMS interface, and the actual controlled equipment, such as air conditioners, fans, or lights.

Energy prices fluctuate due to supply and demand fluctuations. Extreme weather, economic conditions, and supply availability are all factors that influence energy prices. The World Energy Outlook predicts that energy consumption would rise by 60% over the next 25 years, with developing countries accounting for the majority of this increase. In rising countries, fossil fuels such as coal and thermal power plants currently offer a significant amount of energy. This is the most cost-effective non-renewable energy generation method. Energy management systems contribute to the lowering of energy costs. Even governments in both developed and developing countries are implementing various programmes and policies to encourage the development and acceptance of energy management systems in the global market. Energy management system is recognised as one of the most inventive solutions for the power and energy industries.

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Segmental Analysis

The scope of the global Energy Management System market has been segmented based on type, component, deployment, Industry Vertical and region

By type segment of energy management system market has been segmented into the industrial energy management system, building energy management system, and home energy management system. During the projected period, the demand for home energy management system segment is expected to rise rapidly.

By component segment of the energy management system market has been segmented into hardware, software, and services. During the projected period, the demand for software segment is expected to grow rapidly.

By deployment, the energy management system market has been segmented into On-Premises and Cloud. During the projected period, the cloud segment is expected to rise rapidly. Cloud-based energy management software is the dominant tool for managing energy in any organization, regardless of industry. By using cloud computing, service providers can access elastic IT resources such as storage, servers, and computing, which allows them to scale up and down as client needs change.

By Industry Vertical segment of the energy management system market has been segmented into IT & Telecom, power & energy, manufacturing, oil & gas, automotive, healthcare, residential, pharmaceutical, and others. Power & Energy segment expected to experience significant growth during the forecast period.

Regional Analysis

Geographically, the global Energy Management System market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Geographically, The Europe contributes second highest market share in energy management system. Energy Management System continues to gain traction in the region, business participants are expected to open doors in the U.K., France, Italy, and Germany. Adoption of positive energy policies is the main cause of the expansion. The EU's 27 member states made a commitment to cut emissions by at least 55% by 2030 in July 2021. Additionally, according to the U.K. government, around 700,000 homes will be updated by 2025, and by 2050, all structures will be low carbon heated. The tendency could increase Europe's market share for energy management systems. Governments are anticipated to concentrate on reducing energy use to reduce energy prices and emissions.

Europe Energy Management System (EMS) encompasses all measures used to conserve the energy that is currently accessible. Instead, it refers to a broader notion that deals with the process of managing, controlling, and saving energy in commercial, industrial, and even residential facilities. This can be done to conserve available energy. Additional factors that are causing the market to grow include the increasing use of smart grid services, the increased competitiveness among industrial companies, the affordability of these solutions, which is driving demand from developing nations, as well as government policies and incentives.

Key Players

The key players in the global Energy Management System market are C3 energy, Delta Electronics Inc, Dexma, General electric company, Gridpoint Inc,. Honeywell international Inc, Johnson controls international plc, Schneider electric SE, Siemens AG, Yokogawa electric corporation, Mitsubishi Electric Corporation, ABB Ltd, Cisco System Inc., IBM Corporation, CA Technologies, Eaton Corporation, and Rockwell Automation.