Energy Management System Market Is Expected To Register An Impressive CAGR In The Forecast Period
Growing government
initiatives related to installation of smart meters & smart grids to drive
the Global Energy Management System Market in the forecast period.
According to TechSci Research report, “Energy Management System Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028,”
the Global Energy Management System
Market is expected to register robust growth during the
forecast period, 2024-2028. 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. Governments from many nations are focusing
their attention on developing safe, economical, and sustainable energy systems,
which is causing the market to expand. The need for energy management is
further reinforced by strict government rules and regulations for using
renewable and sustainable energy sources.
Energy Management Systems
enable energy monitoring and optimization by collecting, analyzing and
comparing consumption data of any energy carrier from customer specific systems
in real time. It also generates reports on how to reduce costs and consumption.
Energy Management Systems provide users with data on consumption patterns so
they can make informed energy management decisions and maximize savings. These
systems use energy monitoring software that collects and analyzes energy usage
data and delivers useful information directly to the customer's device.
Information can be displayed in various ways. The software collects data for
each commodity (electricity, heat, water, gas) using meters or submeters on
site or in buildings to get a complete picture of energy consumption. An energy
management system displays errors in real time and indicates which energy
saving measures would solve the problem. Additionally, it can provide key
performance indicators (KPIs) such as patterns related to specific areas of
energy use, intensity of energy use, and other indicators that help set energy
goals.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "Global
Energy Management System Market"
The Global Energy Management System Market is
segmented based on type, component, deployment type, end user and region. Based
on component, the market is further bifurcated into hardware and software.
Based on deployment type, the market is bifurcated into cloud based and on
premise. Based on end user, the market is further divided into manufacturing,
power & energy, IT & Telecom and Others.
Based on type, the Industrial Energy Management System
segment is expected to be the dominating segment. The need for the solutions is
primarily being driven by the industry 4.0 revolution and factory automation.
Their adoption is being accelerated by a cutting-edge, scalable
"energy-as-a-service" strategy, which frees up organizations to
concentrate on important business operations. The system shall continue to
improve in this way, supporting the segment's strong growth over the predicted
period. Government backing and the development of smart infrastructure
encourage significant investments in residential and commercial initiatives
including smart houses, smart buildings, and smart hospitals. These
infrastructures are expected to increase the market share by driving up demand
for energy-efficient homes and buildings.
Based on component, the market is further
bifurcated into hardware and software. During
the forecast period, Hardware segment is expected to be the
dominating segment. There is a wide range of
hardware for energy management that includes applications for communication,
sensing, and machine learning algorithms. In-home displays, meters,
thermostats, load control switches, sensors, and smart plugs are some of the
physical elements of energy management systems. Some of the auxiliary equipment
is included in the hardware of the EMS. A crucial component on which the
software component depends is the hardware. Additionally, hardware has far
greater costs than software and services, which accounts for its larger market
share.
Key market players in the Global Energy Management System Market are: -
- ABB Ltd
- Honeywell International, Inc.
- General Electric Co.
- IBM Corporation
- Siemens AG
- Cisco Systems, Inc.
- Eaton Corporation
- Schneider Electric SE
- Rockwell Automation Inc.
- Mitsubishi Electric Corporation
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"Europe
is expected to be the dominating region due to its goal of cutting primary
energy consumption by 30% by 2030 compared to 2008 levels. Energy providers are
required to put smart meters in 26 million homes by the UK government. The
European directive to reduce carbon emissions by 80% by 2050 along with the
rapid smart meter rollout and increased awareness of the energy problem have
been recognized as the key determinants affecting the development of the
nation's home energy management system. The lack of energy caused France to
rely increasingly on its coal-fired power plants, buy natural gas due to rising
prices brought on by the conflict between Russia and Ukraine, and use
coal-generated electricity from Germany.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting firm.
“Energy Management System Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028, Segmented
By Type (Building Energy Management Systems, Industrial Energy Management
Systems, Home Energy Management Systems), By Component (Hardware, Software), By
Deployment Type (Cloud Based, On Premise), By End User (Manufacturing, Power &
Energy, IT & Telecom, Others), By Region, Competition,” has evaluated the future growth potential of Global Energy
Management System Market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Energy Management System Market.
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