The global Energy Management Systems Market is expected to grow from an estimated USD 40.7 billion in 2023 to USD 75.6 billion by 2028, at a CAGR of 13.2% during the forecast period. Several laws and regulations aimed at reducing energy consumption and spreading awareness regarding energy conservation have been enacted by regional governments worldwide. These regulations and policies function as a driving force for the EMS market in application areas such as the industrial, commercial, and residential sectors. Governments across several countries are working toward decarbonization which involves different processes. Due to the high rise in carbon emission rates, many countries have established or have already installed standards and norms about energy consumption and reducing the carbon footprint. Efficient energy consumption is one of the most cost-effective methods for reducing carbon footprints.
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Energy efficiency is the use of less energy to perform the same task or produce the same result. Energy-efficient homes and buildings use less energy to heat, cool, and run appliances and electronics, and energy-efficient manufacturing facilities use less energy to produce goods. The Go Green initiative is gaining momentum, and organizations are realizing the importance of publicizing their energy conservation initiatives. They gain a competitive edge by positioning themselves as an eco-friendly company, as this helps them gain consumer confidence and community recognition. Many top global companies are now focusing on becoming eco-friendly and have a deep commitment to sustainable energy.
Power & Energy industry is estimated to be the second-fastest growing energy management systems market.
Every step toward improving efficiency and minimizing energy waste is crucial, and irrespective of the type of facility, power becomes an important tool. Certain examples include the petroleum industry, gas industry (natural gas and coal gas), electrical power industry, and the nuclear/coal industry. These industries are the main sources of energy supply and must simultaneously deliver cost-effective and reliable energy while addressing environmental issues. Unplanned outages, equipment glitches, and poor power quality can increase costs daily. Proper power and energy management systems in place can help in reducing costs, improve operational efficiency, and meet sustainability goals. Power management systems are integrated with power meters, power management software, and power quality mitigation equipment. Power management is primarily about the enhancement of electrical reliability or availability.
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North America likely to emerge as the largest energy management systems market.
North America dominated the global energy management systems market, followed by Europe and the Asia Pacific. The region, by country, has been segmented into the US, Canada, and Mexico. The industrial sector is a major economic driver for the region, which was negatively impacted due to the global pandemic. Hence, it caused a disparity in supply and demand because of the insufficient raw material supply. Disruption of trade negatively impacted the growth of the energy management systems market. On the other hand, the electricity consumption experienced a high rise in the residential sectors, since due to the implementation of the lockdowns, people were locked in houses, which increased the electricity usage in the residential settings. Home energy management systems have experienced a rise in demand for energy management systems in the region.
Key Market Players:
The Energy Management Systems Market is dominated by a few globally established players such as ABB (Switzerland), Siemens (Germany), Schneider Electric (France), General Electric (US), Emerson (US), Cisco Systems, Inc. (US), Honeywell International Inc. (US), Eaton (Ireland), Mitsubishi Electric Corporation (Japan), IBM (US), Hitachi (Japan), Rockwell Automation, Inc. (US), Yokogawa Electric Corporation (Japan), C3 AI (US), Delta Electronics, Inc. (US), Enel X (Italy), Neptune India (India), Weidmuller (Germany), Energy Management Systems, Inc. (US), Distech Controls (Canada).
