Overview and Scope
Energy management system refers to an integrated system consisting of software that can control, manage, and store energy parameters, analyze the usage, and analyze the wastage of energy to reduce costs for electricity. These are integrated with innovative technologies such as artificial intelligence and IoT to improve the effectiveness of the energy management system and make it more insightful for customers and are used for controlling and optimizing energy usage of various electronic devices such as fans, pumps and others.
Sizing and Forecast
The energy management systems market size has grown rapidly in recent years. It will grow from $49.88 billion in 2023 to $57.65 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to energy cost savings, environmental sustainability, regulatory compliance, operational efficiency, corporate social responsibility.
The energy management systems market size is expected to see rapid growth in the next few years. It will grow to $106.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to renewable energy integration, resilience planning, demand response initiatives, economic trends, increasing focus on net-zero goals. Major trends in the forecast period include blockchain for energy transactions, advanced energy analytics and visualization, integration of internet of things (IoT), regulatory compliance and sustainability reporting, collaboration with utility providers.
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Segmentation & Regional Insights
The energy management systems market covered in this report is segmented –
1) By Type: Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems
2) By Component: Hardware, Software, Services
3) By Deployment: On-Premise, Cloud Based
4) By End-User: Power And Energy, Telecom And IT, Manufacturing, Residential And Commercial, Food And Beverages, Other End-Users
North America was the largest region in the energy management systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global energy management systems market report during the forecast period. The regions covered in the energy management systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing usage of smart grids and smart meters is expected to propel the growth of the energy management systems market forward. A smart grid is a digital technology that supplies electricity via two-way digital communication, whereas, a smart meter is an electronic meter that measures and records energy consumption data and communicates remotely with the utility. The usage of smart meters and grids has increased in recent years owing to their effectiveness in reducing the cost to customers due to electricity. Since smart meters and grids are components of energy management systems, the increasing usage of smart meters and smart grids is driving the energy management systems market forward. For instance, according to the Institute for Electric Innovation (IEI), a US-based research institute, the total number of smart meter installations in the U.S. as of December 2022 was 119 million. As a result, the increasing usage of smart meters and smart grids are propelling the growth of the energy management systems market.
Key Industry Players
Major companies operating in the energy management systems market report are Siemens AG, General Electric Company, Hitachi Energy Ltd., Raytheon Technologies Corporation, Panasonic Corp., IBM Corporation, Cisco Systems Inc., Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, Broadcom Inc., Danaher Corp., ABB Ltd., Toshiba Corporation, Daikin Industries Ltd., Johnson Controls International PLC, Eaton Corporation PLC, Carrier Corporation, Trane Technologies PLC, Emerson Electric Co., Delta Electronics Inc., Rockwell Automation Inc., Lennox International Inc., Yokogawa Electric Corp., C3.ai Inc., Legrand S.A., Elster Group GmbH, EnerNOC Inc.
The energy management systems market report table of contents includes:
1. Executive Summary
2. Energy Management Systems Market Characteristics
3. Energy Management Systems Market Trends And Strategies
4. Energy Management Systems Market – Macro Economic Scenario
5. Global Energy Management Systems Market Size and Growth
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31. Energy Management Systems Market Other Major And Innovative Companies
32. Global Energy Management Systems Market Competitive Benchmarking
33. Global Energy Management Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Energy Management Systems Market
35. Energy Management Systems Market Future Outlook and Potential Analysis
36.Appendix
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