The Energy Management Systems Global Market Report 2023 by The Business Research Company, provides energy management systems market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Energy Management Systems Global Market Report 2023, the market size is expected to grow from $43.26 billion in 2022 to $49.88 billion in 2023 at a compound annual growth rate (CAGR) of 15.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global energy management systems market size is expected to grow to $87.95 billion in 2027 at a CAGR of 15.2%.
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.
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The energy management systems market 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
Technological advancements are a key trend gaining popularity in the energy management systems market. Major companies operating in the energy management systems market are developing innovative technologies to sustain their position in the market. For instance, in May 2021, Robert Bosch Engineering and Business Solutions (RBEI), a Germany-based IT service management company, launched the Phantom Edge platform, based on AIoT (Artificial Intelligence of things) for real-time electrical energy consumption, operating usage, electrical parameters, and appliance level information. The platform can be used for real-time energy monitoring in retail, residential, healthcare, agriculture, and commercial applications.
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. Energy Management Systems Market Size And Growth
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26. Africa Energy Management Systems Market
27. Energy Management Systems Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Energy Management Systems Market
29. Energy Management Systems Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Schneider Electric SE
- ABB Ltd
- Eaton Corporation Plc
- Cisco Systems Inc
- GE Digital
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