Energy Management System Market 2023 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030
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An energy management system is a comprehensive software and hardware
solution designed to monitor, control, and optimize energy consumption in
various sectors. The main goal of an energy management system is to achieve
efficient energy usage while maintaining operational requirements. At its core,
an energy management system collects and analyzes data related to energy usage
from different sources such as smart meters, sensors, and building management
systems. It includes features such as energy monitoring, data analytics, energy
control, automation, and reporting. Energy management systems functionalities
allow various end-users, including residential & commercial, power &
energy, telecom & IT, manufacturing, and pharmaceuticals among others, to
understand their energy usage patterns, set energy reduction goals, implement
energy-saving measures, and measure the effectiveness of their efforts, have
better control over their energy usage and make informed decisions to improve
energy efficiency. The global energy management system market is anticipated to
experience a substantial growth due to increasing awareness about the
importance of energy efficiency, sustainability, and cost savings.
Organizations across various industries are recognizing the benefits of
implementing these systems, such as reduced energy expenses, compliance with
regulations, environmental impact reduction, and improved operational
efficiency.
The energy management system market is anticipated to reach USD XXX.X
million by 2030 from USD XXX.X million in 2022, at a CAGR of 12.8% during the
forecast period.
Growing environmental concerns, stricter energy regulations, advancements
in technology (e.g., IoT integration, cloud-based solutions), and the
increasing demand for energy optimization in emerging economies coupled with
ongoing innovative developments and improvements in energy management systems,
is expected to further boost the global energy management system market during
the forecast period 2023-2030.
Growth Drivers:
Governments worldwide are implementing stringent
regulations and initiatives to promote energy efficiency, reduce carbon
emissions, and achieve sustainability goals. Energy management systems help
organizations comply with these regulations by providing tools for monitoring,
controlling, and reporting energy usage. Incentives and mandates provided by
governments further drive the adoption of energy management systems.
The growing focus on energy efficiency is a
major driver in the energy management system market. Organizations are
realizing the importance of optimizing energy usage to reduce waste and improve
operational efficiency. Energy management systems provide real-time monitoring,
analytics, and automation capabilities, helping businesses identify
energy-saving opportunities and optimize their energy consumption.
Energy management systems offer significant cost
savings potential, contributing to their adoption. By optimizing energy usage
and implementing energy-saving measures, organizations can reduce their energy
bills and operational expenses. The quick return on investment and long-term
cost savings make energy management systems an attractive proposition for
businesses across industries.
Technological advancements play a crucial role
in the growth of the energy management system market. Integration of advanced
technologies such as the Internet of Things (IoT), artificial intelligence
(AI), and big data analytics enhance the capabilities of energy management
systems. These technologies enable real-time data monitoring, predictive
analytics, and automation, leading to improved energy efficiency and
performance optimization.
Energy Management System Segmentation:
By Product Type:
·
Home Energy Management System
o
Sensors
o
Control System
o
Metering & Field Equipment
o
Software
o
Display Devices
o
Others
·
Building Energy Management System
o
Sensors
o
Control System
o
Metering & Field Equipment
o
Software
o
Display Devices
o
Others
·
Industrial Management System
o
Sensors
o
Control System
o
Metering & Field Equipment
o
Software
o
Display Devices
o
Others
·
Services
By Component:
·
Software
·
Hardware
·
Services
By Deployment Type:
·
On-Premise
·
Cloud Based
By Application:
·
Property Safety
·
Automation
·
Energy Distribution
·
Design
·
e-Mobility
·
Others
By End-User:
·
Power & Energy
·
Telecom & IT
·
Manufacturing
·
Residential & Commercial
·
Pharmaceutical
·
Others
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Energy Management System Market by Product Type Review:
Based on the product type, the energy management
system market is segmented into four segments including the home energy
management system, building energy management system, industrial energy
management system, and services. On the basis of product type, the industrial
energy management system segment is expected to dominate the market in terms of
market share, while the building energy management system segment is predicted
to grow at the highest rate in terms of CAGR during the forecast period.
Energy Management
System Market by Component Review:
Based on the component, the energy management
system market is segmented into software, hardware, and services. On the basis
of component, the hardware segment is expected to be the largest in terms of
market share, while the software segment is predicted to grow at the highest
rate in terms of CAGR during the forecast period.
Energy Management
System Market by Deployment Type Review:
Based on the deployment type, the energy
management system market is segmented into on-premise, and cloud based. On the
basis of deployment type, the on-premise segment is expected to be the largest
in terms of market share, while the cloud based segment is predicted to grow at
the highest rate in terms of CAGR during the forecast period.
Energy Management
System Market by Application Review:
Based on the application, the energy management
system market is segmented into property safety, automation, energy
distribution, design, e-mobility, and others. On the basis of application, the energy
distribution segment is expected to be the largest in terms of market share,
while the automation segment is predicted to grow at the highest rate in terms
of CAGR during the forecast period.
Energy Management
System Market by End-Users Review:
Based on the end-user, the energy management
system market is segmented power & energy, telecom & it, manufacturing,
residential & commercial, pharmaceutical, and others. On the basis of end-user,
the manufacturing segment is expected to be the largest in terms of market share,
while the power & energy segment is predicted to grow at the highest rate
in terms of CAGR during the forecast period.
Regional Outlook:
The energy
management system market research report offers detailed analysis and forecasts
for five major regions i.e., North America, Europe, Asia Pacific (APAC), Latin
America, and the Middle East & Africa.
The North America region is forecasted
to dominate the global energy management system market followed by Asia Pacific,
Europe and Latin America during the forecast period 2023-2030.
The North America region is forecasted
to maintain its dominant position in the global energy management system
market, accounting for a projected market share of XX.X% in 2022. The regional
energy management system market is fueled by the factors well-established
industrial sector, strong environmental and energy efficiency regulations, and
a growing focus on sustainability. Moreover, partnerships and collaborations
between energy management system providers, utilities, and government agencies
play a crucial role in driving market growth. The adoption of advanced
technologies, such as artificial intelligence, IoT integration, and cloud-based
solutions, is expected to further boost the energy management system market in
North America region during the forecast period 2023-2030.
Within North America, the United States
and Canada are seen to hold a dominant portion of the energy management system
market due to advanced technological infrastructure, stringent energy
regulations, presence of major market players, and a growing emphasis on
sustainable practices.
The Asia Pacific region is the fastest
growing market in terms of CAGR during the forecast period owing to the
region's expanding industrial sector, increasing energy consumption, and
environmental concerns. Countries like China, Japan, and India are investing in
energy-saving initiatives, renewable energy integration, and smart grid
technologies, creating significant opportunities for EMS solutions. The rising
urbanization, infrastructure development, and focus on sustainable practices,
is expected to further boost the energy management system market in Asia
Pacific during the forecast period.
Key Companies in Energy Management System Market:
The research
report offers a competitive analysis of prominent companies operating in the
energy management system market. Some of the leading players profiled in the
market research report include:
·
Honeywell International
Inc.
·
General Electric Company
·
ABB Ltd.
·
Siemens AG
·
Emerson Electric Co.
·
Schneider Electric SE
·
Johnson Controls
International
·
C3.ai, Inc.
·
Rockwell Automation, Inc.
·
Yokogawa Electric
Corporation
·
Other Players