Published Date : 11 Apr 2024
The global energy management systems market size was exhibited at USD 52.35 billion in 2023 and is anticipated to touch around USD 174.30 billion by 2032, expanding at a CAGR of 14.30% from 2023 to 2032. The energy management systems market is expected to grow in the management of energy use across industrial, commercial, and public sector organizations.
The energy management systems market deals in various sectors, such as industrial, commercial, and public sector organizations. An energy management system is a system used by electricity grid operators to optimize and control the energy usage of devices such as lighting, pumps, fans, and HVAC that are generally found in large buildings such as factories, hospitals, and schools. The rising adoption of smart meters and smart grids is playing a major role in increasing the EMS market value. In addition, governments across the world are working to digitize national energy systems, enhancing their value and increasing their efficiency to drive economic market growth. The governments of various countries are focusing their vision towards affordable, safe, and sustainable energy systems; hence, it helps to enhance the market growth.
One important benefit of executing a facilities management system is reducing functional costs such as water services, lighting, cooling, and heating. An energy management system helps consistently track energy intake over a period and stores this data so you can have constant access to buildings' energy performance, permitting you to make calculated cost forecasts for future intake.
IoT is a growing technology that can be used to manage energy usage in residential, commercial, and industrial smart environments. The growth of IoT in the power and energy sector is developing smart infrastructure advancements to decrease the complications of the energy crisis. It also aims to decrease human interference in performing critical functions that further enhance workplace safety. Smart grids are designed to decrease permanent costs through power redirection of quick recovery and intelligent energy IoT monitoring solutions when power outages are detected. Rising investments in smart projects, including smart cities, smart buildings, and smart farming, create a high demand for advanced energy management systems. These factors may drive the growth and demand of the energy management systems market.
However, the initial high installation cost can restrain the growth of the market. In the long run, the systems are useful in saving energy and cost-cutting, but when they require a huge initial amount for installation. It causes issues when it comes to small businesses or businesses that are not able to make much profit. Such companies avoid installing energy management systems due to high cost. Apart from that, countries that are underdeveloped or developing are also notable for using these systems in many places due to their high cost.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 52.35 Billion |
| Projected Forecast Revenue by 2032 | USD 174.30 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 14.30% |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Development by Hopewind
Recent Developments by GridPoint Inc.
North America is expected to grow fastest during the forecast period. The government regulations related to energy management and storage are boosting the energy management systems market in North America. The government is executing policies that support the adoption of energy management systems.
In the U.S. energy management systems market, the value chain includes various important segments, including end-use, verticals, implementers, distributors, and manufacturers. The U.S. is a hub for various industries and organizations, including electronics, electrical, automation, and many more, which highly need energy management systems. The U.S. has become a great place of ongoing and new opportunities for the growth of the energy management systems market. The country is also known for innovation and integration of new technologies, which helps it grow further.
Asia Pacific dominated the energy management systems market in 2023. Urbanization and industrialization are creating the growth and demand of the EMS market. China and Japan are leading in technology and industrialization. The countries, along with South Korea, provide great opportunities for energy management systems.
The Chinese government has set various standards for managing energy in transportation, trade, commerce, and other industries that use 10,000 or more tons of coal for energy production. There are many other actions taken by China to manage energy.
In today’s rapidly developing technological platform, India positions itself as a major innovator in the global energy management sector. India’s positive approach to revolutionizing its energy management platform is epitomized by the development and adoption of smart grid technology. According to the Ministry of Power, the Indian Smart Grid Forum plays an important role in EMS transformation. These advanced smart meters offer a plethora of advantages that align with India's advanced energy management needs. Their capacities expand beyond energy measurement to include eco-friendly features, improved cost-efficiency, and data management.
Artificial Intelligence and Machine Learning
Artificial intelligence and machine learning are estimated to transform energy management by making it more adaptive and predictive. These modern technologies can identify vast amounts of data collected from different sources, such as smart devices and sensors, to identify usage patterns, optimization opportunities, and anomalies. This allows for the innovation of anticipating models that can provide real-time recommendations and expect energy demands for energy-saving actions.
Market Segmentation
By Product
By Component
By Solution
By Deployment
By Vertical
By End Use
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