Energy Management System Market Size Expected to Rise USD 60.54 Billion, at a 12.0% CAGR by 2029
According to Fortune Business Insights, the global energy management system Market size is projected to reach USD 60.54 billion by 2029, at a CAGR of 12.0% during the forecast period, 2023-2029
Pune, India, March 03, 2023 (GLOBE NEWSWIRE) — The global energy management system market size was USD 24.73 billion in 2021. The market is projected to grow from USD 27.31 billion in 2022 to USD 60.54 billion by 2029, exhibiting a CAGR of 12.0% during the 2022-2029 period. Increasing Demand for Smart Grids and Smart Meters to Boost Market Fortune Business Insights, provides this information in its report titled, “Energy Management System Market Forecast, 2023-2029.”
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Industry Developments:
Schneider Electric acquired Zeigo, a provider of the climate-tech platform. This acquisition will advance Schneider Electric’s range of clean energy solutions and services. Also, it will enhance the company’s digital energy transformation ambitions.
Honeywell International Inc. launched a battery energy storage system (BESS) platform. It integrates Honeywell’s distributed energy resource management, analytics functionality, and asset monitoring and supervisory control to allow organizations to optimize overall energy use.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 12.0% |
| 2029 Value Projection | USD 60.54 Billion |
| Base Year | 2021 |
| Energy Management System Market Size in 2021 | USD 24.73 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Deployment Type, Enterprise Size Industry, and Geography |
| Energy Management System Market Drivers | Rising Digitalization in EMS to Propel Growth |
Key Takeaways
- Growing energy demand due to rapid industrialization encourages governments across various countries to adopt efficient energy management system.
- The rising deployment of smart meters and smart grids also feeds the market growth.
- Type Analysis: System Segment to Grow Steadily During Forecast Period
- Digitalization has significantly contributed to the transformation of various industrial and commercial processes along with energy management.
- Energy Management System Market Size in North America was USD 9.23 Billion in 2020
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https://www.fortunebusinessinsights.com/industry-reports/energy-management-system-market-101167
Drivers & Restraints:
- Growth of the global energy management system is projected to be substantial over the forecast period
- largely due to the mounting deployment of smart grids and smart meters in both developed and developing nations.
- Government investments are anticipated to spur the market. In the future, favorable governmental initiatives and updated policies will ensure that the energy management system market continues to expand.
- The rising demand for services in various sectors is also being aided by the digitization of EMS. Despite this.
- The high costs associated with implementation and a lack of awareness may hinder the growth of the market.
Regional Insights:
North America Dominates Market Due to Rising Digitalization
North America holds the highest global energy management system market share during the forecast period due to these systems’ increasing adoption. Also, the presence of key market players in the region contributes to market growth.
Europe holds the second-highest market share due to the increasing demand for smart grid solutions and smart meters in various industries. Further, increasing awareness regarding energy efficiency is expected to drive the market.
Segments:
Oil & Gas Segment to Propel Growth During Forecast Period
By type, the market is bifurcated into systems and services. Further, the system is divided into home energy management, industrial and building energy management systems. Furthermore, services are categorized into monitoring & control, implementation & integration, maintenance, and consulting & training services.
Based on the end-users, the market is segmented into pharmaceutical, energy & utilities, automotive, oil & gas, building automation, manufacturing, and others.
Finally, by region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Competitive Landscape:
Key Players Collaborate with Supporting Companies to Expand their Business Reach
Key players in the market focus on forming strategic alliances, mergers, and partnerships to acquire higher market share and expand their business globally. Also, implementing innovative product development and redevelopment strategies allows key players to enhance their product portfolio. Furthermore, collaborating with supporting companies allow key players to explore new segmented market deliver their services worldwide.
Companies Profiled in the Energy Management System Market Share Report:
- General Electric Company (U.S.)
- IBM Corporation (U.S.)
- Honeywell International Inc. (U.S.)
- Rockwell Automation Inc. (U.S.)
- Schneider Electric SE (France)
- SAP SE (Germany)
- Siemens (Germany)
- Eaton (Ireland)
- Mitsubishi Electric Corporation (Japan)
- Cisco System Inc. (U.S.)
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Major Points of Table:
- Global Energy Management System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- System
- Services
- By End-User (USD)
- Oil & Gas
- Manufacturing
- Building Automation
- Energy & Utilities
- Automotive
- Pharmaceutical
- Others
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Energy Management System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- System
- Services
- By End-User (USD)
- Oil & Gas
- Manufacturing
- Building Automation
- Energy & Utilities
- Automotive
- Pharmaceutical
- Others
- By Country (USD)
- United States
- Canada
- Europe Energy Management System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD)
- System
- Services
- By End-User (USD)
- Oil & Gas
- Manufacturing
- Building Automation
- Energy & Utilities
- Automotive
- Pharmaceutical
- Others
- Global Energy Management System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
TOC Continued…
FAQ’s
How big is the energy management system market?
The Energy Management System Market size was USD 24.73 billion in 2021
How fast is the energy management system market growing?
The Energy Management System Market will exhibit a CAGR of 12.0% during the forecast period, 2022-2029
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