Report Overview
Product Overview:
Energy Management Systems Market size was USD 40.91 billion in 2021 and projected to grow from USD 53.9 billion in 2023 to USD 190 billion by 2032, exhibiting a CAGR of 15% during the forecast period.
An energy management system is a computer-supported tool used by operators of electric utility grids to inspect, regulate, and optimize the performance of transmission or production system and can be utilized in small scale systems like microgrids. Energy Management Systems is one of the evolving technologies that permits an organization to pool real-time data on the use of energy by estimating and visualizing consumption of energy and aids in taking data related decisions thereby improving the enterprise-level operation & financial decisions.
Market Highlights
Energy Management Systems Market is expected to project a CAGR of 15% during the forecast period, 2022-2032
Energy Management Systems Market is expected to reach USD 190 billion, growing at a CAGR of 15% during forecast period owing to the growing acceptance of smart meters and smart grids which are important in improving the market value. The initiatives taken by governments to digitize the national energy systems and their policies to maintain green and sustainable energy usage are anticipated to drive the demand for increasing efficiency thereby aiding in market growth. Increasing investments in energy-efficient solutions like smart buildings, smart industry projects may boost market growth.
Energy Management Systems Market Segmentation
Industrial Energy Management System segment is expected to grow with high CAGR during the forecast period
Energy Management Systems Market is classified based on the System Type into Home Energy Management System, Industrial Energy Management System, Building Energy Management System. Industrial Energy Management System segment is expected to dominate the market in the forecast period owing to the high demand for industry 4.0 revolution and the factory automation are expected to boost the market growth. The advancements in system like scalable ‘energy-as-a-service’ perspective is expected to drive the implementation to focus on business activities.
Industrial segment is expected to grow with high CAGR during the forecast period
Energy Management Systems Market is classified based on the End User (Healthcare, Residential/Smart Homes, Energy & Power, Commercial Building/Complex, Telecom & IT, Industrial. Industrial segment is expected to dominate the market in the forecast period owing to the increasing digitalization and automation which are transforming industries to be effective in improving their management capabilities. The increasing adoption of smart grids and smart metering technologies are anticipated to drive the demand forgrowth of the Energy Management Systems Market.
Market Dynamics
Growth Drivers
Increasing Digitalization is Expected to Boost the Growth of the Market
Digitalization has resulted in the modification of several commercial & industrial processes, along with energy management which is highly effective and permit connecting and coordinating the equipment and devices. Energy Management Systems allows to link energy and operational data together to achieve valuable conclusions about energy consumption and help the system operators to boost reliability of equipment by decreasing unplanned downtime, therefore digitization of energy can modify the energy management infrastructure.
Promoting Sustainable Energy is Expected to Boost the Growth of the Market
Governments are aiming to use resources in an efficient, sustainable energy system. The increasing demand of energy owing to industrialization is resulting in adoption of efficient energy management system. The rising environmental issues is leading to climate change and few energy associations are applying stringent norms regulations for efficient energy use. The increasing usage of smart meters grids is expected to boost the market growth. The advancements in technology related to energy and utility industries is aiding the smart infrastructure developments and the investments in smart projects id leading to establishing demand for energy management systems.
Restraint
High Cost of Implementation May Restrain the Growth of the Market
The unawareness of certain small and medium-sized industries regarding the benefits associated with energy management may restrain the market growth. The implementation cost required for the adoption of energy management systems is high which may hamper the growth of the market.
Recent Developments
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In January 2023, MicroEJ collaborated with Landis+GYR, to improve the environment related to application development for smart meters which initiated a digital foundation for boosting energy efficiency and sustainable energy management.
- In February 2023, Emerson combined its power and renewable energy abilities to install the Ovation Green platform which supported the power generation companies in reaching demands for green energy shifting and management.
Energy Management Systems Market
Key Players Covered:
- Schneider Electric SE
- GridPoint
- Johnson Controls, Inc.
- C3.ai, Inc.
- General Electric
- ABB
- Cisco Systems, Inc
- Siemens AG
- Emerson Process Management
- International Business Machines Corporation
- Daikin Industries
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Energy Management Systems Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North America region dominated the market in 2021 owing to the presence of countries in this region which provide revenue-generating opportunities. The increasing utilization of smart grids and infrastructural spending is expected to boost the market growth. Asia Pacific is expected to dominate the market in the forecast period owing to the industrialization and acceptance of energy management solutions in countries of this region. The advancement of technology for giving good output to customers may boost the growth of the market in the forecast period.
Impact of Covid-19 on Energy Management Systems Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 had negatively affected several industries. Due to the shutdown of several industries, there was a huge drop in the utilization of electricity and the demand had reduced. The requirement of energy management systems had reduced during the pandemic period. COVID-19 had a negative impact on the growth of the energy management systems market.
Energy Management Systems Market is further segmented by region into:
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North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Energy Management Systems Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 15% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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By System Type |
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By Deployment |
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By Industry |
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By Component |
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By Application |
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By End User |
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By Region |
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Frequently Asked Questions (FAQ):
Energy Management Systems Market size was estimated at USD 40.91 billion in 2021 and is expected to reach USD 190 billion in 2032.
An energy management system is a computer-supported tool used by operators of electric utility grids to inspect, regulate, and optimize the performance of transmission or production system and can be utilized in small scale systems like microgrids.
Industrial Energy Management System and Industrial segment accounted for the largest Energy Management Systems market share.
Key players: Honeywell International Inc., Schneider Electric SE, GridPoint, Johnson Controls, Inc., C3.ai, Inc., General Electric, ABB, Cisco Systems, Inc, Siemens AG, Emerson Process Management, International Business Machines Corporation, Daikin Industries and Other Prominent Players are the key players in the Energy Management Systems Market.
Increasing Digitalization and Promoting sustainable energy are the factors driving the Energy Management Systems market.
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