Global Energy Management System Market size is projected to be valued at US$ 66.71 Billion by 2030; with a CAGR of 11.6% from 2021 to 2030. The energy management system is used to monitor, and improve the performance of the transmission system and generation. Benefits of using EMS are reduction in carbon footprint and price, and increased energy efficiency, among others. Rising commercialization of innovative products and technological developments such as integration of SCADA, rising need in industrial sectors such as in power and manufacturing is anticipated to drive the market over the forecasted period.
Increasing energy usage and price instability, growing responsiveness regarding carbon footprint management obligatory rules and guidelines, and rising inclination towards effective energy management are the factors driving the growth of the energy management system market. However, inadequate financial resources and huge initial costs may hinder the growth of the market. Moreover, the renewal of old infrastructure and an increasing number of smart cities ventures in emerging countries might provide several growth opportunities in the forecasted years.
The global energy management system market is segmented into type, vertical, end-user, components, and geography. The energy management system market is segmented by type as industrial energy management system (IEMS), building energy management system (BEMS), and home energy management system (HEMS). Moreover, the market is segmented by vertical as power and energy, manufacturing, retail and offices, telecom and IT, healthcare, and other verticals. Further, end-user includes commercial and residential. The market is segmented by components into sensors, controllers, software, and other components.
Based on geography, the global energy management system market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas the Europe segment consists of the UK, Russia, Germany, France, Italy, and the Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and the Rest of Asia-Pacific while RoW is bifurcated into South America, the Middle East, and Africa.
The key market players include Cisco Systems, Inc., Honeywell International, Inc., Asea Brown Boveri (ABB) Ltd., General Electric Company, Schneider Electric SE, Siemens AG, International Business Machine Corporation, Eaton Corporation PLC, CA Technologies, and Emerson Electric Company, among others.
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Scope of the Global Energy Management System Market