The global energy management systems market is expected to observe significant growth due to the increase in the proclivity of energy efficiencies and regulatory obligations. Furthermore, emerging economies are expected to create huge growth opportunities in the coming years. However, hidden costs, financial strains, and long payback may restrain the market’s growth.
The global energy management systems market is anticipated to generate a revenue of $161.9 billion by 2030. The market garnered $36.2 billion in 2020 and is expected to show a stunning CAGR of 16.2% from 2021 to 2030.
The AMR report also covers the market’s leading growth drivers, restraints, and investment opportunities to aid businesses in understanding the industry comprehensively. The growing preference for energy-efficient power systems in different end-use sectors such as manufacturing, food processing, semiconductor fabrication, and more, is predicted to create numerous growth opportunities in the market. However, volatility in energy prices and fluctuations in the supply and demand of different fossil fuels has restricted the growth of the industry. Also, technological advancements in the field of power generation and energy storage are predicted to impact the industry positively.
The report divides the global energy management system market into different segments based on end-user, type, component, application, and region.
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By region, the global energy management systems industry is evaluated across several regions including North America, Asia-Pacific, Europe, and LAMEA. The Asia-Pacific region held the biggest market share, contributing to around one-third of the market. Furthermore, the region is predicted to exhibit the highest CAGR of 17.9% over the analysis timeframe.
By component, the report is classified into service and solution. The solution segment generated the highest market share in 2020, providing around three-fourths of the market. On the contrary, the service segment is predicted to manifest the highest CAGR of 18.5% over the analysis timeframe.
Based on end-user, the energy and utilities segment held the maximum market share in 2020, generating around one-third of the market. On the other hand, the healthcare segment is predicted to showcase the greatest CAGR of 19.1% from 2021 to 2030.
The global energy management systems market also includes a thorough analysis of the prominent market players such as Schneider Electric, Siemens AG, Johnson controls international plc., yokogawa electric corporation, Honeywell International Inc., C3 energy, Gridpoint Systems, Delta electronics, General Electric company, and Dexma.
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Latest Developments in the Industry
The advent of artificial intelligence and IoT has increased the revenue share of energy management systems. In the construction sector, for instance, IoT-enabled smart devices are regularly used to collect data on different parameters such as indoor air quality, lighting conditions, power consumption, and more. This data is then used to regulate the energy supply of the building, thus aiding in resource optimization. Moreover, these technologies have helped reduce the carbon footprint of the real estate development sector.
Similarly, AI-driven power systems are used to analyze the vast volumes of data that are generated by sensors and actuators used in energy management systems. Based on the information collected, that are likely to disrupt the functioning of the system. The predictive maintenance capabilities of these systems thus aid in bringing down the cost of repairs significantly.
In summary, the AMR report throws light on the major factors influencing the energy management systems market. The study also highlights the competitive scenario of the industry to help companies formulate their expansion strategies in the long run. The focus on technological advancements enables businesses to stay updated on the latest developments in the sector.
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Key Industry Development –
February 2023: Tata Power partnered with the Virtual Power Plant (VPP) and Distributed Energy Management System (DERMS) provider AutoGrid to deploy an AI-enabled smart energy management system focusing on the behavioural demand
response across its residential, commercial, and industrial customers in Mumbai. This program will help address peak demand challenges and support India’s clean energy transition and Net Zero Goals.
February 2023: SWTCH Energy, a company specializing in electric vehicle (EV) charging solutions for multi-tenant properties, partnered with AutoGrid, the industry’s leading virtual power plant (VPP) and distributed energy resources management system (DERMS) provider, to integrate 250 EV chargers in multi-tenant properties into an active demand response program with a Canadian utility. This partnership marks the first demand response program in North America to incorporate EV chargers in multi-unit residential buildings.
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