The global energy management system market size is projected to account for USD 117.83 billion by 2025 and registering a CAGR of 17.1% over the forecast period from 2019 to 2025, according to a new report by Million Insights.
Increasing number of smart city projects across the globe is expected to drive the market growth over the forecast period. The selection of proper vendors is important for monitoring and implementing EMS solutions. Installing energy meters in critical areas and creating an interactive communication program for end-users have resulted in advanced monitoring of insights.
EMS includes several components such as meter, sensors, and devices to monitor and measure energy consumption and other information. These components transmit data through a wireless network to centrally located servers where the interactive application supports end-users to optimize and analyse information. Several industry players offer software, hardware, and consulting services to run program efficiently. If the energy meters are capable to run on open protocols like MODBUS, end-users do not need to depend on particular software or hardware vendor.
Due to the increasing costs of oil, gas, electricity, and energy, industries are becoming more conscious of utilizing, maintaining, and conserving energy resources efficiently. Decreasing cost in primary as well as secondary renewable energy sources plays a vital role in the reduction of manufacturing cost.
Demand for EMS solutions is increasing among enterprises in order to monitor energy consumption efficiently. Energy consumption is increasing across industrial and transport sectors which lead to several environmental concern. Thus, the demand for an intelligent management system for efficient operations becomes essential, which is expected to fuel the energy management system market growth in the next few years.
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Further key findings from the report suggest:
• The HEMS segment is projected to grow with the CAGR of more than 19% during the forecast period due to the growing adoption of HEMS in order to reduce carbon emissions.
• The demand response management is projected to emerge as the fastest growing segment during the forecast period. This growth is attributed to the growing demand for this solution for monitoring, controlling, and scheduling Distributed Energy Resources (DERs).
• Growing adoption of EMS in transmission operations and power generation is projected to boost the demand in the power and energy segment during the forecast period.
• EMS is majorly used in commercial buildings to monitor equipment and collects energy usage data for maintenance needs.
• Asia Pacific is projected to account for USD 29.13 billion by 2025 and is expected to grow with the highest CAGR during the forecast period. This growth is attributed to a high number of effective management solutions in China and India.
• Major participants include in this market are C3 Energy, Schneider Electric, Siemens AG, Honeywell International Inc., General Electric Company, Emerson Process Management, Elster Group GmbH, ABB, IBM, Toshiba Corporation,Daikin Industries, Daintree Networks, Jones Sang LaSalle, Johnson’s Control International., and Gridpoint Inc.
Million Insights has segmented the global energy management system market on the basis of product, component, solution, vertical, end use and region:
Energy Management Systems (EMS) Product Outlook (Revenue, USD Billion; 2014 - 2025)
• Industrial Energy Management Systems (IEMS)
• Building Energy Management Systems (BEMS)
• Home Energy Management Systems (HEMS)
Energy Management Systems (EMS) Component Outlook (Revenue, USD Billion; 2014 - 2025)
• Display Devices
Energy Management Systems (EMS) Solution Outlook (Revenue, USD Billion; 2014 - 2025)
• Carbon Energy Management
• Demand Response Management
• Utility Billing and Customer Information System
Energy Management Systems (EMS) Vertical Outlook (Revenue, USD Billion; 2014 - 2025)
• Power & Energy
• Telecom & IT
• Retail & Offices
Energy Management Systems (EMS) End Use Outlook (Revenue, USD Billion; 2014 - 2025)
Energy Management Systems (EMS) Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa