TMCnet News
Energy Management Systems Market to be Worth $111.60 Billion by 2030: Grand View Research, Inc.SAN FRANCISCO, Oct. 31, 2022 /PRNewswire/ -- The global energy management systems market size is expected to reach USD 111.60 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to grow at a CAGR of 13.2% from 2022 to 2030. Soaring installation of Energy Management Systems (EMS) has emerged as an invaluable practice to enhance performance and sustainable energy efficiency. Stakeholders have prioritized energy reduction to minimize greenhouse gas emissions and costs and boost the energy supply chain. EMS is poised to gain ground with utilities seeking increased operational control and visibility. Prominently, the expanding footfall of smart buildings has expedited the installation of smart grids and smart meters, thereby bolstering growth.  Key Industry Insights & Findings from the report:
Read 100-page full market research report for more Insights, "Energy Management Systems Market Size, Share & Trends Analysis Report By System Type, By Component, By Deployment, By Vertical (Residential, Manufacturing, Retail, Telecom & IT), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research. Energy Management Systems Market Growth & Trends Smart homes have reinforced the value proposition of energy management by monitoring energy usage. Besides, electricity providers have exhibited an inclination for intelligent solutions, including smart thermostats and smart sensors. The rising footprint of Industry 4.0, cloud analytics, IoT, and sensors will solidify the position of leading companies gearing to boost their portfolios. In essence, smart energy management has gained ground in controlling, monitoring, optimizing, and measuring energy consumption. Industry players are also expected to bank on AI-powered EMS to manage and monitor the behavioral patterns of the system and optimize energy usage. Industrial Energy Management System (IEMS) has emerged as a promising source to help minimize energy costs and underpin resiliency. Industrial companies with production facilities, warehouses, and aftermarket services have prioritized EMS to expand their footfall across under-penetrated areas. Notably, smart solutions have fueled the trend to streamline energy management across North America, Europe, and Asia Pacific. With sustainable energy receiving impetus, smart energy management could add fillip to the growth of the global industry. EMS solutions are expected to help minimize production risk, cut quality and compliance costs and enhance energy use. Some factors, such as volatile energy costs and the adoption of state-of-the-art technologies, will foster market value. Stakeholders anticipate smart IEMS to streamline efficient energy management, and real-time monitoring of metering locations, reduce downtime, maximize energy savings, and reduce OPEX. Moreover, the prevailing trends allude to a strong inclination towards IEMS across automotive, oil & gas, manufacturing, and food & beverage industries, auguring well for the market growth. Asia Pacific could witness investment galore with the rising footprint of clouds acros China, Japan, Australia, and India. To illustrate, in November 2021, ELES collaborated with New Energy and Industrial Technology Development Organization (NEDO) and Hitachi, Ltd. to complete the cloud-based Advanced Energy Management System (AEMS). Cloud-based AEMS has become sought-after for voltage dips mitigation measures, autonomous operation during power grid accidents, and providing flexibility to the electricity transmission system. Real-time data sources have become trendier in giving information on weather forecasts and the current and future energy market. Moreover, IoT and AI-based solutions will gain prominence across Building Energy Management Systems (BEMS) and Home Energy Management Systems (HEMS) for enhanced security, savings, and efficiency. Besides, Eaton will apparently join forces on energy management system interoperability with Areti, Terna, and ENEL in Rome and Copenhagen. Meanwhile, in October 2020, Emerson reportedly completed the acquisition of Open Systems International, Inc. (OSI Inc.) for USD 1.6 billion in an all-cash transaction. Emerson expects the acquisition will bolster the end-to-end ability to optimize, control and monitor real-time operations in the power sector. Leading companies are poised to prioritize advanced technologies to leverage real-time data to minimize energy consumption and bolster energy efficiency. Energy Management Systems Market Segmentation Grand View Research has segmented the global energy management systems market based on system type, component, deployment, vertical, and region Energy Management Systems Market - System Type Outlook (Revenue, USD Million, 2017 - 2030)
Energy Management Systems Market - Component Outlook (Revenue, USD Million, 2017 - 2030)
Energy Management Systems Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)
Energy Management Systems Market - Vertical Outlook (Revenue, USD Million, 2017 - 2030)
Energy Management Systems Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in the Energy Management Systems Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Next Generation Technologies Industry Research Reports. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
|
View original content: