Energy Management Systems Market Size To Hit US$ 153.62 Bn By 2030

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Tokyo, May 03, 2022 (GLOBE NEWSWIRE) -- The global energy management systems market was estimated at US$ 45.11 billion in 2021. In the global market, energy management systems are gaining traction. The deployment of automated energy management systems has accelerated in recent decades. The market for energy management systems is expanding and developing in response to rising concerns about pollution and carbon emissions. Additionally, the government is highlighting the necessity of energy usage, which is strengthening the market for energy management systems.

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Furthermore, the increasing usage of renewable energy sources is increasing the demand for energy management systems. The worldwide energy management systems market is being developed in collaboration with government agencies by the key industry participants. Energy management systems are inherently cost-effective and efficient. This factor is driving the growth of the energy management systems market globally.

Regional Snapshot

The Asia-Pacific region led the market with highest revenue share in 2021. Energy management systems are in high demand in Asia-Pacific due to a lack of electricity in some locations. The market is also being driven by growing industrialization and urbanization. The large investments in the development of energy management systems are contributing to the market's growth in Asia Pacific region.

The North America region is expected to grow at the fastest rate. Government laws governing energy storage and management are propelling the market forward. Furthermore, the government is enacting rules that encourage the adoption of energy systems. This aspect is propelling the energy management systems market in North America to new heights.

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Report Highlights

• The building energy management systems (BEMS), home energy management systems (HEMS), and industrial energy management systems (IEMS) are the different product types of energy management systems. Among all these segments, the industrial energy management systems (IEMS) is the dominating segment. This is due to the rapid adoption of the energy management systems in industrial areas.
  
• On the basis of component , sensors dominate the energy management systems market. Technological advancements and the adoption of innovative products are driving the segment's growth.
  
• By solution , the carbon energy management holds the largest market share in the global energy management systems market. Carbon energy management systems are in high demand due to causes such as the depletion of fossil fuels and increased environmental concerns.
  
• On the basis of vertical , power and energy dominate the energy management systems market. In the power and energy industries, energy management systems are frequently employed. Energy management systems make it possible to detect and monitor energy usage on a regular basis. This also aids in the seamless operation of industries. As a result, this element is fueling the segment's expansion.
  
• By end use , the residential holds the largest market share in the global energy management systems market. Residential energy management systems are used. Over the projected period, the worldwide energy management systems market will be driven by growing electricity billing rates in residential regions.
  

Market Dynamics

Drivers

Growing government initiatives

Due to rising environmental concerns and to reduce or curb the carbon emissions and greenhouse gases emissions, the governments all around the world are taking continuous efforts. The favorable government policies are helping to drive the demand for energy management systems. The government is also investing into the infrastructural development projects. Thus, all of these factors are driving the growth of the energy management systems market.

Restraints

Lack of awareness

The demand for energy management systems has increased over the period of time. The energy management systems are adopted in every vertical of industries. The energy management systems help in energy consumption. However, small and medium sized enterprises are not aware about energy management systems. Thus, lack of awareness about the energy management systems is hindering the growth of the energy management systems market globally.

Opportunities

Surge in installation of smart meters and grids

The demand for advanced energy management systems is growing due to development of smart infrastructure. This has directly impacted the adoption of smart grids and meters in the developed and developing nations. The installation of smart grid enables to reduce cost and enhanced efficiency. As a result, surge in installation of smart meters and grids is creating lucrative opportunities for the energy management systems market growth.

Challenges

High cost of implementation

The energy management systems have wide range of advantages such as cost saving and energy saving. But the implementation of the energy management systems requires huge amount of money. Some of the small and medium level organizations are not able to afford such huge amounts. The implementation includes labor and land, which is characterized as huge costs. Thus, high cost of implementation is a huge challenge for the expansion of the energy management systems market.

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Recent Developments

• The Enel Group, through its innovative energy services business line, Enel X, and European infrastructure investment fund Infracapital reached an agreement in January 2020 to expand the Cogenioenergy efficiency and distributed generation joint venture through a new firm operating throughout Spain.
• Mitsubishi Electric Corporation acquired Smarter Grid Solutions of the UK in August 2021. The acquisition will help the company improve its distributed energy resource management products.

Market Segmentation

By Product

• Industrial Energy Management Systems (IEMS)
• Building Energy Management Systems (BEMS)
• Home Energy Management Systems (HEMS) 
  

By Component

• Sensors
• Controllers
• Software
• Batteries
• Display Devices
• Others

By Solution

• Carbon Energy Management
• Demand Response Management
• Utility Billing and Customer Information System
  

By Vertical

• Power & Energy
• Telecom & IT
• Manufacturing
• Retail & Offices
• Healthcare
• Others

By End Use

• Residential
• Commercial

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  

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