The global energy management system market size is expected to reach USD 117.83 billion by 2025, according to a new study conducted by Grand View Research, Inc., expanding at a CAGR of 17.1% during the forecast period. Technologically-updated business expansion initiatives such as smart cities are expected to fuel the energy management system (EMS) market growth. Selecting the right vendor is crucial for implementing and monitoring EMS solutions. Installing individual energy meters in problem areas and creating an interactive communication program among end users are likely to further lead to enhanced monitoring of the transmitted data.
Typically,
an EMS includes devices, sensors, and meters that measure and monitor energy
consumption and other factors related to them. These devices then transmit data
over wireless network to a centrally-located server where an interactive
application helps users in analyzing and optimizing information. Numerous EMS
vendors provide hardware, software, and consulting support to keep the program
running. Moreover, if the energy meters have the ability to operate on an open
protocol, such as MODBUS, customers may not be dependent on any particular
hardware or software vendor.
With
an expected increase in the costs of energy, gas, electricity, and oil,
companies have become more conscious about maintaining, utilizing, and
conserving energy resources efficiently. The price decrease in primary and
secondary renewable energy sources will play an important role in reducing
manufacturing costs.
Most
enterprises have realized the need to implement EMS solutions to effectively
monitor their systems. Transport and industrial sectors witness increased
energy consumption, which poses numerous environmental concerns.Thus, the need
for an intelligent management system to streamline operations becomes
inevitable.
In
the recent times, most top players have been making large investments in
research & development programs to enhance their products. Improved
features such as product maintenance services and analyzing software analytics
by expert consultants are a few key factors expected to drive the growth of
energy management system industry.
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Further key
findings from the report suggest:
- The software segment is
anticipated to grow at the highest CAGR of 18.0% from 2019 to 2025 owing
to the rising demand for EMS to record and monitor energy utilized across
various segments.
- The HEMS segment in energy
management system market is anticipated to grow at the highest CAGR of
19.4% from 2019 to 2025. This growth can be attributed to increasing
adoption of HEMS for curtailing carbon emissions.
- The demand response
management segment is expected to witness the fastest growth over the
forecast period. This growth is attributed to the increasing adoption of
demand response management solutions for scheduling, monitoring, and
controlling Distributed Energy Resources (DERs).
- Increasing demand for EMS in
power generation and transmission operations is expected to fuel the power
& energy segment growth over the forecast period.
- EMS are widely used in
commercial buildings as it collects energy usage data and monitors
equipment for maintenance needs.
- The Asia Pacific region is
expected to witness the fastest growth over the forecast period and reach
USD 29.13 billion by 2025, owing to high number of effective energy
management solutions in countries such as India and China.
- Key industry participants
include C3 Energy, General Electric Company, Emerson Process Management,
Daikin Industries, Daintree Networks, Jones Sang LaSalle, Gridpoint Inc.,
Schneider Electric, Siemens AG, Honeywell International Inc., Elster Group
GmbH, ABB, IBM, Toshiba Corporation, and Johnson’s Control International.
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Grand View Research has segmented
the 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)
- Sensors
- Controllers
- Batteries
- Software
- Display Devices
- Others
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
- Manufacturing
- Retail & Offices
- Healthcare
- Others
Energy Management
Systems (EMS) End Use Outlook (Revenue, USD Billion; 2014 - 2025)
- Residential
- Commercial
Energy Management
Systems (EMS) Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Indonesia
- Singapore
- Thailand
- South Korea
- Malaysia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
(MEA)
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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