To know the impact of COVID-19 On Energy Management System Market Size, Share & Trends Analysis Report By Type (Home Energy Management System, Building Energy Management System, Industrial Energy Management System), By Service (Monitoring & Control, Implementation & Integration, Maintenance, Consulting & Training Stationary), By Component (Sensors, Controllers, Software, Others), By Offering (System, Service), By Vertical (power & energy, telecom & IT, manufacturing, enterprise, healthcare, others) Based on Region, And Segment Forecasts, 2022 - 2028
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Global Energy Management System Market is valued at USD 74.75 Billion in 2021 and is expected to reach USD 223.26 Billion by 2028 with a CAGR of 16.92% over the forecast period.
Global Energy Management System Market Global Size, Trends, Competitive, Historical & Forecast Analysis 2022-2028: Increasing use of the smart grids and smart meters and rising awareness regarding energy conservation are some of the major factors driving the growth of the Global Energy Management System Market.
Scope of Global Energy Management System Market Report:
The energy management system (Ems) is a computer-aided system in which combined monitoring energy usage, and energy awareness. EMs is used in small-scale microgrids, microgrids are worked as emergency power supplier with microgrid cells. Now, in this current decade, Electrical vehicle is getting more popular over other vehicles with having charging supplement, that's why their use of electrical energy is increased. For optimizing these uses of the Energy management system is used worldwide. An energy management system helps the user when they can charge vehicles according to the total load & total capacity of electrical service. The energy management system is also used for domestic purposes as well as in the building construction sector. It is used to control power supply to asset owner, and building manager for better viewing the wages (water, air, gas, electricity & steam) usage. By analyzing these all data, users can take correct decisions for better energy management. This strategy is helping to reduce energy costs which are utilized on unnecessary wages. In the history of energy management, there are five phases, save it, manage it, purchase it, respond to the climate change issue, clean technology. These phases are identified from 1973 to 2020.
Covid-19 has shown a negative impact on the growth of the global energy management system market. The Covid-19 pandemic affected the demand and production of electric vehicles and the transportation sector. There are major barrios to the supply of raw material. The pandemic has disturbed the supply chain network of the market.
Global Energy Management System Market Segmentation:
The Global Energy Management System Market is segmented based on type, service, components, offering, market vertical, end-use, and region & country level. Based on type, the global energy management system market is segmented into home energy management system, building energy management systems, industrial energy management systems. Based on service, the market is classified into monitoring & control, implementation & integration, maintenance, consulting & training. On basis of components, the global energy management system market is classified into sensors, controllers, software, others. On basis of offering, the market is classified into system and service. On basis of market vertical, the global energy management system market is classified into power & energy, telecom & IT, manufacturing, enterprise, healthcare, and others. On basis of market end-user, the global energy management system market is classified into residential and commercial.
- Home Energy Management System
- Building Energy Management System
- Industrial Energy Management System
- Monitoring & Control
- Implementation & Integration
- Consulting & Training Stationary
- power & energy
- telecom & IT
The regions covered in this global energy management system market report are Asia-Pacific, North America, Europe, and the Rest of the World. Based on a country level, the market of the energy management system is subdivided into the U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Energy Management System Companies
Some of the key players for the Energy Management System market are:
- Panasonic Corporation
- GS Yuasa Corporation
- East Penn Manufacturing Co,
- Leoch International Technology Limited
Increasing Use of the Smart Grids and Smart Meters Drives the Growth of the Market
Smart grids are energy networks, which automatically manage energy flows, and energy suppliers, adjust with changing demand. These are coupled with smart meters. Smart meter gives real-time consumption to customer & supplier. Smart grids are widely used in solar & wind power for maintaining stability & efficiency. These are self-energy creators that's why do these are sold excess amounts back to the grid. For companies, they need to save energy to gain momentum in their economy; this is gladly done by using an energy management system with smart grids and smart meters with new technology. Along with the companies, the government is also investing heavily in infrastructure to provide better quality assurance by upgrading power grid stations than many imported ones. For instance; in 2020, Missouri Public Commission invested about 6.3 USD & completed about 900 projects as of February. This investment was to improve efficiency with the use of energy management devices, which can directly impact on quality of that infrastructure which consequently means improving the growth of the market.
In addition, increasing awareness regarding energy conservation is also fuelling the growth of the global energy management system market. In every business, less energy consumption is a critical component defining the success of the business. Save money on energy conservation forms a key component for every industry especially for building, and construction, as well as the healthcare sector, which is why numerous key players invest ideas on awareness of energy conservation and invest funding for improving energy conservation devices. For instance; in 2020; Honeywell launched a bunch of ideas for integrated energy conservation solutions for helping building owners. For setting a level in this global energy management system market, the slightest of energy conservation becomes critically important for business momentum.
However, limited expertise and financial barriers may hamper the growth of the global energy management system market. Despite that, technological advancements and the rise in the need for home energy management systems across the globe may offer more opportunities for the further growth of the global energy management system market.
North America is Expected to Dominate the Global Energy Management System Market
Geographically, North America is expected to account for the largest share in the global energy management system market within the forecast period. In North America, government projects like neighborhood-oriented brokerage and electricity & monitoring systems show momentum in this global energy management system market. In addition, their ISO 500001 measure is in support of the LEED certification which is driving the adoption of energy systems across the region.
Also, the Asia Pacific region is expected to show the fastest growth in the global energy management system market within the forecast period owing to the rapid industrialization and adoption of energy management solutions for domestic use in this region. In India, Government, and many key players are focusing on technological advancement for giving better output to customers.
Key Benefits of Global Energy Management System Market Report:
- Global Energy Management System Market report covers in-depth historical and forecasts analysis.
- Global Energy Management System Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, energy management system Companies, Competitive Analysis, Regional and Country Level.
- Global Energy Management System Market report helps to identify opportunities in the marketplace.
- Global Energy Management System Market report covers extensive analysis of emerging trends and competitive landscape.
On Special Requirement Energy Management System Market Report is also available for below Regions and Country:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
Frequently Asked Questions (FAQ) :
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Energy Management System Market Size, Share, Growth, And Industry Growth Analysis 2028
Energy Management System Market Size, Share & Trends Analysis Report By Type (Home Energy Management System, Building Energy Management System, Industrial Energy Management System), By Service (Monitoring & Control, Implementation & Integration, Maintenance, Consulting & Training Stationary), By Component (Sensors, Controllers, Software, Others), By Offering (System, Service), By Vertical (power & energy, telecom & IT, manufacturing, enterprise, healthcare, others) Based on Region, And Segment Forecasts, 2022 - 2028
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