The energy management system market will reach US$75 billion by 2027
Release time：2024-09-06click：0
According to a research report released by MarketsandMarkets™, the energy management system market size is estimated to grow from US$38.6 billion in 2022 to US$75 billion by 2027 (forecast year). The energy management system market is expected to experience significant growth during the forecast period. , with a CAGR of 14.2% during the forecast period.
Since the demand for energy resources is so high, energy price fluctuations are mainly concentrated on changes in supply and demand. Economic conditions, availability of energy resources and growing demand are major factors causing price fluctuations. With the advent of IoT for home automation and building automation, managing energy efficiently has become a top priority. Hence, these factors are driving the demand for energy management technologies to monitor and optimize energy consumption, driving the growth of the global energy management systems market.
Industrial energy management systems are expected to occupy a majority share of the energy management systems market
Owing to tracking, analysis and planning Advantages of industry energy consumption, the industrial energy management systems segment by type is expected to hold the highest market share during the forecast period. The IEMS market has continued to develop rapidly over the past few years, with ISO 50001 becoming an established standard. New technologies available today provide a deeper understanding of energy procurement, energy use and energy management as inputs to industrial processes. Key factors contributing to this larger share are increased energy consumption, government regulations, and goals to reduce carbon emissions and combat climate change, which will ultimately increase the demand for industrial energy management systems.
The cloud-based segment is expected to grow at the highest CAGR
Based on deployment, it is expected to grow from From 2020 to 2027, the cloud-based segment will be the fastest growing market. Cloud-based systems provide greater flexibility in accessing information. With cloud-based systems, users can store information from many different data collection systemsand access and analyze information from different sites through a single application. Because these systems are typically sold as a service, consumers do not need to maintain and update databases and infrastructure, which again reduces wasted time and money that could be used to implement energy- and money-saving practices based on the data received. Cloud-based software allows small and medium-sized businesses to take action faster than established companies.
North America may become the largest energy management system market div>
North America will account for the largest share of the global energy management systems market during the forecast period. The market share in North America can be attributed to the growing focus on home energy management systems with the increase in smart meter installations in the region. North America, followed by Europe, contributes significantly to the global manufacturing and industrial sector due to their developed economies and stringent government regulations related to efficient energy usage. Integrated distribution automation and infrastructure sharing will help further reduce the industry’s operating costs. The U.S. Department of Energy is investing in strategic partnerships to accelerate investments in grid modernization. As a result, the region is expected to contribute significantly to orders for energy management systems.
