LONDON, Feb. 1, 2022 /PRNewswire/ -- The Global Energy Management System Market in terms of revenue was worth of USD 74.75 Billion in 2021 and is Projected to reach USD 223.26 Billion by 2028, growing at a CAGR of 16.92% from 2021 to 2027.
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. 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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Energy Management System Market Key Players:
- Panasonic Corporation
- GS Yuasa Corporation
- EnerSys
- East Penn Manufacturing Co,
- Leoch International Technology Limited
- Others
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.
Market Segmentation Analysis:
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.
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.
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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.
On Special Requirement Energy Management System Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South.Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Our Market Research Solution Provides You Answer to Below Mentioned Question of Energy Management System Market.
- Which are the driving factors responsible for the growth of the Energy Management System market?
- Which are the roadblock factors of this market?
- What are the new opportunities of Energy Management System, by which market will grow in coming years?
- What are the trends of this market?
- Which are the main factors responsible for a new product launches?
- How big is the global & regional market in terms of revenue, sales, and production?
- How far will the market grow in the forecast period in terms of revenue, sales, and production?
- Which region is dominating the global market and what are the market shares of each region in the overall market in 2021?
- How will each segment grow over the forecast period and how much revenue will these segments account for in 2028?
- Which region has more opportunities?
- And More
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