- Increase in industrialization and urbanization in countries such as China and India are driving demand for EMS in Asia Pacific
- Rise in awareness about energy conservation fosters growth of the global energy management systems (EMS) industry
WILMINGTON, Del., Dec. 21, 2022 /PRNewswire/ -- The global energy management systems (EMS) market is anticipated to advance at a CAGR of 13.4% for the period 2021 to 2031. The market was valued at US$ 6.7 Bn in 2020. Energy management systems (EMS) are software-based systems that help businesses and organizations monitor, control, and optimize their energy usage. Energy management systems are used in a range of end-use industries, including manufacturing, transportation, and building automation. Rise in demand for efficient energy management solutions in these industries is driving market growth.
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Energy Management Systems (EMS) Market - Key Findings of Report
- Increase in Adoption of IoT and Cloud-based Solutions: Rise in adoption of IoT and cloud-based technologies in EMS favors market growth. These technologies enable real-time monitoring and control of energy usage, as well as improved data analytics and decision-making capabilities. As a result, more and more companies are adopting IoT and cloud-based EMS solutions, leading to a surge in demand for these systems.
- Growing Demand for Energy-efficient Buildings: Increase in focus on sustainability and energy efficiency in the construction industry is driving demand for EMS in the building automation segment. Energy management systems help buildings reduce their energy consumption and improve their overall energy efficiency. This, in turn, leads to cost savings and reduced carbon emissions. As a result, demand for EMS in the building automation industry is estimated to continue to grow in the next few years.
- Government Regulations Promoting Energy Conservation: Governments around the world are implementing regulations and policies to promote energy conservation and the adoption of renewable energy sources. These regulations are driving the adoption of energy management systems, as businesses and individuals seek to comply with these requirements and reduce their energy consumption. This is driving the overall global market for EMS.
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Energy Management Systems (EMS) Market - Growth Opportunities
- Rise in demand for efficient energy management solutions in end-use industries such as manufacturing, transportation, and building automation, is driving the market
- Increase in adoption of renewable energy sources and implementation of government regulations promoting energy efficiency are contributing to market expansion
- Increase in demand for smart grid technologies fosters market development
Energy Management Systems (EMS) Market - Key Players
Leading companies in the EMS market include Eaton Corporation PLC, Johnson Controls, Inc., Pacific Controls, Inc., Rockwell Automation, Inc., Emerson Process Management, Honeywell International, Inc., Schneider Electric SE, General Electric Company, Siemens AG, and Mitsubishi Electric Automation. These companies are focused on adopting various growth and expansion strategies, such as collaborations and research & development for product innovation and new product launches. Additionally, companies are engaged in expanding their geographical presence in order to attract end-users from a range of industries. Several players shifted their focus toward development of next-gen technology-based energy management solutions during the COVID-19 pandemic to generate new revenue streams.
Energy Management Systems (EMS) Market - Regional Growth Assessment
North America and Asia Pacific are anticipated to be key regions in the global energy management systems (EMS) market during the forecast period. In North America, the increase in demand for next-gen EMS solutions in industrial and building applications, as well as rise in awareness about carbon emissions and toxic emissions, such as greenhouse gases is driving the market. The U.S. is estimated to provide profitable opportunities for players in the North America market. In Asia Pacific, China held the leading market share for EMS, and offers attractive incremental opportunities for regional players owing to surge in demand for efficient EMS in various end-use industries.
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Energy Management Systems (EMS) Market: Segmentation
Energy Management Systems (EMS) Market, by Component
- Hardware
- Software
- Communication Networks
- Control Systems
- Sensors & Other Equipment
Energy Management Systems (EMS) Market, by Application
- Industrial
- Building
- Home
Energy Management Systems (EMS) Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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