Allied Market Research published a new report, titled, “Energy Management System Market Reach USD 161.9 Billion by 2030 Growing with 16.2% CAGR.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global energy management systems market size was valued at USD 36.2 billion in 2020, and is projected to reach USD 161.9 billion by 2030, growing at a CAGR of 16.2% from 2021 to 2030.
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Driving Factors
The rise in the demand for advanced data analytics offers valuable insights into energy consumption patterns, enabling businesses to optimize their energy use. Energy Management Systems (EMS) that incorporate predictive maintenance, performance optimization, and real-time data monitoring can significantly reduce energy costs and operational inefficiencies. These factors are expected to offer lucrative energy management systems market opportunities for growth.
Market Segmentation
The global energy management systems market is segmented on the basis of component, end user, type, application, and region. The component segment is bifurcated into solution and service. By end user, the market is segmented into energy and utilities, IT and telecom, manufacturing, retail, healthcare, and others. Furthermore, on the basis of type, the market is categorized into home energy management systems, building energy management systems, and industrial energy management systems. By application, the market is broadly classified into residential and commercial. In addition, to gain further diverse insight, the market is analyzed across major regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
Key Players
The key players profiled in the energy management systems market analysis are C3, Inc., Delta electronics, Inc., Dexma, General Electric company, Gridpoint, Honeywell international Inc., Johnson controls international plc, Schneider Electric S.E, Siemens and Yokogawa electric corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the energy management systems industry.
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The global energy management systems industry is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for nearly one-third of the market. In addition, the region is anticipated to portray the highest CAGR of 17.9% during the forecast period.
Based on component, the report is divided into service and solution. The solution segment held the largest share in 2020, accounting for nearly three-fourths of the market. However, the service segment is projected to register the highest CAGR of 18.5% during the forecast period.
On the basis of end user, the energy and utilities segment held the largest share in 2020, contributing to nearly one-third of the market. However, the healthcare segment is estimated to manifest the highest CAGR of 19.1% from 2021 to 2030.
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COVID-19 Scenario
● The Covid-19 pandemic negatively affected the market due to diminished energy usage in heavy coal, petroleum, and natural gas industries.
● However, the market has now survived due to increased energy consumption from residential units and rise in activities such as online shopping, remote work, and powering home appliances.
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