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| Report Code: A00506 | Mar 2022 | Pages: 285 | ||
| Tables: 179 | Charts: 63 |
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The global energy management systems market size was valued at $36.2 billion in 2020, and is projected to reach $161.9 billion by 2030, growing at a CAGR of 16.2% from 2021 to 2030.
With growing demand for sustainable and green management of energy resources and rise in government mandates across the globe for installing energy management system across various industries has increased the demand in the market during the COVID-19 pandemic, having a positive impact on the market.
An energy management system (EMS) is a system of computer-aided tools used by operators of electric utility grids to monitor, control, and optimize the performance of the generation or transmission system. It can be used in small scale systems such as microgrids. It is one of the emerging technologies that enable an organization to collect real-time information on the energy use through monitoring, assessing, and visualizing energy consumption. This concept not only monitors energy consumption however also helps make data driven decisions and enhance enterprise-level operation & financial decisions.
Energy management solutions have gained popularity since they help gain competitive advantage, increase productivity, and reduce energy cost. In addition, the government policies toward energy conservation & the limited availability of fossils is drawing attention of the corporate. Every industry small or big is running with the help of energy, so it is essential to deploy energy management system. Although technology is advancing at a brisk pace, the end-use clients may not be adopting the same as quickly. Most of the potential buyers of energy management systems are at a stage where they are aware about the benefits of implementing such system, however preferably utilizing traditional technology and applications. Financial barriers, limited expertise, and fragmented stakeholders are some of the key challenges for the energy management systems market.
Segment review
The global energy management systems industry 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.
The key players that operate in the energy management systems industryare 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.
Depending on component, the solution segment holds the largest energy management systems market size as the solutions allow for real-time gathering of key data and energy readings which further enables effective management of energy resources. In addition, increase in interest in EMS across different industry verticals as well as technological advancements, availability of cheap labour, and low manufacturing cost are some of the major factors that drive the market growth. However, service segment is expected to witness growth at the highest rate during the forecast period, as large organizations are opting for third party energy management solutions to better optimize their energy resources.
Region wise, the energy management systems market share was dominated by Asia-Pacific in 2020 and is anticipated to grow at a significant rate during the forecast period, due to the rise in digitization and increase in data generated by IoT devices. Moreover, with the growing energy needs and high carbon footprint of the region, many organizations are leaning towards energy management systems are to optimize the energy resources for their operations.
COVID-19 Impact Analysis
The energy management systems market size has grown significantly in recent years. However, due to the outbreak of the COVID-19 pandemic, the market experienced a sharp decline in 2020. This is due to the diminished energy usage in heavy industries such as petroleum, coal, and natural gas. This has led to deflated energy demand across the key economics including U.S., Italy, Germany, UK, and others. However, the market has survived owing to surge in demand from the household energy consumption. The imposition of lockdown has increased home activities such as online shopping, remote work, powering home appliances, cooling or heating home, and streaming entertainment services. Therefore, the application of energy management systems in household energy consumption has increased the demand in the market during the COVID-19 pandemic, having a positive impact on the market.
Top Impacting Factors
Rise in inclination toward energy efficiencies
Energy is the primary source of social and economic progress. Every sector needs energy to operate and due to highly competitive market and technological improvements, there is a constant demand for energy. The industrial sector, in particular, requires a lot of power. There is also a growing awareness of the need to optimize energy use and save it. Furthermore, due to market pressure and public awareness of environmental sustainability, enterprises have attempted to use energy more effectively. The desire to reduce and optimize energy use is projected to be a major market driver.
Energy price volatility
Energy prices fluctuate owing to of changes in supply and demand. Energy prices are influenced by a variety of factors, including extreme weather, economic conditions, and supply availability. According to the World Energy Outlook, energy consumption is expected to rise by 60% in the next 25 years, with developing countries accounting for the majority of this increase. Fossil fuels such as coal and thermal power plants currently provide a substantial quantity of energy in emerging countries. This is the most affordable non-renewable kind of generating energy. Increased energy demand and the depletion of natural resources are predicted to push other, more expensive forms of energy generation forward, resulting in higher energy prices. There has been a huge drop in the amount of energy used across the board. A significant reduction in energy consumption across several markets is anticipated to decrease the energy prices, particularly relative to the impact of the increased energy demand. Hence, factors such as constrained energy supply and increased energy cost due to volatility in energy prices are expected to fuel the energy management systems market growth.
Energy Management Systems Market Report Highlights
| Aspects | Details |
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| By Component |
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| By End User |
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| By Type |
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| By Application |
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| By Region |
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| Key Market Players | Gridpoint Systems, yokogawa electric corporation, Siemens AG, C3 energy, Delta electronics, Johnson controls international plc, Dexma, General electric company, Honeywell International Inc., Schneider Electric |
An energy management system (or EnMS) is a framework that allows users of energy, such as industrial, commercial, and public sector organizations, to control their energy consumption more efficiently. An effective energy management system can assist businesses in recognizing new opportunities that can adapt and enhance their energy-saving technology, including those that may not demand a large financial and workforce expenditure. Furthermore, the rise in need for sustainable and clean energy management solutions provides great opportunities for the growth of the energy management system market in the coming years.
Key providers of the energy management systems market such as Siemens, General Electric, and Johnson Controls account for a significant share in the market. With growth in requirement for energy management systems, various companies have established partnerships to increase their energy management capabilities. For instance, in November 2021, Siemens announced collaboration with a German multinational science and technology company, Merck to boost machine-to-machine trust in industrial value chains. This collaboration aims to provide instant access to quality and safety information with a single source of truth to enable disruptive business model.
In addition, with surge in demand for energy management systems, various companies have expanded their current product portfolio with increased diversification among customers. For instance, in October 2020, a Japanese multinational electrical engineering and software company, Yokogawa Electric Corporation announced the launch of a cloud-based solution that provides centralized energy and environment management for the enterprise segment. The development of this solution was made possible by the signing of a global partnership agreement with Green Koncepts, a Singapore-based IoT energy management solutions provider.
Moreover, market players have expanded their business operations and customers by increasing their acquisitions. For instance, in April 2021, Johnson Controls announced the acquisition of Silent-Aire, a modular data center company. The acquisition helps to establish Johnson Controls as a global leader in the high-growth data center vertical, with the help of Silent-Aire’s industry-leading cooling equipment technology and modular data center solutions.
A. Energy management systems have gained popularity since they help gain competitive advantage, increase productivity, and reduce energy cost. In addition, the government policies toward energy conservation & the limited availability of fossils have drawn attention of the corporate.
A. Asia-Pacific is the largest regional market for Energy Management Systems
A. The global Energy Management Systems market size was valued at $36,249.0 million in 2020, and is projected to reach $161,939.46 million by 2030, registering a CAGR of 16.2% from 2021 to 2030.
A. The key players that operate in the energy management system market 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.
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