According to a market report, published by Sheer Analytics and Insights, the total global energy management system market was valued at $ 10.4 billion in 2021 and it is expected to reach $ 70.87 billion at a CAGR of 18.50% between 2022 and 2032. The energy management system is a database and storage of information that mainly deals with financial data, resources, and energy usage, among other necessary purposes that helps organizations in monitoring, controlling, and analyzing various applications. One of the major drivers for the market is the need to conserve and optimize energy utilization, which is expected to propel the growth of the market throughout the upcoming years. Increased connectivity and higher adoption of smartphones and others have increased the demand for energy management products over the last few years. Even service providers are offering various price schemes which are also driving the market growth. However, the higher cost of installation along with system complexity is estimated to pose a challenge to market growth throughout the forecast period. Moreover, the consumers' awareness regarding home energy management systems is decreasing, which is expected to hamper the market in upcoming years.
Environmental sustainability has been a major concern in modern days. Therefore, this has compelled various customers and investors, and suppliers to take important steps regarding environmental sustainability. Therefore, many worldwide organizations are investing significantly in energy management solutions to enhance their brand value and reputation to stay ahead in the competitive market across the globe. However, large organizations are focusing on implementing energy management systems in their facilities which are anticipated to propel the growth of the market throughout upcoming years. Energy management system devices such as sensors, and meters can measure and monitor energy consumption. These devices can transmit data over a wireless network to a server that is centrally located and where an interactive application helps users to optimize and analyze information. Some energy management system vendors provide hardware, software, and other support to keep the program running. Moreover, features such as product maintenance service and analysis software analytics by the expert are further expected to drive the market growth of the global energy management system.
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However, some major power projects and government projects are expected to support the energy management system market, because these projects are essential to national infrastructure. For example, organizations such as DEWA, and Honeywell launched an integrated set of solutions to help building owners improve their building environments and energy efficiency. These factors are driving the market growth of the energy management system.
According to the study, key players dominating the global energy management system market are Honeywell Multinational Conglomerate Company (U.S), Siemens Automation Company (Germany), C3.ai Software Company (U.S), Daikin Manufacturing Company (Japan), JLL Real Estate Company (U.K), General Electric Multinational Conglomerate Company (U.S), Emerson Electric Manufacturing Company (U.S), American Industrial Partners (U.S), Twenty First Century Utilities, LLC (U.S), Cisco Networking Hardware Company (U.S), Sharp Corporation (Japan), Panasonic Industrial Conglomerate Company (Japan), Intel Semiconductor Company (U.S), IBM Technology Company (U.S), Broadcom Inc Semiconductor Manufacturing Company (U.S), Eaton Corporation Company (Ireland), Azbil Corporation (Japan), Johnson Controls HVAC Company (Ireland), Comcast Telecommunication Company (U.S), Rockwell Automation Company (U.S), Delta Electronics Company (Taiwan), Dexma Energy Management Company (Spain), Elconn Energy Systems Company (India), Atandra Energy Private Limited (India), Yokogawa Electric Information Technology Company (Japan), among others.
The Global Energy Management System Market Has Been Segmented Into:
The Global Energy Management System Market – by Product Type:
The Global Energy Management System Market – by Component:
The Global Energy Management System Market – by Solution:
The Global Energy Management System Market – by End-User:
The Global Energy Management System Market – by Organization:
The Global Energy Management System Market – by Regions:
North America
Europe
Asia-Pacific
LAMEA
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