Energy Management Software Market

Energy Management Software Market Analysis by Software (Cloud Based, On Premise); by Solution (Carbon Management System, Utility Billing System, Customer Information System, Demand Response Management and Others); and by End-use Application (Power & Utilities, Public Sectors, Office & Commercial Building, Industrial Manufacturing, Automotive, Oil & Gas and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

Buy Now
Report ID: 3061 | Published On: Dec 23, 2022

Preview Analysis

Request Insights
Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • General Electric announced its partnership with UK Power Networks to optimize distribution network utilization. As a result of the innovation project, around 17.8 million tonnes of CO2 emissions will be reduced by 2050, facilitating the integration of renewables

  •  Energy management and automation leader Schneider Electric SE announced collaboration with Hitachi Energy to provide greater value for customers and accelerate the energy transition.


Global Energy Management Software Market Definition

Energy management software (EnMS) consists of computer-assisted tools, including software and hardware control mechanisms. The software tracks utility bills, monitors real-time metering, manages equipment and performs other tasks related to energy consumption and utilization in buildings. The purpose of this software is to optimize the whole energy consumption process in buildings, reduce utility costs, and improve the efficiency of the electrical system. Data analytics provides insights into optimizing energy use and reducing energy costs by analyzing energy management software data.


Global Energy Management Software Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~14%

Base Year Market Size (2022)

~ USD 36 Billion

Forecast Year Market Size (2035)

~ USD 150 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)


Global Energy Management Software Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global energy management software market is estimated to garner a revenue of USD 150 Billion by the end of 2035 by growing at a CAGR of ~14% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 36 Billion in the year 2023. The market growth can be attributed primarily to the rising demand for energy management systems (EMS) in the industrial, commercial, and public sectors. Energy efficiency and energy waste reduction can help to reduce greenhouse gas emissions, minimize exposure to energy price fluctuations, and boost productivity. A widely known article provided data indicating that energy consumption accounts for 74% of all human-caused greenhouse gas emissions around the world. To optimize energy consumption and control flow, industry players are now turning to IoT-based solutions.

Global-Energy-Management-Software-Market-overview. Get more information on this report:Download Sample PDF

EnMS systems have significantly improved the energy performance of many industrial and other organizations. As a result, organizations have achieved significant savings in energy costs, other related costs, increased resilience to volatile energy costs, and more importantly, stability and productivity improvements. Global demand for energy is increasing rapidly owing to the growing population and economic growth in emerging market economies. According to World Bank data, the world population reached 7.84 billion people in 2021, an increase from 7.6 billion people in 2018. Rising demand creates new challenges such as energy security concerns can occur as more consumers require more energy resources ever, and higher usage of fossil fuels leads to higher carbon emissions, which contribute to global warming. At the same time, in rural areas access to electricity remains unacceptably high, which is expected to create potential growth opportunities for global energy management software market over the forecast period.


Global-Energy-Management-Software-Market-overview.
Get more information on this report: Request Sample PDF

Global Energy Management Software Market: Growth Drivers and Challenges

Growth Drivers

  • Increased Access to Electricity in Larger Populations- In accordance with the World Bank's press release, in the past decade, more than 1 billion people in the world have had access to electricity. Therefore, 90% of the world's population was connected in 2019. Since 2010, there has been a more than doubled number of people connected to mini grids, growing from 5 to 11 million in 2019. Increasing energy access and ensuring a sustainable energy future requires innovations and new practices - essentially reinventing how energy is produced, delivered, and consumed. Energy efficiency and reliable energy supplies are essential for raising living standards and ensuring electricity access for everyone. In addition to reducing energy consumption, optimizing energy usage and increasing reliability, the energy management software system reduces costs and improves system efficiency.

  • Increasing Rate of Digitization in The Energy Sector- The digitalization of electricity systems can facilitate renewable energy integration through demand-side solutions and energy storage. In October 2022, the European Commission announced the 'Digitalization the energy system - EU action plan', a comprehensive energy digitalization plan. In order to support the EU energy policy objectives, it supports the development of digital energy services, ensures data privacy, and supports infrastructure investment in digital energy.

  • Growing Deployment of Smart Grids and Infrastructure Investments- According to the IEA, investments in electricity grids increased by 10% in 2021, with U.S. investments accounting for most of the investments made in energy grids worldwide.

  • Rising Concern Among Commercial Building Owners Regarding Energy Consumption - Commercial building owners and managers, reducing energy consumption has been a primary concern. Approximately 39% of the energy consumed and 32% of greenhouse gas emissions worldwide are attributed to buildings, according to the World Economic Forum.

  • Increasing Demand For Commercial Energy - According to estimates, the total demand for residential and commercial energy is expected to increase by approximately 16% through 2050. The expansion of reliable electricity access in developing countries is largely responsible for the rise in commercial energy demand.

Challenges

  • Increasing Availability Of Open-Source Energy Management Software Platforms - In the present market scenario, there has been an increase in the need for open-source software owing to the rising demand for digitalization. Various tools and applications are available for free on the internet from open-source platform vendors. Therefore, the easy accessibility of open-source energy management software is expected to restrict market growth in the coming years.

  • Mitigating The Risk Of Data Security

  • High Amount Of Time Spent On Energy Reporting

The global energy management software market is segmented and analyzed for demand and supply by software into cloud based and on premise. Out of which the cloud-based segment is anticipated to grab the most significant share by the end of 2035 on account of reduced hosting cost, and efficiency & availability of computing resources. Using cloud computing systems, organizations are able to increase flexibility while visualizing, monitoring, and assessing data remotely. A growing number of end-users are utilizing IoT devices to manage and monitor energy practices using cloud-based energy management systems. According to industry estimates, the revenue value of cloud computing in the energy sector is expected to reach USD 27 billion by 2024. Moreover, power & utilities, industrial sectors, and others are expected to demand cloud-based energy management systems (EMS) for a real-time view of their energy usage.


Global Energy Management Software Market Regional Synopsis

The Asia Pacific energy management software market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035 owing to the rising demand for energy and rising awareness about carbon management systems in the region combined with increased adoption of energy-saving systems and software. Moreover, the ongoing paradigm shift in electrification and increasing electrical system performance, as well as optimizing energy usage to reduce costs, is expected to fuel the demand for energy management software in the region over the forecast period. Over the years, India's power sector has undergone a paradigm shift owing to government efforts to encourage investment. It is estimated that the installed capacity of power generation has increased from 344 GW in 2018 to 356 GW in 2019.

Global-Energy-Management-Software-Market-share


Market Segmentation

Our in-depth analysis of the global energy management software market includes the following segments:

     By Software

  • Cloud Based
  • On Premise

      By Solution

  • Carbon Management System
  • Utility Billing System
  • Customer Information System
  • Demand Response Management
  • Others

 

     By End Use Application

  • Power & Utilities
  • Public Sectors
  • Office & Commercial Building
  • Industrial Manufacturing
  • Automotive
  • Oil & Gas
  • Others

Global-Energy-Management-Software-Market-share
Get more information on this report: Request Sample PDF

Top Featured Companies Dominating the Global Energy Management Software Market

    •  General Electric

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Honeywell International Inc.
    • IBM
    • Cisco Systems, Inc.
    • SAP SE
    • Schneider Electric SE
    • ICONICS
    • CA Technologies
    • Siemens AG
    • ABB  

Key Questions Answered in the Report

1) What are the major factors driving the growth of the energy management software market?

Ans: Rising Demand for Energy Efficiency and Rising Adoption of Digital Transformation and Automation are the key factors driving market growth.

2) What would be the CAGR of energy management software market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the energy management software market growth?

Ans: Mitigating the risk of data security and high amount of time spent on energy reporting are the challenges affecting the market growth

4) Which region will provide more business opportunities for growth of energy management software market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future

5) Who are the major players dominating the energy management software market?

Ans: The major players in the market are General Electric, Honeywell International Inc., IBM, Cisco Systems, Inc., SAP SE, Schneider Electric SE, ICONICS, CA Technologies, Siemens AG, ABB.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the energy management software market?

Ans: The market is segmented by software, solution, end use application, and by region.

8) Which segment under the end-use application segment captures the largest market size in the energy management software market?

Ans: The cloud based segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Let Us Hear About Your Requirements:

Submit Your Request For Proposal (RFP)

Submit RFP    Buy Now Download Research Report Sample