The global energy management system (EMS) market is anticipated to grow at a robust CAGR over the forecast period i.e., 2021-2029 owing to the increasing awareness for energy conservation and rising adoption of renewable energy infrastructure. Moreover, rising environmental concerns coupled with the shift from conventional energy sources such as coal, oil and gas among others, towards renewable sources is anticipated to boost the growth of the market. According to the data by the World Bank, renewable energy accounted for 18.054% of the total global energy consumption in 2015. Renewable energy such as solar energy, nuclear energy, wind energy, biogas and geothermal energy is being widely adopted which is expected to generate opportunities for the global energy management system market by the end of 2029. Additionally, energy management systems can save energy considerably in a cost-effective manner, which is estimated to act as a major growth factor for the market.
On the basis of end-users, the market is segmented into oil & gas, manufacturing, building automation, energy & utilities, automotive, pharmaceutical and others. Amongst these segments, the oil & gas segment is estimated to hold a significant market share by the end of 2029, on the back of the stringent government regulations that promotes the adoption of advanced energy management solutions. Moreover, the whole process of oil extraction, refining, liquefaction and transportation consumes large amount of energy, and a considerable share of energy is wasted. As a result, there is a growing need for the application of EMS in the oil and gas industry to elevate energy conservation, which is estimated to boost the growth of the segment throughout the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Regionally, the global energy management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa.
North America market is anticipated to hold the largest share in the market by the end of 2029 owing to drastically changing energy regulations and increasing investment in sustainable energy in the U.S. For instance, public benefit funds (PBF) for renewable energy are set up and used by the states in USA to invest in clean energy supply for the public. Furthermore, the growing acceptance and utilization of renewable energy among the countries in the North America region, is further estimated to support the market growth. According to the data by OECD, 8% of the total primary energy consumed in USA is derived from renewable energy sources, as of 2019. Moreover, various industry giants are increasingly investing in advanced energy management system to reduce energy wastage, which is foreseen to boost the market growth in the region.
The market in Asia Pacific is estimated to experience the highest CAGR during the forecast period on the back of evolving sustainable energy infrastructure in the region. The growing industrialization in developing countries is projected to increase the demand for smart grids and smart meters to optimize energy utilization, which in turn would drive the market growth in the region. Growing initiatives to promote the use of renewable energy such as subsidies for solar farms in the developing economies is projected to promote market expansion in the Asia Pacific region.
The market in Europe is also expected to experience significant growth by the end of 2029, on account of escalating adoption of smart grids in the region and environmental concerns among the people.
The global energy management system market is further classified on the basis of regions as follows:
Our in-depth analysis of the global energy management system market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increased adoption of smart grids and meters and need for energy utility optimization are some of the major factors driving the market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021-2029.
Lack of awareness regarding EMS and slow government procedure for switching to smart grid or meters are the factors estimated to hamper the market growth during the forecast period.
Asia Pacific market is estimated to provide significant growth opportunities for the energy management systems market during the forecast period on the back of growing sustainable energy infrastructure in the region.
The major players in the market are Schneider Electric, Siemens AG, Honeywell International Inc., The General Electric Company, C3.ai, Inc., GridPoint, Inc., and others.
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.
The market is segmented by type, end-users, software, devices, and by region.
The oil & gas segment is anticipated to hold a significant market size during the forecast period on the back of strict government regulations to reduce energy wastage during oil extraction and processing in the oil and gas industry.
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