Energy Management Systems Market Size to Reach $75.0 Billion by 2027: Rising Installation of Smart Grids and Smart Meters

The global energy management systems market is expected to witness significant growth during the forecast period due to such high demand for energy and price volatility in every sector. The advent of sensors and energy management devices to monitor their electricity load and use it efficiently is becoming a priority for every household. The increased installation of smart grids and smart meters is also driving the market for energy management systems globally.

The global Energy Management Systems Market size is expected to grow from USD 38.6 billion in 2022 to USD 75.0 billion by 2027, at a CAGR of 14.2% during the forecast period.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1189

Industrial energy management systems is expected to occupy the majority share of the Energy Management Systems Market

Industrial energy management systems segment, by type, is projected to hold the highest market share during the forecast period owing to the advantages of tracking, analyzing, and planning the energy consumption in an industry. The IEMS market has continued to develop rapidly over the past few years, wherein ISO 50001 has become the established standard. New technologies available today allow greater insight into energy procurement, energy use, and the management of energy as an input to the industrial process. The key factors contributing to this larger share are increase in energy consumption, government regulations, and the goal of reducing carbon emissions and tackling climate change, which will eventually increase the demand for industrial energy management systems.

Software systems are expected to be the fastest-growing in the energy management systems market

The software segment witnessing the highest CAGR owing to the rising demand from the expanding distribution networks, industries, and commercial and residential sectors. Energy management is a need of any organization in any industry; therefore, specifically cloud-based energy management software has become the dominant tool. Cloud computing allows service providers to access an elastic pool of IT resources such as storage, servers, and computing, ensuring they can scale up and down computing capabilities as client needs expand and change.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1189

North America likely to emerge as the largest Energy Management Systems Market

North America accounted for the largest share in the global Energy Management Systems Market during the forecast period. North America's market share can be attributed to the increased focus on home energy management systems with the increased installation of smart meters in the region. North America, followed by Europe contribute considerably to the global manufacturing and industrial sectors due to their developed economies and stringent government regulations related to efficient energy use. Integrating distribution automation and the sharing of infrastructure will help to further reduce operating costs in the industry. The Energy Department of the US is investing in strategic partnerships to accelerate investments in grid modernization. As a result, the region is expected to contribute substantially to the orders for energy management systems.

Schneider Electric (France), ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), and Siemens (Germany) are the key players in the global Energy Management Systems Market.

Content Source: https://www.marketsandmarkets.com/PressReleases/energy-management-systems-ems.asp

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.