Energy Management Systems Market expected to Witness Huge Revenue Growth to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Energy Management Systems Market- (By Component (Hardware, Software, Services), By Type (Home Energy Management Systems (HEMS), Building Energy Management Systems (BEMS), Industrial Energy Management Systems (IEMS)), By Deployment (On-premises, Cloud-Based), By End-Use Industry (Power & Energy, Telecom & IT, Manufacturing, Commercial & Residential, Food & Beverages, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Energy Management Systems Market is valued at US$ 35.29 Bn in 2022, and it is expected to reach US$ 102.91 Bn by 2031, with a CAGR of 12.8% during a forecast period of 2023-2031.

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Energy Management Systems (EMS) are all-in-one software and hardware solutions used in industrial plants, commercial buildings, data centres, and even intelligent cities to track, control, and optimize energy use and consumption. EMS is a crucial part of helping businesses and cities lower their energy costs, improve their energy efficiency, and have less of an effect on the environment.

The rising consumption of renewable energy sources boosts the demand for energy management systems. The key market participants are collaborating with government agencies to build the global energy management systems market. Energy management systems are cost-effective and efficient, creating growth opportunities for the global market growth and development over the forecast period. Furthermore, substantial technological breakthroughs enable the development of more modern and sophisticated EMS systems that are easier to use and more successful in energy consumption management.

Consumers and corporations are becoming more conscious of the environmental effects of their actions and seeking solutions to reduce their carbon footprint. This is expected to drive the use of EMS solutions to reduce energy consumption and satisfy sustainability targets.

List Of Key Players in the Energy Management Systems Market:
• ABB
• Siemens
• Schneider Electric
• General Electric
• Emerson Electric Co.
• Cisco Systems, Inc.
• Honeywell International Inc.
• Eaton
• Mitsubishi Electric Corporation
• IBM
• Hitachi
• Rockwell Automation, Inc.
• Yokogawa Electric Corporation
• C3 AI
• Delta Electronics, Inc
• Enel X
• Neptune India
• Weidmuller
• Energy Management Systems, Inc.
• Distech Controls

Market Dynamics:

Drivers-
Energy is the primary driver of social and economic development. Every sector needs energy to function, and there is a steady demand for energy due to a highly competitive market and technological advancements. Power is very important in the industrial sector. There is also an increasing awareness of the need to optimize and conserve energy. Furthermore, businesses have pushed to use energy more efficiently in response to market pressure and public awareness regarding environmental sustainability. The aim to minimize and optimize energy use is expected to be a significant market driver.

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Challenges:
The main barrier to energy efficiency is a lack of awareness among small and medium-sized firms operating globally. They are unwilling to invest in energy-efficient technologies and are uninformed of the policies and benefits that energy management systems can help them pursue. The major actors want to focus on sustainability and energy efficiency to combat climate change. However, because most small and medium-sized businesses are still uninformed of the benefits of energy-efficient technologies, they miss out on the cost reductions that energy management systems may provide. Nonetheless, governments are introducing a variety of policies and programs to raise public knowledge about energy management.

Regional Trends:
The North American Energy Management Systems (EMS) Market is expected to record a major market revenue share and is projected to grow at a high CAGR in the near future due to increased industrialization, urbanization, and a focus on energy efficiency. China, Japan, South Korea, and India are the leading contributors to the market. Government initiatives, energy conservation policies, and the need for cost optimization encourage using EMS systems in industry, commercial buildings, and utilities. Furthermore, due to the increased usage of these systems, North America is predicted to grow significantly throughout the projection period. The existance of significant market players in the region also helps to drive market expansion.

Recent Developments:
• In Jan 2023, Schneider Electric introduced Schneider Home at the Consumer Electronics Show (CES) in Las Vegas. Schneider Home is a first-of-its-kind home energy management solution for homeowners desiring savings, comfort, and energy independence.

• In December 2022, Siemens Energy and Syntax collaborated to construct and install Syntax's new SAP Digital Manufacturing Cloud (DMC) infrastructure at over 80 production locations worldwide. Syntax will handle the SAP DMC subscription contracts for five test plants in Germany, Mexico, and the United Kingdom. These sites highlight Siemens Energy's different requirements as Syntax collects critical process data for analysis, process modelling and execution, and resource coordination.

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Segmentation of Energy Management Systems Market-
By Component-
• Hardware
• Software
• Services
By Type-
• Home Energy Management Systems (HEMS)
• Building Energy Management Systems (BEMS)
• Industrial Energy Management Systems (IEMS)
By Deployment-
• On-premises
• Cloud-Based
By End-Use Industry-
• Power & Energy
• Telecom & IT
• Manufacturing
• Commercial & Residential
• Food & Beverages
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.