Press release
Energy Management Systems Market, Size, Trends, Share, Growth And Analysis Report 2024
Energy Management Systems Market
The Business Research Company offers in-depth market insights through Energy Management Systems Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The energy management systems market size has grown rapidly in recent years. It will grow from $49.88 billion in 2023 to $57.65 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to energy cost savings, environmental sustainability, regulatory compliance, operational efficiency, corporate social responsibility.
The energy management systems market size is expected to see rapid growth in the next few years. It will grow to $106.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to renewable energy integration, resilience planning, demand response initiatives, economic trends, increasing focus on net-zero goals. Major trends in the forecast period include blockchain for energy transactions, advanced energy analytics and visualization, integration of internet of things (IoT), regulatory compliance and sustainability reporting, collaboration with utility providers.
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Market Segmentation:
The energy management systems market covered in this report is segmented -
1) By Type: Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems
2) By Component: Hardware, Software, Services
3) By Deployment: On-Premise, Cloud Based
4) By End-User: Power And Energy, Telecom And IT, Manufacturing, Residential And Commercial, Food And Beverages, Other End-Users
Major Driver - Surging Adoption Of Smart Grids And Meters Drives Growth In The Energy Management Systems Market
The increasing usage of smart grids and smart meters is expected to propel the growth of the energy management systems market forward. A smart grid is a digital technology that supplies electricity via two-way digital communication, whereas, a smart meter is an electronic meter that measures and records energy consumption data and communicates remotely with the utility. The usage of smart meters and grids has increased in recent years owing to their effectiveness in reducing the cost to customers due to electricity. Since smart meters and grids are components of energy management systems, the increasing usage of smart meters and smart grids is driving the energy management systems market forward. For instance, according to the Institute for Electric Innovation (IEI), a US-based research institute, the total number of smart meter installations in the U.S. as of December 2022 was 119 million. As a result, the increasing usage of smart meters and smart grids are propelling the growth of the energy management systems market.
Competitive Landscape:
Major companies operating in the energy management systems market report are Siemens AG, General Electric Company, Hitachi Energy Ltd., Raytheon Technologies Corporation, Panasonic Corp., IBM Corporation, Cisco Systems Inc., Oracle Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, Broadcom Inc., Danaher Corp., ABB Ltd., Toshiba Corporation, Daikin Industries Ltd., Johnson Controls International plc, Eaton Corporation plc, Carrier Corporation, Trane Technologies plc, Emerson Electric Co., Delta Electronics Inc., Rockwell Automation Inc., Lennox International Inc., Yokogawa Electric Corp., C3.ai Inc., Legrand S.A., Elster Group GmbH, EnerNOC Inc.
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Top Trend - Energy Optimization Software Gains Traction In The Market
Major companies operating in the energy management systems market are increasing their focus on introducing energy optimization software to gain a competitive edge in the market. Energy optimization software is designed to improve the efficiency and performance of energy systems in various environments. For instance, in November 2022, ABB Ltd., a Switzerland-based automation company, launched ABB Ability OPTIMAX to reduce the cost of green hydrogen production by up to 20%. This software is designed to increase the efficiency of energy-intensive electrolyzers used in green hydrogen production by providing real-time visualization, monitoring, and forecasting. Its goal is to enable companies to trade competitively and integrate green hydrogen with existing hydrogen networks. The solution is expected to help reduce electricity-based costs and contribute to the scaling up of green hydrogen production, in line with the goals of achieving a low-carbon future.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Energy Management Systems Market Characteristics
3. Energy Management Systems Market Trends And Strategies
4. Energy Management Systems Market - Macro Economic Scenario
5. Energy Management Systems Market Size And Growth
…..
27. Energy Management Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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