Energy Management Systems Market worth $75.6 Billion by 2028 | GE, ABB, Siemens, Schneider Electric, Eaton, Mitsubishi Electric, Enel X...

The global Energy Management Systems Market is projected to reach USD 75.6 billion in 2028 from USD 40.7 billion in 2023 at a CAGR of 13.2% during the forecast period. energy management systems determines the most cost-effective configuration for power production, transmission, and distribution throughout the network, considering the required criteria for system stability, safety, and reliability. EMS has a cloud of network computation functions, such as static state estimation (SSE), optimal power flow, and contingency analysis. In EMS, the estimates of the operating states of the system are updated in the time scale of a second or more through SSE. SSE is used to schedule and dispatch load generation but is unsuitable for real-time monitoring and controlling time-critical dynamics in the system because of slow update rates. The supervisory control and data acquisition (SCADA) system performs data acquisition, updates the system status through alarm processing along with the user interface, and executes control actions.

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Several laws and regulations aimed at reducing energy consumption and spreading awareness regarding energy conservation have been enacted by regional governments worldwide. These regulations and policies function as a driving force for the energy management systems market in application areas such as the industrial, commercial, and residential sectors. Governments across several countries are working toward decarbonization which involves different processes. Due to the high rise in carbon emission rates, many countries have established or have already installed standards and norms about energy consumption and reducing the carbon footprint. Efficient energy consumption is one of the most cost-effective methods for reducing carbon footprints.

Power & Energy industry is estimated to be the second-fastest growing energy management systems market.

Based on the end-user industry segment of energy management systems, the power & energy type is estimated to be the second-fastest growing segment. Every step toward improving efficiency and minimizing energy waste is crucial, and irrespective of the type of facility, power becomes an important tool. Certain examples include the petroleum industry, gas industry (natural gas and coal gas), electrical power industry, and the nuclear/coal industry. These industries are the main sources of energy supply and must simultaneously deliver cost-effective and reliable energy while addressing environmental issues. Unplanned outages, equipment glitches, and poor power quality can increase costs daily. Proper power and energy management systems in place can help in reducing costs, improve operational efficiency, and meet sustainability goals. Power management systems are integrated with power meters, power management software, and power quality mitigation equipment. Power management is primarily about the enhancement of electrical reliability or availability.

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North America likely to emerge as the largest energy management systems market.

North America dominated the global energy management systems market, followed by Europe and the Asia Pacific. The region, by country, has been segmented into the US, Canada, and Mexico. The industrial sector is a major economic driver for the region, which was negatively impacted due to the global pandemic. Hence, it caused a disparity in supply and demand because of the insufficient raw material supply. Disruption of trade negatively impacted the growth of the energy management systems market. On the other hand, the electricity consumption experienced a high rise in the residential sectors, since due to the implementation of the lockdowns, people were locked in houses, which increased the electricity usage in the residential settings. Home energy management systems have experienced a rise in demand for energy management systems in the region.

Key Market Players:

The energy management systems companies is dominated by a few globally established players such as ABB (Switzerland), Siemens (Germany), Schneider Electric (France), General Electric (US), Emerson (US), Cisco Systems, Inc. (US), Honeywell International Inc. (US), Eaton (Ireland), Mitsubishi Electric Corporation (Japan), IBM (US), Hitachi (Japan), Rockwell Automation, Inc. (US), Yokogawa Electric Corporation (Japan), C3 AI (US), Delta Electronics, Inc. (US), Enel X (Italy), Neptune India (India), Weidmuller (Germany), Energy Management Systems, Inc. (US), Distech Controls (Canada).

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