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Energy Management Systems Global Market Poised for Significant Growth, Projected to Reach $106.3 Billion at a CAGR of 16.5% By 2028
Energy Management Systems Global Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Technological advancements are a key trend gaining popularity in the energy management systems market. Major companies operating in the energy management systems market are developing innovative technologies to sustain their position in the market. For instance, in May 2021, Robert Bosch Engineering and Business Solutions (RBEI), a Germany-based IT service management company, launched the Phantom Edge platform, based on AIoT (Artificial Intelligence of things) for real-time electrical energy consumption, operating usage, electrical parameters, and appliance level information. The platform can be used for real-time energy monitoring in retail, residential, healthcare, agriculture, and commercial applications.
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Major Key Players of the Market:
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.
Energy Management Systems Market 2024 Key Insights:
• 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%.
• Surging Adoption Of Smart Grids And Meters Drives Growth In The Energy Management Systems Market
• Cutting-Edge Technologies Shape The Future Of The Energy Management Systems Market
• North America was the largest region in the energy management systems market in 2023
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