- Rise in demand for EMS for optimizing energy usage especially in retail and healthcare sectors to set stage for low-carbon economies; implementation in microgrids to bolster sales
- Growing awareness about benefits of EMS in energy bill savings in various organizations spurring adoption; North America energy management systems (EMS) market to witness vast profitable avenues
ALBANY, N.Y., March 21, 2022 /PRNewswire/ -- Rising implementation of energy management systems (EMS) in industrial and commercial buildings is creating abundant lucrative opportunities. The adoption is growing in the healthcare, retail, and manufacturing industries, generating revenue gains to companies in the energy management systems (EMS) market. The global valuation is projected to reach US$ 26.8 Bn by 2031, advancing at CAGR of 13.4% during 2021-2031.
Operators of electric utility grids have been attracted toward the reduction in the cost of deployment of EMS and the focus toward standardization of products, observed the analysts in an in-depth TMR study on the energy management systems (EMS) market. End users in various industries, notably in manufacturing and steel, are reaping gains of energy savings, whereby EMS are used for managing their energy resources.
Industrial buildings are leveraging advancements in sensors and equipment to support innovative approaches in energy management, assert the study on the energy management systems (EMS) market. Emerging implementation of energy management system for residential and public buildings has unlocked value-grab opportunities for firms in the market, notes the TMR study.
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Key Findings of Energy Management Systems (EMS) Market Study
- Advancements in Sensors Catalyzing Adoption in Electric Utility Grids: Advancements in sensor and other equipment are expanding the commercialization avenue in the energy management systems (EMS) market. The proliferating application of sensors in various EMS applications has created massive revenue streams over the years. Sensors are extensively used for real-time monitoring applications, thus empowering end users manage energy resources in real time.
- Implementation in Industrial Applications to Generate Stable Revenue Gains: Rapidly growing demand for EMS in industrial, building, and home applications is likely to offer massive revenue gains to the energy management systems (EMS) market during the forecast period. Several businesses in manufacturing industries notably iron and steel manufacturers are increasingly adopting EMS to manage their peak electricity demands and save energy.
- Benefits in Management of Energy Resources Underpin Steady Demand: Organizations across industries have become aware of the significant benefits of EMS for boosting energy performance. EMS of note have enabled them to develop action plans to meet energy targets, without any high capital investments. The adoption of energy-saving technologies is enriching lucrative prospects of the energy management systems (EMS) market.
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Energy Management Systems (EMS) Market: Key Drivers
- The need for optimizing energy usage to support low-carbon economies is a key driver for growing prospects in the energy management systems (EMS) market. Global organizations are creating awareness and spurring behavioral change for mainstream adoption.
- EMS are playing a crucial role in electric power grids, underpinned by growing awareness about the role of monitoring and control of energy assets for reliable power transmission. A case in point is increasing implementation of autonomous supervisory control technology for power grids.
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Energy Management Systems (EMS) Market: Regional Growth Dynamics
- North America is anticipated to account for a leading share of the global energy management systems (EMS) market during the forecast period of 2021-2031. Advancements in digital and communication technologies are propelling the adoption of smart EMS in buildings across industries. The U.S. is expected to offer vast profitable avenues in the North America energy management systems (EMS) market.
- Asia Pacific is a potentially lucrative energy management systems (EMS) market, fueled by the growing awareness about the benefits of EMS in reduce energy costs. In the wake of volatile energy prices, the revenue potential is expected to rise in several economies such as in China.
Energy Management Systems (EMS) Market: Key Players
Some of the key players in the energy management systems (EMS) market are Siemens AG, Schneider Electric, Rockwell Automation, Inc., Pacific Controls, Mitsubishi Electric Automation, Johnson Controls, Inc., Honeywell International, Inc., General Electric Company, Eaton Corporation Plc, and Emerson Process Management.
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Global Energy Management Systems (EMS) Market: Segmentation
Energy Management Systems (EMS) Market, by Component
- Hardware
- Software
- Communication Networks
- Control Systems
- Sensors & Other Equipment
Energy Management Systems (EMS) Market, by Application
- Industrial
- Building
- Home
Energy Management Systems (EMS) Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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