PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408911
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1408911
Energy Management Systems (EMS) Market size was valued at USD 46,273 Million in 2023, expanding at a CAGR of 13.5% from 2024 to 2032.
Electric utility grid operators employ an energy management system (EMS) which is a set of computer-aided tools that helps them monitor, regulate, and optimize the operation of the generating or transmission system. Microgrids and other small-scale systems can make use of it. It's one of the newer technologies that lets an organization monitor, evaluate, and visualize energy use to get real-time data on energy use.
The main driver of social and economic advancement is energy. Energy is necessary for any industry to function, and because of the highly competitive marketplace and advancements in technology, energy is always in demand. Power is especially needed in the industrial sector. The necessity of conserving and optimizing energy consumption is likewise becoming more widely recognized. Furthermore, businesses have made an effort to use energy more efficiently in response to market pressure and public awareness of environmental sustainability. One of the main market drivers expected to emerge is the need to optimize and minimize energy usage.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. The United States and Canada are anticipated to provide lucrative prospects due to the rapid adoption of smart grids and increased infrastructure investment. The United States is one of the main drivers of infrastructure investment, with the IEA projecting a 10% increase in grid spending by 2021. Furthermore, there has been a noticeable adoption of smart energy demand in the region, which has encouraged stakeholders to contribute money to EMS. The building, business, and residential sectors will likely have a high need for Internet of Things solutions. The primary cause of this development trend is an increase in energy usage for space heating and cooling. For instance, the U.S. Energy Information Administration stated in June 2022 that about half of the energy consumed in U.S. buildings in 2021 was for heating and cooling, using data from the Annual Energy Outlook 2022. It is also expected that, to reduce carbon emissions and access international markets, power providers, as well as commercial and industrial businesses, would prioritize clean energy technology and connections.
The key players operating in the market are: ABB, Honeywell International Inc., GridPoint, Johnson Controls, Inc., C3.ai, Inc., Siemens AG, General Electric, Schneider Electric SE, International Business Machines Corporation and Cisco Systems, Inc. among others. These players perform various strategies to capture a major market share. Strategies like merger & acquisition, agreement, collaboration, product launches and others.
In March 2023, Schneider Electric began building its new smart plant in Dunavesce, Hungary. The new site will cover 25,000 m2 and employ 500 workers, with a EUR 40 million investment envisaged. As Europe accelerates its energy transition and gains energy independence, this new smart factory will expand capacity to meet rising demand.
The scope of this report covers the market by its major segments, which include as follows: