Energy Management Systems Market to Witness Massive Growth by 2028

Energy Management Systems Market

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% according to a new report by MarketsandMarkets™.  EMS 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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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.

Services segment is expected to result in occupying the second fastest market share of the Energy Management Systems Industry

Energy management services are the core of energy management systems. The services show the path for homeowners to lower their energy bills with smarter, more efficient use of load sharing for demand-based billing. This service assists solar clients in accurately determining their return on investment, tracking their savings, and enhancing the end result of their installations. Service companies work with utility companies to explore the role of demand management technology for future applications within the solar, battery storage, and electric vehicle industries. They have the tools to provide regional demand control. These companies are generally known as Energy Services Companies (ESCOs). This model is very much prevalent in Europe and North America. For instance, in November 2021, Nokia launched two new Software-as-a-Service (SaaS) offerings, which help communication service providers (CSPs) and enterprises strengthen their energy efficiency efforts and optimize the management of home devices. This initiative taken by Nokia provided its customers with faster time-to-value in operating their telecom networks and delivering new services.

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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 Market 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).