Research Nester published a report titled “Energy Management System (EMS) Market: Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global energy management system market in terms of market segmentation by type, end-users, software, devices, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global energy management system market is estimated to grow at a CAGR of ~17.20% over the forecast period i.e., 2023-2035 on the back of increased government initiatives to reduce energy wastage and augment energy utilization, along with rising awareness regarding energy conservation for the future. According to the data by OECD, in the year 2018, 13.519% of the total primary energy consumed globally was derived from renewable energy sources. Moreover, the increased adoption of smart grids and meter is projected to positively impact the market expansion by the end of 2035.
The market is segmented by end-users into oil & gas, manufacturing, automotive, building automation, energy & utility, pharmaceutical, and others, out of which the oil & gas segment is anticipated to garner a significant market share by the end of 2035, on account of stern government regulations to reduce energy loss which occurs during the extraction, refining, liquefaction and transportation of oil and gas.
Geographically, the market in North America is anticipated to hold the largest share by the end of 2035 on the back of various initiatives by the U.S. government to increase the adoption of green energy alternatives. One such initiative includes the establishment of public benefit funds (PBF) for renewable energy to provide clean energy supply to the public. Moreover, the growing need to adopt renewable energy in the United States is projected to promote the market growth. According to the statistics by OECD, as of 2019, 8% of the total primary energy consumed in the U.S. is obtained from renewable energy sources. Furthermore, various industry giants are increasingly investing in advanced technology to reduce energy wastage, which in turn, is estimated to boost the market growth during the forecast period.
The market in Asia Pacific is estimated to experience highest CAGR throughout the forecast period owing to the developing sustainable energy infrastructure and advancement in technology along with the increasing adoption of smart grids in the region backed by growing economic development. Additionally, increasing initiatives to promote the adoption of renewable energy such as government subsidies for solar farms in the countries such as China is anticipated to encourage the market growth.
The market in Europe is predicted to witness significant growth by the end of 2035, owing to growing environmental concerns among the people combined with adoption of smart meter and grids at a rapid pace in the region.
Initiatives to Promote Energy Optimization and Reduce Energy Wastage
Use of renewable energy such as solar energy, wind energy, nuclear energy and geothermal energy is gaining prominence owing to the rising awareness for environment conservation and energy optimization concerns, which is expected to promote the market growth throughout the forecast period. In addition to this, initiatives to avoid energy wastage by installation of smart grids and meters are expected to boost the market growth.
However, lack of awareness regarding smart meters and grids combined with delay in government paperwork for switching to smart meters are the major factors expected to operate as key restraint to the growth of global energy management system market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global energy management system market which includes company profiling of Schneider Electric (EPA: SU), Siemens AG (ETR: SIE), C3.ai, Inc. (NYSE: AI), GridPoint, Inc., The General Electric Company (NYSE: GE), Yokogawa Electric Corporation (TYO: 6841), DEXMA Sensors, SL, Johnson Controls International plc (NYSE: JCI), Honeywell International Inc. ( NYSE: HON) and Energate Inc. (Tantalus Systems Corp.) The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global energy management system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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