September 23, 2022 01:59 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Fortune Business Insights has published latest forecast for Energy Management System Market in their report titled, “Energy Management System Market Forecast, 2022-2029”. As per the report, the global market size was USD 24.73 billion in 2021. The global Energy Management System Market size is projected to grow from USD 27.31 billion in 2022 to USD 60.54 billion in 2029 at a CAGR of 12.0% in the forecast period, 2022-2029.
The energy management system is adopted by various industries such as manufacturing, automotive, building automation, pharmaceutical, energy and utilities, oil & gas, and others. The market is expected to rise due to various global energy concerns such as optimizing renewable energy sources, managing greenhouse gas emissions, energy consumption, and decreasing carbon footprint.
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Reduced Electricity Consumption Hampered Market Growth During Pandemic
The COVID-19 pandemic affected various industries and created a huge impact on industrial activities, including the manufacturing and production units of the key players. The stringent restrictions imposed by the government affected the operational workforce of the company to maintain social distancing norms. The sudden closure of companies due to the revised operational regulations affected the key market players' revenue generation rate and sales rate. These factors hampered market growth during the pandemic.
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Key Players Collaborate with Supporting Companies to Expand their Business Reach
Key players in the market focus on forming strategic alliances, mergers, and partnerships to acquire higher market share and expand their business globally. Also, implementing innovative product development and redevelopment strategies allows key players to enhance their product portfolio. Furthermore, collaborating with supporting companies allow key players to explore new segmented market deliver their services worldwide.
The report provides complete information regarding market development and advancements in the industry. Also, the report sheds light on impact of the COVID-19 pandemic on market growth and the global expansion of the business. Drivers and restraints affecting market development and potential growth scope are elaborated further in this report. Furthermore, key players operating in the market are highlighted along with their business growth strategies. Key developments in the industry and new launches introduced by key players are discussed further in this report.
Rising Digitalization in EMS to Propel Growth
The global energy management system is expected to witness significant growth during the forecast period owing to the increasing installation of smart grids and smart meters in developed and developing countries. Also, increasing investments by the government are expected to drive the market. In the coming years, favorable government initiatives and revised policies ensure energy management system market growth. The digitalization of EMS is contributing to the development of market in various sectors due to increasing service demand.
However, high implementation costs and lack of awareness may hamper market growth.
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North America Dominates Market Due to Rising Digitalization
North America holds the highest global energy management system market share during the forecast period due to these systems' increasing adoption. Also, the presence of key market players in the region contributes to market growth.
Europe holds the second-highest market share due to the increasing demand for smart grid solutions and smart meters in various industries. Further, increasing awareness regarding energy efficiency is expected to drive the market.
Oil & Gas Segment to Propel Growth During Forecast Period
By type, the market is bifurcated into systems and services. Further, the system is divided into home energy management, industrial and building energy management systems. Furthermore, services are categorized into monitoring & control, implementation & integration, maintenance, and consulting & training services.
Based on the end-users, the market is segmented into pharmaceutical, energy & utilities, automotive, oil & gas, building automation, manufacturing, and others.
Finally, by region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Mentioned in the Report:
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How big is the Energy Management System Market?
The market is expected to grow from USD 27.31 billion in 2022 to USD 60.54 billion by 2029, exhibiting a CAGR of 12.0% during the forecast period.
How big is Energy Management System Market In North America?
The market in North America stood at USD 9.23 billion in 2018-2029 and is expected to gain a huge portion of the market share in the coming years.
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