Energy Management Systems Market is to Witness Significant Growth of USD 161.9 Billion by 2030
The report segments the global energy management system market on the basis of component, end user, type, application, and region.
PORTLAND, OR , UNITED STATES, UNITED STATES, May 8, 2023 /EINPresswire.com/ — Surge in inclination toward energy efficiencies and regulatory obligations drives the global energy management systems market. Emerging economies would unlock new opportunities in the future.
The global energy management systems market generated $36.2 billion in 2020, and is expected to reach $161.9 billion by 2030, growing at a CAGR of 16.2% from 2021 to 2030.
Based on component, the report is divided into service and solution. The solution segment held the largest share in 2020, accounting for nearly three-fourths of the market. However, the service segment is projected to register the highest CAGR of 18.5% during the forecast period.
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The global energy management systems industry is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2020, accounting for nearly one-third of the market. In addition, the region is anticipated to portray the highest CAGR of 17.9% during the forecast period.
On the basis of end user, the energy and utilities segment held the largest share in 2020, contributing to nearly one-third of the market. However, the healthcare segment is estimated to manifest the highest CAGR of 19.1% from 2021 to 2030.
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Major industry players such as – Siemens AG, yokogawa electric corporation, C3 energy, Delta electronics, Dexma, General Electric company, Gridpoint Systems, Honeywell International Inc., Johnson controls international plc., and Schneider Electric.
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Some of the Recent Product Launches, Product approval, Announces and Merger in Energy Management Systems Market –
• Product Launch: In April 2021, Honeywell launched a new software platform called Honeywell Forge Energy Optimization, which uses artificial intelligence to help building owners and operators optimize their energy usage.
• Product Approval: In November 2020, Siemens received approval from the German Federal Network Agency for its decentralized energy management system, known as DEMS. The system is designed to help energy providers manage decentralized energy resources such as solar panels and batteries.
• Announcement: In March 2021, Schneider Electric announced that it had partnered with Lutron Electronics to integrate Lutron’s lighting control systems with Schneider’s EcoStruxure Building Operation platform. The partnership is designed to provide building owners with a more comprehensive energy management solution.
• Merger: In December 2020, Schneider Electric announced that it had completed its acquisition of ProLeiT, a provider of process control technology for the food and beverage industry. The acquisition is expected to strengthen Schneider’s position in the energy management system market by providing it with new technology and expertise.
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Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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