Energy Management Systems Market: USD 161.9 Billion by 2030, At a 16.2% of CAGR, Says Allied Market Research
Allied Analytics
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, February 13, 2023 /EINPresswire.com/ — Surge in inclination toward energy efficiencies and regulatory obligations drives the global energy management systems market. However, financial difficulties, hidden costs, and long payback time hinder the market growth. On the contrary, emerging economies would unlock new opportunities in the future.
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.
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.
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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.
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.
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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Covid-19 scenario:
• The Covid-19 pandemic negatively affected the market due to diminished energy usage in heavy coal, petroleum, and natural gas industries.
• However, the market has now survived due to increased energy consumption from residential units and rise in activities such as online shopping, remote work, and powering home appliances.
Latest news and industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures and collaborations, product launches, market expansions etc. are included in the report.
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Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
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