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Global Energy Management Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Global Energy Management Systems Market is expected to register a CAGR of 15. 6% during the forecast period. The increasing focus on issues, such as managing energy consumption, optimizing the use of renewable energy sources, and reducing carbon footprint and greenhouse gas emissions, is creating a demand for EMS.
New York, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Energy Management Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06379248/?utm_source=GNW
Further, cloud services effectively minimize operational costs of software development and maintenance and direct the monetary costs, time, and spent resources on maintaining the in-house IT professionals and infrastructure for gathering, storing, and analyzing energy data.? Cloud services are an ongoing trend responsible for the growth of the market studied.
Key Highlights
The Internet-of-things (IoT) energy efficiency system is expected to continue expanding into areas of the built environment with end-to-end connectivity. Moreover, BEMS is expected to be the fastest growing among all types of EMS.
Reduction in energy consumption has been a primary concern among commercial building owners and managers to save money. According to the world economic forum in February 2022, buildings are responsible for 40% of global energy consumption. Energy efficiency has been increasingly becoming the primary focus of both private enterprises and government authorities worldwide. The increasing economic activities led to high-energy consumption rates and have pushed the global electricity grids to the limits. These factors are expected to drive the energy management systems market in the forecast period.
In August 2021, according to the International Energy Agency, the digitalization of energy systems was transforming energy efficiency, introducing technologies, and creating new sources of detailed data supporting new business models and revenue streams. For instance, India’s Building Energy Efficiency Program Dashboard is another digital tool that provides policymakers and others with transparent and accessible data, increasing understanding of the energy systems and supporting energy policy decisions at the highest level.
Furthermore, electricity vendors worldwide have been increasingly moving toward adopting smart solutions, under which the incorporation of EMS has become a norm with the global propensity. The investments toward smart grids and the adoption of EMS are expected to increase even further.
The outbreak of COVID-19 has had a mixed impact on the Energy management system market as the vendors operating in the market serving the end-user industries are deemed essential by various governments globally. In times of pandemic, the global residential power has seen significant growth owing to home quarantines, thus driving the demand for the deployment of energy management systems. COVID-19 has also affected the renewable energy industry, and major concerns revolved around global supply chains, which considerably slowed down production.
Key Market Trends
HEMS (Home EMS) to Experience Significant Growth
With the rapid improvements in technologies, like network communication, smart grid, bidirectional communication mediums, information infrastructures, energy conservation methodologies, and various techniques, home area networks (HANs) encountered a revolutionary change in multiple areas of power consumption domains, like energy conservation at consumption premises and electricity usage patterns.
Due to the increasing concern about the efficient use of energy, there is an expanding focus on installing energy-saving devices in smart households across the world. Energy management systems are cost-effective in primarily all residential buildings, regardless of national energy prices, usage, and climatic factors. Thus they are increasingly being adopted in homes.?
According to the US Energy Information Administration (EIA), the overall domestic consumption is expected to grow at 0.3% annually through 2040, which is less than half the rate of population growth. The agency expects the use of residential energy to be flat while transportation energy consumption will decline slightly.?
In recent times, there has been a significant surge in the development of connected, intelligent devices, such as smart meters, smart sensors, and smart thermostats that are equipped in smart homes. These devices are experiencing advancements with the rise in the development of power monitoring and display technologies.
Europe Accounts for a Significant Share
The Europe region is expected to hold a significant share of the market. The United Kingdom remains one of the forerunners in terms of adoption, aided by favorable energy policies and regulations targeted at reducing the country’s carbon footprint through smart meter rollouts, energy-efficient buildings, and systems.
The country has a clear rollout strategy, led by the Department of Energy and Industrial Policy. Additionally, due to a high population density and high connectivity, the country has a favorable cost-benefit analysis, further adding to the growth.?
According to the European Commission, in July 2022, more than three-quarters of the European population lives in urban areas, and this figure is expected to rise to almost 85% by 2050. Owing to the government regulations in Europe, cost savings, and optimization the energy consumption, homes, industries, and enterprises have been increasingly adopting energy management solutions.
Several European policies, proposals, and initiatives promoting more sustainable and competitive urban areas are already in place. These include the implementation of smart technologies in buildings to increase energy efficiency, the promotion of research and innovation efforts to transform European energy systems into low-carbon, and the development of expertise network exchanges to implement the European climate and energy objectives in cities.
Furthermore, in May 2022, the Covenant of mayors for climate and energy in Europe launched the Cities Energy Savings Sprint Covenant to accelerate energy savings under the REPowerEU plan. The Cities Energy Saving Sprint is a joint initiative of the European Commission, the Covenant of Mayors Europe, and the European Committee of the regions to encourage cities to take measures that will immediately reduce energy consumption. This initiative is expected to drive the energy management systems market.
Competitive Landscape
The Global Energy Management Systems Market is very competitive in nature. The market has a low concentration due to various small and large players. Some of the significant players in the market are IBM Corporation, Rockwell Automation Inc., General Electric, Schneider Electric, Eaton, ABB, Oracle Corporation, and many more. The companies are increasing the market share by forming multiple partnerships and investing in introducing new solutions to earn a competitive edge during the forecast period.
April 2022 - ABB and Samsung made a strategic partnership to expand the Samsung smart things integration into more homes and buildings. With more efficient usage models, Samsung and ABB’s integrated energy management systems run high-impact energy applications like HVAC. Energy and power meters provide users with up-to-date data on energy costs allowing users to strategize appliances used to reduce overall costs.
February 2022 - Eaton partnered with LG electronics to deliver flexible load management for renewable distributed energy applications. Eaton will integrate intelligent power management technology, including smart breakers and EV chargers, with the LG ThinQ energy mobile app and LG energy management solutions to simplify load management in the home. Eaton’s smart breakers are an important element of the home as a grid approach to the energy transition, providing insights and intelligent load control to allow homeowners to manage and monitor energy usage better.
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