CHICAGO, June 28, 2023 /PRNewswire/ — Energy Management Systems Market is projected to reach USD 75.6 billion in 2028 from USD 40.7 billion in 2023 at a CAGR of 13.2% according to a new report by MarketsandMarkets™.  EMS determines the most cost-effective configuration for power production, transmission, and distribution throughout the network, considering the required criteria for system stability, safety, and reliability. EMS has a cloud of network computation functions, such as static state estimation (SSE), optimal power flow, and contingency analysis. In EMS, the estimates of the operating states of the system are updated in the time scale of a second or more through SSE. SSE is used to schedule and dispatch load generation but is unsuitable for real-time monitoring and controlling time-critical dynamics in the system because of slow update rates. The supervisory control and data acquisition (SCADA) system performs data acquisition, updates the system status through alarm processing along with the user interface, and executes control actions.

Browse in-depth TOC on “Energy Management Systems Market“

150 – Tables
80 – Figures
250 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1189 

Energy Management Systems Market Scope:

Report Coverage Advertisement	Details
Market Size	USD 75.6 billion in 2028
Growth Rate	13.2% of CAGR Advertisement
Largest Market	Middle East & Africa
Market Dynamics	Drivers, Restraints, Opportunities & Challenges
Forecast Period Advertisement	2023-2028
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Advertisement
Segments Covered	By Component, By Type, By Deployment, By End-use Industry
Geographies Covered	Asia Pacific, North America, Europe, Middle East & Africa, and South America
Report Highlights Advertisement	Updated financial information / product portfolio of players
Key Market Opportunities	Growth of urbanization and digitalization
Key Market Drivers	Government policies to increase energy efficiency and tackle climate change Advertisement

Services segment is expected to result in the segment occupying the second fastest market share of the Energy Management Systems Market

Energy management services are the core of energy management systems. The services show the path for homeowners to lower their energy bills with smarter, more efficient use of load sharing for demand-based billing. This service assists solar clients in accurately determining their return on investment, tracking their savings, and enhancing the end result of their installations. Service companies work with utility companies to explore the role of demand management technology for future applications within the solar, battery storage, and electric vehicle industries. They have the tools to provide regional demand control. These companies are generally known as Energy Services Companies (ESCOs). This model is very much prevalent in Europe and North America. For instance, in November 2021, Nokia launched two new Software-as-a-Service (SaaS) offerings, which help communication service providers (CSPs) and enterprises strengthen their energy efficiency efforts and optimize the management of home devices. This initiative taken by Nokia provided its customers with faster time-to-value in operating their telecom networks and delivering new services.

BEMS type is estimated to be the second–fastest growing market

Based on the type segment of BEMS is estimated to be the second fastest growing market from 2023 to 2028. A building energy management system (BEMS) is a computer-based system that monitors and regulates the electrical and mechanical equipment in a building, such as lighting, power systems, heating, and ventilation. The BEMS is connected to the building’s service plant and then to a central computer, allowing for management of temperature, lighting, humidity, and other parameters. Cables connect the building’s vancus network of hubs to a central supervisory computer, from which building operators can operate the building. Building energy management software provides control features, monitoring, and alerts to building operators, allowing them to improve building efficiency. The growth of technology has made building energy management systems critical for managing energy demand, particularly on major construction sites.

Advertisement

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1189

On-premise is estimated to be the largest and second–fastest growing market

Based on the on-premise segment of energy management systems, the indoor type is estimated to be the largest and second–fastest growing segment in the global Energy Management Systems Market. Electricity consumption will be high as different servers consume energy at different rates. Many existing on-premise deployments were installed at a time when the cloud-based concept was not much prevalent. Therefore, on-premise servers eventually need to be maintained and replaced. Due to the high initial costs of these systems, it is impossible for the companies/organizations to directly shift to cloud-based options. This will drive the market for on-premise deployment of energy management systems. The retrofitting of the existing on-premise servers already installed with high CAPEX is the driving factor for this market.

Power & Energy industry is estimated to be the second-fastest growing market

Based on the end-user industry segment of energy management systems, the power & energy type is estimated to be the second–fastest growing segment. Every step toward improving efficiency and minimizing energy waste is crucial, and irrespective of the type of facility, power becomes an important tool. Certain examples include the petroleum industry, gas industry (natural gas and coal gas), electrical power industry, and the nuclear/coal industry. These industries are the main sources of energy supply and must simultaneously deliver cost-effective and reliable energy while addressing environmental issues. Unplanned outages, equipment glitches, and poor power quality can increase costs daily. Proper power and energy management systems in place can help in reducing costs, improve operational efficiency, and meet sustainability goals. Power management systems are integrated with power meters, power management software, and power quality mitigation equipment. Power management is primarily about the enhancement of electrical reliability or availability.

Advertisement

Middle East & Africa likely to emerge as the second-fastest growing Energy Management Systems Industry

Middle East & Africa accounted for a 10.8% share with a market size worth USD 40.7 billion in 2023. The Energy Management Systems Market in the Middle East & Africa has been segmented into Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa. The scope of Rest of Middle East & Africa includes Qatar, Nigeria, and Kenya.

The region is the fourth-largest and second-fastest growing market for energy management systems globally, occupying a share of 10.8% in 2022, and is expected to grow at a CAGR of 13.8% during the forecast period due to an increase in energy-saving efforts, increased power consumption from the manufacturing, commercial, and residential sectors. The Middle East & Africa region is currently undergoing rapid growth, resulting in a significant increase in power demand. To meet this demand, there is a need to both add capacity and optimize the utilization of existing capacity in order to fulfill economic and social requirements. For example, in August 2021, the UAE’s Ministry of Energy and Infrastructure launched the National Water and Energy Demand Management Programme. This initiative focuses on improving energy efficiency in the country’s most energy-intensive sectors, namely transport, industry, and construction, with a target of achieving a 40% improvement by 2050.

Key Market Players:

The energy management systems companies is dominated by a few globally established players such as ABB (Switzerland), Siemens (Germany), Schneider Electric (France), General Electric (US), Emerson (US), Cisco Systems, Inc. (US), Honeywell International Inc. (US), Eaton (Ireland), Mitsubishi Electric Corporation (Japan), IBM (US), Hitachi (Japan), Rockwell Automation, Inc. (US), Yokogawa Electric Corporation (Japan), C3 AI (US), Delta Electronics, Inc. (US), Enel X (Italy), Neptune India (India), Weidmuller (Germany), Energy Management Systems, Inc. (US), Distech Controls (Canada).

Advertisement

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1189

Recent Developments

• In May 2022, General Electric signed a contract to supply energy management systems, medium voltage cubicles, and automation technology, as well as deliver protection, control, and supervision systems for the generating units, GIS substation, and the existing 500 kV transmission lines to upgrade a 14 GW hydropower plant in Brazil.
• In March 2022, Schneider Electric introduced its complete digital solutions with the help of its EcoStruxure platform for building transformation to maximize sustainability and operational efficiency during a building’s life cycle.
• In Oct 2021, Siemens’ Smart Infrastructure acquired French IoT startup Wattsense to expand its offerings within the buildings’ energy management, automation, and French markets.
• In Sept 2021, ABB announced its collaboration with the new Universal 10/4 Residential Storage System powered by Humless’ groundbreaking 48V Universal Energy Management (UEM) and ABB’s UNO-DM-TL-PLUS line of residential inverters.
• In Mar 202, Emerson acquired Verdant, an energy management solution for the hotel and hospitality industries. The addition of Verdant broadens Emerson’s growing energy management and optimization capabilities for residential and commercial applications.

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Related Reports:

Smart Offices Market – Global Forecast to 2023

Residential Energy Storage Market – Global Forecast to 2027

Advertisement

Home Energy Management System Market 

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Advertisement

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/energy-management-systems-ems-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/energy-management-systems-ems.asp 

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg 

Advertisement

View original content:https://www.prnewswire.co.uk/news-releases/energy-management-systems-market-worth-75-6-billion-by-2028—exclusive-report-by-marketsandmarkets-301865392.html