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LONDON, May 24, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s report on the energy management systems market forecasts the market to grow from $43.2 billion in 2022 to $49.8 billion in 2023, at a compound annual growth rate (CAGR) of more than 15%. Further, the market is expected to reach $87.9 billion by 2027, with a CAGR of more than 15%. North America held the largest energy management systems market share in 2022.
The growth of the energy management systems industry is being driven by the increasing utilization of smart grids and smart meters. Smart grids are advanced digital technologies that enable two-way communication for electricity distribution, while smart meters are electronic devices that record and transmit energy consumption data to utility providers. These technologies have become increasingly popular in recent years due to their effectiveness in reducing electricity costs for consumers.
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Technological advancements are the key trend within the market. Key industry players are actively developing innovative technologies to maintain their market position.
Major energy management systems companies are Schneider Electric SE, ABB Ltd., Cisco Systems Inc., GE Digital, Emerson Electric Co., Honeywell Building Technologies, IBM Corporation, Mitsubishi Electric Corporation, and Toshiba Corporation.
For example, Robert Bosch Engineering and Business Solutions (RBEI), a German IT service management company, recently launched the Phantom Edge platform, an AIoT (Artificial Intelligence of Things) solution that enables real-time monitoring of electrical energy consumption, operating usage, electrical parameters, and appliance-level information. This platform has applications across retail, residential, healthcare, agriculture, and commercial sectors.
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The global energy management systems industry is segmented as-
1) By Type: Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems
2) By Component: Hardware, Software, Services
3) By Deployment: On-Premise, Cloud Based
4) By End-User: Power and Energy, Telecom and IT, Manufacturing, Residential and Commercial, Food and Beverages, Other End-Users
The energy management systems market report highlights the growth of the market, projected market size, and key factors that are driving the growth of the energy management systems market. It also emphasizes on the new strategies that key players adopt to leverage market growth.
Energy Management Systems Global Market Report 2023 by The Business Research Company provides insights on the power energy management systems market size, segments, trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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