Energy Management System Market Will Reach USD 111,234 Million By 2030

In 2022, the energy management system market was worth around USD 39,685 million, and it is projected to advance at a 13.8% CAGR from 2022 to 2030, hitting USD 111,234 million in 2030, according to P&S Intelligence.

This can be credited to the increasing acceptance of EMS in electricity cost volatility, construction automation, strict government rules, guidelines, and numerous incentives. Furthermore, the increase in the management of electricity uses across industrial, public and commercial sector initiatives, execution of cutting-edge power-efficient technology, and digitization in the electric utility scenario are boosting the growth of the industry

In 2022, the service category held the major revenue share and is projected to continue at the leading spot in the future as well. This growth can be credited to the rising demand for the suitable integration and installation of EMS equipment in residential and corporate buildings throughout the world.

Some of the key reasons fuelling the growth of this category are building owners’ tendency for complete control over an EMS, rising knowledge and literacy rates, and their capability to track the growing power demand for a specific location.

Intending to alteration of current infrastructure with up-to-date communication and information technologies, the electric energy system is presently undergoing a profound transition worldwide. Furthermore, smart grid systems are offering consumers an improved way of saving power with easy integration and reliable service. Additionally, consumers are allowed to automate billing information and detect equipment glitches because of the data provided by smart power meters.

In 2022, the manufacturing category held the largest energy management system market share, at 22%, and is projected to continue to the dominance in the future as well. This can be credited to the increasing requirement for EMS solutions utilized to manage numerous power sources as it is one of the biggest utilizers of electricity and the growing need for constant power supply coupled with effective energy management and distribution.

In 2022, North America held the largest revenue share, at 36%, and is projected to continue with the dominant in the future as well. This can be ascribed to the heavy usage of such solutions for an extensive range of residential, commercial, and industrial applications; the rising need for reduced power consumption along with power bills, and the rising shift for residential EMS due to growing awareness among the target population, along with the ability to afford them.

Hence, because of the increasing acceptance of EMS in building automation, electricity cost volatility, construction automation, strict government rules, guidelines, and numerous incentives, are the major factors driving the energy management system industry globally, in the near future. 

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Energy Management System Market Size, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

The rising requirement for EMS in emerging economies is creating wide opportunities for the players operating in the EMS market. Because of the surging demand for efficient energy sources to replace traditional energy sources, the market has been witnessing a continuous rise in research and development activities from the market players. 

Another factor leading to the growth of the EMS market is the electrical energy price volatility, which occurs because of demand and supply dynamics. Factors such as economic development, lack of energy supply, and extreme weather conditions also trigger an increase in energy prices. A primary driving factor of the EMS market is the growing adoption of EMS in building automation. 

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In addition to this, the surging exploitation of fossil fuels, which are the major sources of energy at the present time, will compel people to turn to more expensive forms of energy generation. Thus, to cope with these situations, the demand for EMS is increasing. Consumers are increasingly becoming concerned regarding the soaring energy cost and thus are adopting EMS solutions.

Countries such as China and India are witnessing an increase in an urban population attributed to the rapid industrialization, which is further leading to the growing need for electrical energy. This is projected to create a rising demand for EMS in developing countries in the coming years. 

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EMS aids organizations in optimizing the performance of the building by gaining full control over the building energy consumption and its cost. In addition to this, the governments in different regions, such as Middle East and Africa and Asia-Pacific, are focusing on showcasing the benefits of EMS through social media in order to increase their adoption.

Hence, the rising adoption of EMS in building automation and electrical energy price volatility are leading to the growth of the market. 

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Electrical Energy Price Volatility Driving Energy Management System Market

In 2017, the energy management system (EMS) market generated a revenue of $39,520.0 million and is projected to advance at a 19.3% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the stringent government regulations and government incentives, electrical energy price volatility, and growing adoption of EMS in building automation. An integrated system which is designed for enabling automated monitoring and control of the energy devices in a building, such as lighting, heating, and ventilation, is referred to as EMS.

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On the basis of component, the EMS market is divided into field equipment, communication systems, software, control systems, other hardware, and sensors. Out of these, the software category dominated the market during the historical period (2013–2017) and is predicted to retain its position during the forecast period. The category is further classified into enterprise carbon & energy management, utility EMS, residential EMS, industrial EMS, and others (including energy trading & risk management software and energy modeling software). 

The utility EMS classification accounted for the major share of the market during the historical period. When vertical is taken into consideration, the EMS market is categorized into manufacturing, telecom & IT, retail, healthcare, power & energy, office & commercial buildings, education, residential, and others (which include government, banking, financial services & insurance, and hospitality). 

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Among all these, the power & energy industry held the largest share of the market during the historical period and is further expected to dominate the market during the forecast period. This is due to the abundant generation of energy and sale of electricity for different applications, such as mining and manufacturing.

A primary driving factor of the EMS market is the growing adoption of EMS in building automation. Consumers are increasingly becoming concerned regarding the soaring energy cost and thus are adopting EMS solutions. EMS aids organizations in optimizing the performance of the building by gaining full control over the building energy consumption and its cost. In addition to this, the governments in different regions, such as Middle East and Africa and Asia-Pacific, are focusing on showcasing the benefits of EMS through social media in order to increase their adoption.

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