Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for energy industry professionals · Sunday, February 25, 2024 · 691,217,091 Articles · 3+ Million Readers

Energy Management System Industry, Unraveling Market Dynamics, Investment Opportunities, and Competitive Strategies

CALIFORNIA, UNITED STATES, December 1, 2023 /EINPresswire.com/ -- Market Overview:

Energy management systems help organizations to monitor, control, and optimize energy consumption and usage across various energy consuming utility systems. They help improve energy efficiency, lower operating costs, and reduce carbon footprint.

Market Dynamics:

The Energy Management System Market is witnessing high growth owing to increased demands for energy efficiency across manufacturing and commercial sectors globally. Stringent regulations around the world regarding energy efficiency and carbon emission reductions have also propelled the adoption of EMS. For instance, implementation of ISO 50001 standard which provides a framework for industrial energy management and auditing. Additionally, advancements in automation technologies have enhanced the capabilities of EMS, allowing for remote operations and data-driven decision making. All these factors are expected to drive the market during the forecast period.

According to Coherent Market Insights study, The global energy management system (EMS) market was valued at US$ 9,224.6 Mn in 2019 and is expected grow at a CAGR of 14.8% during the forecast period (2019-2027).

Get Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/3378

Market Drivers:

Growing demand for energy efficient solutions to optimize energy usage

There is an increasing need to optimize energy usage and efficiency across various industry verticals such as manufacturing, oil & gas, power, etc due to rising energy costs and strict government regulations regarding energy conservation. Energy management systems allow organizations to monitor, control and optimize energy usage through centralized control and automation of energy-intensive equipment and processes. EMS helps reduce energy wastage, cut operational costs and ensure compliance with energy efficiency standards. The promising return on investment and payback period associated with EMS deployments is propelling more companies to adopt these systems.

Implementation of mandates and initiatives promoting sustainable energy practices

Stringent government mandates and policies promoting energy efficiency and conservation practices are significantly fueling investments in energy management systems. Regulatory bodies around the world are imposing stricter building energy codes and industrial energy efficiency standards. Internationalization of protocols like ISO 50001 for establishing energy management systems is further encouraging organizations to formally adopt energy efficiency as a long-term business strategy. Initiatives to curb carbon emissions such as the UN Paris Climate Change Agreement are also driving the need to better manage energy consumption using smart and automated EMS solutions.

Market Restrain: Higher initial capital requirements for deployment

The high initial capital expenditure required for acquiring, installing and commissioning an energy management system often poses a major challenge in widespread adoption. EMS solutions involve hardware infrastructures including sensors, controllers, advanced metering equipment etc. along with sophisticated software for data collection, monitoring, analysis and control functions. The associated implementation and integration costs discourage small and medium enterprises from investing in these systems for expected long-term returns. Lack of funding avenues and difficulties in justifying ROI within short payback periods could restrain EMS market growth to some extent.

Market Opportunity: Integration with IoT platforms for predictive maintenance and performance optimization

The integration of EMS with industrial internet of things (IIoT) platforms is opening up new opportunities. Energy systems connected to IoT offer real-time monitoring of equipment health and functioning. Analytics of sensor data allows for predictive maintenance of assets to prevent breakdowns. IoT-enabled remote monitoring further helps improve operational efficiency. The ability of EMS combined with IoT to enable functions like condition-based and predictive maintenance through machine learning based algorithms could optimize asset usage, reduce downtime and lower overall energy costs significantly. This convergence is expected to drive more adoptions of integrated EMS-IoT solutions going forward.

Request for Customization @ https://www.coherentmarketinsights.com/insight/request-customization/3378

Market Trend: Advent of cloud-based and mobile-enabled EMS solutions

The trend of cloud-computing and mobile-enabled systems is gradually making inroads into the energy management domain. Cloud-based EMS solutions are gaining traction as they eliminate the need for expensive on-premise servers and hardware while providing scalable and affordable software-as-a-service models. Organizations are showcasing preference for cloud EMS that can be accessed remotely through mobile/web interfaces for real-time energy oversight. Vendors are also incorporating functionality like remote control and adjustment of systems through mobile apps. The transition to cloud-based energy analytics on internet-connected mobile devices is envisioned to make EMS more accessible and drive further uptake especially across small and medium enterprises.

The major players operating in the market include:

➱ chneider Electric SE
➱ Asea Brown Boveri (ABB) Ltd.
➱ Eaton Corporation PLC
➱ Cisco Systems Inc.
➱ CA Technologies
➱ General Electric Company
➱ Emerson Process Management
➱ Honeywell International Inc.
➱ Siemens AG
➱ International Business Machine Corporation.

These companies are focusing on new product development, partnerships, collaborations, and mergers and acquisitions to increase their market share and maintain their position in the market.

Detailed Segmentation:

Global Energy Management System (EMS) Market, By Deployment:
◘ Cloud Based
◘ On-premise

Global Energy Management System (EMS) Market, By Vertical:
◘ Automotive
◘ Building Automation
◘ Oil & Gas
◘ Manufacturing
◘ Pharmaceutical
◘ Power and Energy
◘ Others (Food & Beverages, Government)

Global Energy Management System (EMS) Market, By Software:
◘ Utility Energy Management
◘ Industrial Energy Management
◘ Enterprise Carbon
◘ Energy Management
◘ Residential Energy Management

Market segment by Region/Country including:

- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Spain etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
- South America (Brazil, Argentina and Colombia etc.)
- Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)

Buy Now @ https://www.coherentmarketinsights.com/insight/buy-now/3378

Frequently Asked Questions (FAQs):

➱ What are the key factors hampering growth of the Energy Management System (EMS) market?
➱ What are the major factors driving the global Energy Management System (EMS) market growth?
➱ Which is the leading component segment in the Energy Management System (EMS) market?
➱ Which are the major players operating in the Energy Management System (EMS) market?
➱ Which region will lead the Energy Management System (EMS) market?
➱ What will be the CAGR of Energy Management System (EMS) market?
➱ What are the drivers of the Energy Management System (EMS) market?

Mr. Shah
Coherent Market Insights Pvt. Ltd.
+ +1 206-701-6702
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Powered by EIN Presswire
Distribution channels: Energy Industry


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release