Energy Management System Market to Surpass 161.9 Billion by 2030 Drives Due to Favourable Government Policies
SkyQuest projects that the energy management system market will attain a USD 161.9 billion value by 2030, with a CAGR of 16.2% over the forecast period (2023-2030). Global concerns over weakening energy intensity from traditional sources such as coal prompt governments to prioritize secure, sustainable energy systems. Intense competition among suppliers and environmental issues drives investments in sustainable energy. Stricter regulations and initiatives worldwide further expand the global energy management system market.
Westford,USA, Aug. 11, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, increasing infrastructure development and industrialization necessitate efficient energy usage. Energy management system offers solutions for optimizing consumption in cities and industries, addressing the challenges posed by rapid urbanization, and fostering energy management system market growth.
Browse In-Depth TOC on the “Energy Management System Market”
- Pages – 265
- Tables – 66
- Figures – 75
Rising energy costs and the need for operational efficiency fuel energy management system market growth. Energy-intensive industries adopt EMS to curtail expenses and comply with regulations, driving demand for sophisticated monitoring and control systems.
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Prominent Players in the Energy Management System Market
- Honeywell International Inc.
- General Electric
- Schneider Electric SE
- Siemens AG
- ABB Ltd.
- Johnson Controls International plc
- General Electric Company
- IBM Corporation
- Cisco Systems, Inc.
- Eaton Corporation plc
- Emerson Electric Co.
- Mitsubishi Electric Corporation
- Schneider Electric Industries SAS
- Rockwell Automation, Inc.
- Yokogawa Electric Corporation
- Fuji Electric Co., Ltd.
- C3 Energy
- Enernoc, Inc.
- Ecova, Inc.
- EnerNOC, Inc.
Type Segment is Expected to Grow the Market Due toEnhanced Data Accessibility and Scalability
Thetype segment emerges as the fastest-growing in the global energy management system market due to enhanced data accessibility and scalability offered by cloud solutions. Cloud-based systems enable real-time monitoring, analytics, and remote management, providing operational flexibility, cost efficiency, and quicker adoption, driving rapid market expansion.
Europe emerges as the fastest-growing region in the global energy management system market due to stringent environmental regulations and sustainability goals. Increased industrial focus on energy efficiency, smart city initiatives, and substantial government investments in clean energy solutions contribute to the region’s rapid market expansion and innovation.
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Component Segment is Expected to Dominate the Market Due toits Pivotal Role in Optimizing Energy Consumption
The component segment dominates the global energy management system market due to its pivotal role in optimizing energy consumption. Energy-intensive industries seek efficient solutions to manage costs and compliance. Advanced systems offer real-time monitoring, analysis, and control, driving widespread adoption and positioning the segment as a market leader.
North America asserts dominance in the global energy management system market due to its advanced industrial landscape and strict energy regulations. Technological innovation, increasing demand for sustainable practices, and government incentives drive adoption. Robust investments in energy-efficient solutions solidify the region’s leading position in the market.
A comprehensive analysis of the major players in the energy management system market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Energy Management System Market
- In 2022, General Electric entered an agreement to provide energy management systems, medium voltage cubicles, and automation technology. The deal includes delivering protection, control, and supervision systems for the hydropower plant’s generating units, GIS substation, and the current 500 kV transmission lines in Brazil to upgrade a 14 GW capacity.
- Schneider Electric recently launched comprehensive digital solutions through its EcoStruxure platform to enhance building transformation. These solutions aim to optimize sustainability and operational efficiency throughout a building’s lifecycle, demonstrating the company’s commitment to innovative and eco-friendly building management practices.
Key Questions Answered in Energy Management System Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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