An energy management system is a set of computer-assisted tools that electric utility grid managers use to monitor, regulate, and improve the operation of their generating or transmission systems. It may also be employed in small-scale systems such as microgrids. The energy management software control system is intended to minimize energy consumption, enhance system utilization, boost dependability, anticipate electrical system performance, and optimize energy usage in order to save money.
According to a market report published by Bizwit Research & Consulting, LLP, the Global Energy Management System market is valued at approximately USD 39.811 million in 2020 and is anticipated to grow with a healthy growth rate of nearly 18.80% over the forecast period 2021-2027.
The rising penetration of electronic devices across the end-user industries, colossal power consumption, and shortened fossil fuels have created a threat to the environment. Thus, governments of various countries across the globe are more inclined towards the adoption of low carbon emission energies. The EMS is a computer-assisted tool that not only monitors and regulates energy consumption but also minimizes the environmental impact by reducing greenhouse gas emissions. Several organizations, governments, and end-user industries adopt EMS to minimize the daily operational costs through efficient energy consumption which amplifies the market growth. For instance: The European Union created the Strategic Action Plan for Batteries in 2018, with the goal of minimizing the environmental impact of vehicles and supporting electric battery cell manufacturers, and developing a comprehensive value chain in Europe. Germany committed up to USD 1.1 billion in funding for battery manufacturing, while France backed a value chain plan worth over USD 800 million.
Global Energy Management System Market Size study, by Software (Utility EMS, Industrial EMS, Residential EMS, Enterprise Carbon, and Energy Management, Other) by Device (In-House Display, Smart Thermostats, Smart Plugs, Load Control Switches) by Application (Home Energy Management, Building Energy Management) by Solution(Carbon Energy Management, Demand Response Management, Utility Billing and Customer Information System) by Vertical (Power and Energy, Telecom and IT, Manufacturing, Office and Commercial Buildings, Municipals, University, Schools and Hospitals) and Regional Forecasts 2021-2027
The total market revenue is calculated on the basis of revenue generated through the sales of energy management systems. However, revenue generated from the repair & maintenance of the energy management system is excluded from the report. Major companies covered under the report include Honeywell Inc., Schneider Electric, Siemens AG, C3 Energy, General Electric Company, Emerson Process Management, Daikin Industries, Daintree Networks, Jones Lang LaSalle, and Gridpoint Inc. Other popular regional players across various countries are also considered for revenue calculation.
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Bizwit Research & Consulting LLP