Energy Management Systems Market 2024 – Market Size, Emerging Trends, Market Opportunities, Key Drivers And Forecast To 2033 | Siemens AG, General Electric Company, Hitachi Energy Ltd., Raytheon Technologies Corporation, Panasonic Corp.ix

The Energy Management Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Energy Management Systems Global Market Report 2024, The energy management systems market size has grown rapidly in recent years. It will grow from $49.88 billion in 2023 to $57.65 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to energy cost savings, environmental sustainability, regulatory compliance, operational efficiency, corporate social responsibility.

The energy management systems market size is expected to see rapid growth in the next few years. It will grow to $106.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to renewable energy integration, resilience planning, demand response initiatives, economic trends, increasing focus on net-zero goals. Major trends in the forecast period include blockchain for energy transactions, advanced energy analytics and visualization, integration of internet of things (IoT), regulatory compliance and sustainability reporting, collaboration with utility providers.

The increasing usage of smart grids and smart meters is expected to propel the growth of the energy management systems market forward. A smart grid is a digital technology that supplies electricity via two-way digital communication, whereas, a smart meter is an electronic meter that measures and records energy consumption data and communicates remotely with the utility. The usage of smart meters and grids has increased in recent years owing to their effectiveness in reducing the cost to customers due to electricity. Since smart meters and grids are components of energy management systems, the increasing usage of smart meters and smart grids is driving the energy management systems market forward. For instance, according to the Institute for Electric Innovation (IEI), a US-based research institute, the total number of smart meter installations in the U.S. as of December 2022 was 119 million. As a result, the increasing usage of smart meters and smart grids are propelling the growth of the energy management systems market.

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The energy management systems market covered in this report is segmented –
1) Energy Management Systems Market By Type: Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems
2) Energy Management Systems Market By Component: Hardware, Software, Services
3) Energy Management Systems Market By Deployment: On-Premise, Cloud Based
4) Energy Management Systems Market By End-User: Power And Energy, Telecom And IT, Manufacturing, Residential And Commercial, Food And Beverages, Other End-Users

Top Major Players

Siemens AG

General Electric Company

Hitachi Energy Ltd.

Raytheon Technologies Corporation

Panasonic Corp.ix

Major companies operating in the energy management systems market are increasing their focus on introducing energy optimization software to gain a competitive edge in the market. Energy optimization software is designed to improve the efficiency and performance of energy systems in various environments. For instance, in November 2022, ABB Ltd., a Switzerland-based automation company, launched ABB Ability OPTIMAX to reduce the cost of green hydrogen production by up to 20%. This software is designed to increase the efficiency of energy-intensive electrolyzers used in green hydrogen production by providing real-time visualization, monitoring, and forecasting. Its goal is to enable companies to trade competitively and integrate green hydrogen with existing hydrogen networks. The solution is expected to help reduce electricity-based costs and contribute to the scaling up of green hydrogen production, in line with the goals of achieving a low-carbon future.

The energy management systems market report table of contents includes:

1. Executive Summary

2. Energy Management Systems Market Characteristics

3. Energy Management Systems Market Trends And Strategies

4. Energy Management Systems Market – Macro Economic Scenario

5. Global Energy Management Systems Market Size and Growth

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32. Global Energy Management Systems Market Competitive Benchmarking

33. Global Energy Management Systems Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Energy Management Systems Market

35. Energy Management Systems Market Future Outlook and Potential Analysis

36. Appendix