Yahoo Finance Energy Management Systems Market Expected to Grow $75.0 Billion by 2027 at a CAGR of 14.2% - Exclusive Report by MarketsandMarkets™
Chicago, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Energy Management Systems Market size is expected to grow from USD 38.6 billion in 2022 to USD 75.0 billion by 2027, at a CAGR of 14.2% according to a new report by MarketsandMarkets™. The global energy management systems market is expected to witness significant growth during the forecast period due to such high demand for energy and price volatility in every sector. The advent of sensors and energy management devices to monitor their electricity load and use it efficiently is becoming a priority for every household. The increased installation of smart grids and smart meters is also driving the market for energy management systems globally.
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Software systems are expected to be the fastest-growing in the energy management systems market
The software segment witnessing the highest CAGR owing to the rising demand from the expanding distribution networks, industries, and commercial and residential sectors. Energy management is a need of any organization in any industry; therefore, specifically cloud-based energy management software has become the dominant tool. Cloud computing allows service providers to access an elastic pool of IT resources such as storage, servers, and computing, ensuring they can scale up and down computing capabilities as client needs expand and change.
The on-Premise segment by deployment is expected to have the largest share from 2022 to 2027
Based on the deployment, the on-premise segment is estimated to have the largest share in the energy management systems market from 2020 to 2027. As many existing on-premise deployments were installed at a time when the cloud-based concept was not much prevalent. Therefore, on-premise servers eventually need to be maintained and replaced. Due to the high initial costs of these systems, it is impossible for the companies/organizations to directly shift to cloud-based options. This will drive the market for on-premise deployment of energy management systems. The retrofitting of the existing on-premise servers already installed with high CAPEX is the driving factor for this market.
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North America likely to emerge as the largest energy management systems market
North America accounted for the largest share in the global energy management systems market during the forecast period. North America’s market share can be attributed to the increased focus on home energy management systems with the increased installation of smart meters in the region. North America has already been adopting home energy management systems widely across the region. The region has a well-established concept of smart homes, which helps them monitor their electric consumption and reduce the unnecessary wastage of electricity in their homes. Most of the top companies in the energy management systems industry are based in North America due to the strong industrial and manufacturing resources in the region.
Schneider Electric (France), ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), and Siemens (Germany) are the key players in the global Energy Management Systems Market.
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