Northbrook, IL 60062 -- (SBWIRE) -- 05/30/2023 -- The global 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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Industrial energy management systems is expected to occupy majority of the Energy Management Systems Market share

Industrial energy management systems segment, by type, is projected to hold the highest market share during the forecast period owing to the advantages of tracking, analyzing, and planning the energy consumption in an industry. The IEMS market has continued to develop rapidly over the past few years, wherein ISO 50001 has become the established standard. New technologies available today allow greater insight into energy procurement, energy use, and the management of energy as an input to the industrial process. The key factors contributing to this larger share are increase in energy consumption, government regulations, and the goal of reducing carbon emissions and tackling climate change, which will eventually increase the demand for industrial energy management systems.

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.

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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, followed by Europe contribute considerably to the global manufacturing and industrial sectors due to their developed economies and stringent government regulations related to efficient energy use. Integrating distribution automation and the sharing of infrastructure will help to further reduce operating costs in the industry. The Energy Department of the US is investing in strategic partnerships to accelerate investments in grid modernization. As a result, the region is expected to contribute substantially to the orders for energy management systems.

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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