"Smart Strategies, Giving Speed to your Growth Trajectory"
The global energy management system market size valued at USD 18,269.6 Million in 2018 and is projected to reach USD 48,901.1 Million by the end of 2026, exhibiting a CAGR of 13.7% during the forecast period (2019 - 2026).
If it weren’t a global need to save energy, the term ‘Energy Management’ would not have been coined. In today’s scenario, there is a worldwide need to save energy across organizations and industries. The energy management system is key to saving energy. Day by day, the organizations are becoming more energy-conscious. Significant technological developments have boosted researchers to think about efficient energy management solutions.
Energy management refers to controlling, conserving, and monitoring energy usage in buildings and industries. Energy management enables organizations to reduce cost as energy prices are rapidly inflating. It also reduces carbon emissions which will ultimately promote the green, sustainable energy usage and minimize the risk by decreasing the demand for energy supply by controlling the energy usage with efficient energy management systems.
Get comprehensive study about this report by, request a free sample copy
Inflation of the oil prices, raising concerns about global warming and other environmental issues, competitiveness between the energy suppliers have driven the interest of the government, as well as various private and public organizations to invest in the energy management systems. Additional benefits, including, improved operational cost, profitability, and enhanced productivity, would drive the energy management system market in the coming years.
Smart energy management would lead to the wise use of renewable as well as non-renewable resources across organizations. Having a well-defined energy management process would help the organization in identifying energy waste and improve the same. Implementing technologically developed, innovative, and cost-effective energy-saving technologies would help the organizations to stay on track in the competitive market and gain more significant productivity goals in the future.
"Adoption of smart grid technologies, cloud computing platforms, and digitalization of energy infrastructure to boost growth"
Smart Grid represents the integration of digital technologies, sensors, and information and technology to empower and manage the use of energy in a reliable and enhanced way. Owing to the various benefits of smart grids including reduced balancing cost, better customer service, optimized utility bills, fraud detection, and energy losses, adoption of smart grid technology would drive the global energy management system market growth.Whereas, innovations in the cloud computing platforms and increasing focus of organizations towards the digitalization of energy infrastructure are the major factors driving the market.
"Active participation and strict rules regarding energy conservation to propel the market"
The government is actively participating in taking initiatives and maintaining mandatory rules and regulations on the conservation of energy as well as the energy resources. Governments have posed specific rules and regulations regarding energy efficiency, controlling carbon emission, maximizing utility, reducing cost, improve reliability, and transparency across organizations, which would indirectly contribute to energy conservation. Some governments have also established independent committees to handle energy management issues. Such active participation and initiatives of the government will boost the overall energy management system market revenue.
"The industrial energy management system segment to remain dominant in the coming years"
Mainly, in the emerging and developing economies, the industrial sector accounts for the highest energy consumption and greenhouse gas emissions. This will continue to drive the growth of global energy management in the coming years across the industrial sector. To extricate economic growth and industrial development from energy consumptions, industries need to increase their operational efficiency and adopt low- carbon and low-emission technologies.
As per the German Federal Environmental Agency, the ultimate goal of energy management is to ensure that minimum energy input is required for a predetermined performance associated with the integration of planned and executable actions. A well-defined energy management system in the industry would offer benefits such as energy cost monitoring, energy cost allocation, energy manager, pay-off criteria, environmental policy, long-term strategy, and management support.
A general change of attitude has been observed towards energy management in the industrial sector. Today, domestic appliances are categorized in energy efficiency classes. A modern washing machine uses 35% less electricity and 46% less water than the one manufactured long back around 1993. A low-energy light bulb consumes 80% less power than an incandescent bulb of approximately the same brightness, while an LED lamp consumes up to 89% less energy compared to the other lights.
Energy management is dynamically associated with logistics, manufacturing, and production chain. Energy-related data and analysis, and control of production activities via a system would surely enhance the overall efficiency of the industry. However, energy cost savings is regarded as the ultimate goal of the sectors to deploy energy management systems.
"Monitoring and control services segment is anticipated to hold the largest market share in the projected period"
Owing to the advancements in technologies such as IoT, artificial intelligence, machine learning, and big data analytics, ubiquitous opportunities have been emerged for developing smart energy management systems. However, due to the presence of several devices, and sensors integrated with the energy management systems, there is a need for monitoring and control services.
Monitoring and control services include information acquisition, information processing, and
information presenting. Information acquisition and processing would help organizations in making intelligent business decisions based on the data, which would lead to efficient energy management. This will boost the market growth of monitoring and control services.
Rapid developments in the wireless sensor network platform and cloud computing has driven interest of service providers in cloud-based solutions for energy management systems. Such services would provide intelligent energy management solutions. Innovations and research in cloud-based monitoring and control services remain competitive across industries.
"Increasing usage of energy management systems to propel the oil and gas segment"
The oil and gas industry contributes to a significant share in meeting global energy needs. The oil and gas industrial activities mainly include extracting, processing and marketing fuels. This also accounts for a remarkable share of global primary energy use.
Energy management systems help as a powerful environmental tool by reducing the carbon intensity in processes and reducing carbon emissions in the atmosphere. This is why, oil and gas industries have heavily invested in deploying efficient technologies along the supply chain, and are planning to invest more in the future in enhanced energy management systems.
To get details on market share, speak to our analyst
Enhancing energy efficiency is the primary need for the oil and gas industries. Efficient energy management would increase the life of non-renewable resources and help to keep energy affordable to consumers without increasing the operational cost and investments. In the coming years, it is a fact that petroleum would continue to serve as the world’s primary resource.
Also, in other sectors such as manufacturing, building automation, etc. limited availability of raw materials and raising concerns about global warming due to excessive CO2 emissions, efficient energy management is gaining traction. Growing population leads to the enormous consumption of energy and resources. This may lead to miserable and devastating environmental conditions.
North America generated a revenue of US$ 6,952.4 Mn in 2018 and is anticipated to emerge dominant in the global energy management market during the forecast period. Several states in North America have proposed energy efficiency resource standards, and some have introduced energy efficiency goals.
The energy management system market size in the United States continues to be a growing market for energy analytics as well as energy certifications. Also, as industries are socially pressurized regarding the environmental issues and in some cases, to uphold a certain amount of energy efficiency in buildings and business practices, energy management becomes a necessity.
North America Energy Management System Market, 2018
To get geographical overview of this market, request a free sample copy
In Canada, the energy efficiency act and regulations form the backbone of national energy regulation that boosts businesses to manage their energy use more effectively. Canada industry program for energy conservation of natural resource helps industries to improve their energy management capabilities.
In 2018, Europe generated a revenue of US$ 4585.6 Mn and is forecasted to hold the second-largest position during the forecast period in the global market. The European energy efficiency directive promotes a common framework of measures for the promotion of energy efficiency in the European Union.
However, long payback periods, uncertain energy prices, lack of relevant and understandable information for investors, etc. would hinder the market growth in the region. Therefore, an efficient network needs to be established to ensure optimized investments of public and private sectors.
'Eaton, Honeywell International Inc. to hold a remarkable market position in terms of revenue generation"
Eaton has been actively working in offering energy-efficient products and energy management services to monitor and track efforts, being made to enhance energy usage. Such an energy management service provides the organization with accurate information to maintain an efficient workflow. Eaton offers independent service of energy management through intelligent hardware.
Honeywell’s Energy management systems provide customizable hardware, software, and services to enhance energy efficiency and reduce greenhouse effects due to the industrial process. Honeywell’s energy management systems enable organizations to purchase and produce energy more efficiently and economically by reducing harmful environmental impacts and improving regulatory compliance.
"A growing trend observed in the penetration of the energy management systems across the industries."
The report provides qualitative and quantitative insights on the energy management system market and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by type, end-user, and geography. Based on type, the market is divided into system and services. By system type, the market is bifurcated into the Home Energy Management System (HEMS), Building an Energy Management System (BEMS), and Industrial Energy Management System (IEMS). By services, the global market is classified into monitoring & control, implementation & integration, maintenance, and consulting & training
To get information on various segments, share your queries with us
By end-user, the market is segmented into oil and gas, manufacturing, building automation, energy and utilities, automotive, pharmaceutical, and others. Geographically, the market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
o Home Energy Management System (HEMS)
o Building Energy Management System (BEMS)
o Industrial Energy Management System (IEMS)
o Monitoring & Control
o Implementation & Integration
o Consulting & Training
As per our (Fortune Business Insights) study, the global Energy Management Market is predicted to reach USD 48.9 Bn by 2026 with a CAGR of 13.7% (2019 -2026)
As per our study, Inflation of the oil prices, raising concerns about global warming, and other environmental issues have driven the interest of the government, private organizations, and various public organizations to invest in energy management systems. Currently (in 2019), the global Energy Management Market value at USD 20.0 Bn, and it is anticipated to reach USD 48.9 Bn by 2026 at a CAGR of 13.7% during the forecast period (2019 -2026).
Globally, spending on Energy Management is inflating each year. Some of the regions, such as in Asia Pacific, generated a revenue of USD 3.6 Bn in 2018 and is expected to generate a remarkable revenue share by 2026. Growing inclination towards smart energy management would drive the energy management market during the forecast period.
In the Energy Management Market, Energy Management systems and services are the leading segments. Energy management system type includes Home Energy Management System (HEMS), Building Energy Management System (BEMS), and Industrial Energy Management System (IEMS). Whereas services such as Monitoring & Control, Implementation & Integration, and others are provided along with the systems.
Some of the driving factors for the Energy Management Market are adoption of smart grid technologies, cloud computing platforms, and digitalization of energy infrastructure and active Government initiatives and mandatory rules and regulations regarding the conservation of energy.
In the Energy Management Market, some of the key players are IBM Corporation, Rockwell Automation Inc., Honeywell International Inc., Mitsubishi Electric Corporation, and General Electric Co. These market players are focusing on agreements, acquisitions, and developments in the Energy Management Market.
North America is expected to hold the highest market share in the Energy Management Market. Several states in North America have proposed energy efficiency resource standards, and some have introduced energy efficiency goals. This would boost market growth in North America.
Oil and Gas, Building Automation, Manufacturing, Energy and Utilities, and other industries would be the major user of energy management systems.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm