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The global energy management system (EMS) market size is projected to reach USD 41.97 billion by 2027 owing to the rising adoption of EMS in the oil & gas industry, shares Fortune Business Insights™ in
its report, titled “Energy Management System Market Size, Share & COVID-19 Impact Analysis, By Type (System and Services), By End User (Oil & Gas, Manufacturing, Building Automation, Energy & Utilities, Automotive, Pharmaceutical, and Others), and Regional Forecast, 2020-2027”. The report states that the market value stood at USD 19.96 billion in 2019 and is expected to register a CAGR of 9.9% from 2020 to 2027.
The COVID-19 pandemic outbreak is predicted to impede the energy management system market growth in 2020 as declining industrial activity, remote working, social distancing, and staggered opening of economies have caused a drastic drop in energy demand, globally.
To get a detailed report summary and research scope of this market, click here:
Yokogawa Acquires Critical Stake in APB
Yokogawa Electric Corporation announced in March 2020 that it has acquired capital stake in the Japanese start-up APB Corporation, which gathered fame for its “All Polymer Battery” made from lithium-ion. Yokogawa’s motive behind this purchase is to expand and strengthen its energy management system portfolio through the addition of energy-efficient batteries to its EMS offerings. Under the agreement, Yokogawa will supply energy management technologies and tools necessary for the efficient functioning of large-scale storage batteries, which is APB’s forte. APB will now be able to build and sell highly sophisticated storage batteries for renewables using Yokogawa’s expertise in EMS.
Active Adoption of Grid Digitization Solutions to Bolster Market Spirits
Grid digitization technologies and solutions are gaining traction in many parts of the world. According to the Italian Institute for International Political Studies (ISPI), investments in digital grid services & technologies and data intelligence reached USD 35 billion in 2018. The benefits offered by digital technologies are pushing countries to actively promote the adoption of digital tools for grid management. For example, with an investment of more than USD 1 billion, Norway rolled out smart meters in 2018 covering nearly all households across the country. In the European Union, countries are steadily implementing the Clean Energy Package devised by the European Commission to monitor and manage energy performance of member countries. These rapidly evolving dynamics of the energy & power sector are expected to propel the EMS market growth during the forecast period.
Growing Interest in Novel Energy Projects to Fuel Market Competition
Surging demand for energy around the world has led to the initiation of novel projects aimed at establishing efficient energy management systems. Key players in this market are developing products and formulating strategies to capitalize the rapidly expanding energy & power industry. Several large companies such as Eaton and Honeywell are engaging in acquisition activities to broaden their presence and add innovative creations to their portfolio. New entrants in the market are seeking to build their position and brand value through investments in R&D, with many of them focusing on capturing the thriving renewables sector.
List of Key Players Covered in the Energy Management System Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD million)
By End User