Energy Management System Market to Hit $41.97Bn by 2027; Increasing Deployment of Smart Grids in Developed Nations to Boost Market Prospects: Fortune Business Insights™

Pune, Nov. 05, 2020 (GLOBE NEWSWIRE) — The global energy management system (EMS) market size is projected to reach USD 41.97 billion by 2027, exhibiting a CAGR of 9.9% during the forecast period. Integration of artificial intelligence (AI) in renewable energy management will play a decisive role in augmenting this market, states 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”. AI in renewable energy has been gaining ground for the past few years, with several grid authorities harnessing the capabilities of AI tools for energy forecasting, efficiency, and accessibility. For example, Xcel Energy, a Minnesota-based utility company, has been deploying AI in Colorado to access weather reports from the National Center for Atmospheric Research. Another company called PowerScout, in partnership with Google and the US Department of Energy, utilizes AI to create savings models on utility costs based on industry data. These, and many such examples, illustrate the potential benefits of integrating AI with EMS, which will ultimately benefit the market.
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As per the report, the global EMS market value stood at USD 19.96 billion in 2019. The report also offers the following:Detailed insights into the impact of the COVID-19 outbreak on the market;In-depth analysis of the various factors driving and restraining the market growth;A comprehensive evaluation of all market segments; andGranular study of the competitive dynamics and regional developments influencing the market.Market RestraintSharp Dip in Power Demand amid COVID-19 to Restrict GrowthWith lockdowns, remote working, and social distancing rules being imposed across the globe, the demand for energy and power has fallen dramatically over the past few months. According to the International Energy Agency (IEA), electricity demand plummeted by 20% for every month of lockdown enforced by a nation. Power consumption in major economic regions, such as Northwestern USA, France, and India, fell by a staggering 15% during lockdown period, while in Italy the demand for power plunged by 75% at the peak of the pandemic. Overall, the IEA estimates that global energy demand will decline by 6% in 2020, a historic low for the energy industry. In such dire circumstances, the adoption of energy management systems is likely to be stymied as contracting revenues of companies has forced them to delay or cancel investment plans while governments are postponing grid modernization plans. The only green shoot for the energy & power sector is the growth in renewables, which, as per IEA data, are expected to account for 40% of power generation in 2020.
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Regional InsightsImplementation of Robust Energy Management Policies to Stimulate Growth in North AmericaAt USD 7.50 billion, North America dominated the energy management system market share in 2019 and is slated to continue its dominance during the forecast period owing to the framing and implementation of comprehensive energy regulations in the region. In addition to this, giant corporations in the US such as Microsoft and IBM are channeling investments toward developing smart energy management systems, which is further bolstering the regional market growth.In Europe, the most prominent growth driver will be the increasing adoption of smart grids and stringent regulations for emissions imposed by the European Union (EU). Asia Pacific is expected to grow at the highest CAGR, mainly owing to rising investments in renewable energy infrastructure.Competitive LandscapeIntroduction of Grid Digitization Solutions by Key Players to Energize CompetitionThe energy management system market growth is getting fueled by the development and introduction of digitized tools for smart grid management by key players in this market. The rationale behind the adoption of this strategy is founded on the escalating demand for cost-effective grid management solutions by utility companies around the world.
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Industry Development:July 2020: Canada-based Enbala’s Concerto™ platform received certification from the OpenADR Alliance, allowing communication between the platform and distributed energy resources (DERs) connected to grids. The Alliance enables utilities to manage the surging energy demand cost-effectively by standardizing and simplifying demand response and DERs. February 2020: Eaton announced the acquisition of Power Distribution, Inc. (PDI) based in Richmond, Virginia. The takeover will give Eaton access to the extensive portfolio of PDI that includes mission-critical power distribution, monitoring, and static switching equipment and services for various end-users.List of Key Companies Profiled in the Energy Management System Market Report:Azbil Corporation (Japan)Yokogawa India Ltd. (Tokyo, Japan)Actis Technologies Pvt. Ltd. (Mumbai, India)Operation Technology, Inc. (California, United States)SAP SE (Walldorf, Germany)Eaton (Dublin, Ireland)Cisco System Inc. (California, United States)General Electric Co. (Boston, United States)Rockwell Automation Inc. (Wisconsin, United States)IBM Corporation (New York, United States)Intel Corporation (California, United States)Tata Consultancy Services Limited. (Mumbai, India)Mitsubishi Hitachi Power Systems, Ltd. (Kanagawa, Japan)Siemens (Munich, Germany)Enel X (Boston, United States)Tendril Networks Inc. (Boulder, United States)Schneider Electric SE (France)Mitsubishi Electric Corporation (Tokyo, Japan)Honeywell International Inc. (North Carolina, United States)
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Detailed Table of Content:IntroductionDefinition, By SegmentResearch Methodology/ApproachData SourcesExecutive SummaryMarket DynamicsMacro and Micro Economic IndicatorsDrivers, Restraints, Opportunities and TrendsImpact of COVID-19Short-term ImpactLong-term ImpactCompetition LandscapeBusiness Strategies Adopted by Key PlayersConsolidated SWOT Analysis of Key PlayersPorter’s Five Force AnalysisGlobal Market Share Analysis and Matrix, 2019Key Market Insights and Analysis, By SegmentsCompanies Profiled (Covered for 10 players only)OverviewKey ManagementHeadquarters etc.Offerings/Business SegmentsKey Details (Key details are subjected to data availability in public domain and/or on paid databases)Employee SizePast and Current RevenueGeographical ShareBusiness Segment ShareRecent DevelopmentsAnnexureGlobal Energy Management System (EMS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027By Type (Value)SystemHome Energy Management SystemBuilding Energy Management SystemIndustrial Energy Management SystemServicesMonitoring & ControlImplementation & IntegrationMaintenanceConsulting & TrainingBy End User (Value)Oil & GasManufacturingBuilding AutomationEnergy & UtilitiesAutomotivePharmaceuticalOthers (Retail, Education, etc.)By Region (Value)North AmericaEuropeAsia PacificMiddle East & AfricaLatin America
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