Energy Management System Market Analysis

Energy Management System Market Analysis

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The BEMS market is expected to exceed USD 27 billion by 2032. Building EMS integrates hardware, software, and ICT technologies & services to manage, control, monitor, and automate building functions that result in energy efficiency management. The growing EMS demand in residential, industrial. and commercial sectors along with rapid urban infrastructural development, specifically in smart buildings, will encourage the product penetration.

The U.S. organizations have announced to upsurge the investments in smart building measures that include building controls and system integration at a much greater rate compared to traditional energy efficiency patterns. In addition, around 60% of the global organizations are showcasing interest in investments for energy conservation in 2019.

Hardware systems act as a bridge between the cloud software platform and electrical cabinets. They collect the data locally and then pass the relevant information to the dashboard allowing users to interrogate the live data that is being produced. Decline in the hardware cost along with ongoing technological development and continuous demand for replacement & upgrading will significantly improve the energy management system market demand.

Moreover, increasing demand for building automation for occupant comfort, reduction in energy consumption & operating costs, efficient operation of building systems, and improved life cycle of utilities will encourage the demand for control systems in the forecast timeline. Rising standards including ISO 50002 in the building sector are further complementing the product installment.

The energy management systems market from power & energy segment is projected to observe around 7% CAGR through 2032. Power monitoring & control software is an essential part of a power monitoring system that helps an organization to capture and analyze power metrics. These systems provide indicators related to the health of electrical equipment including pumps, motors, and transformers in a commercial or industrial space. It helps in reducing nuisance tripping and acts as a safety device. The growing demand for Information and Communication Technologies (ICT) for more efficient power generation, distribution, transmission, and consumption coupled with increasing government standards is driving the product demand across the globe.

The Asia Pacific energy management system market is estimated to surge at a CAGR of over 7% between 2023 and 2032. Rising smart building initiatives across countries including South Korea, India, and Indonesia have led to the deployment of cloud-based BEMS platforms and services. Automation and IoT are transforming the industrial & building energy management systems to make them well equipped to improve energy efficiencies along with significant cost reductions. The growing penetration of SCADA platforms coupled with the decreasing costs of the IoT sensors will fuel the growth of the IEMS across the region.