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Redding, California, April 28, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, “Smart Energy Management Market by Energy Source (Renewable, Non-Renewable), Offering, Function (Operation, Energy Management, Distribution, Storage, Grid Security), End User (Utility Providers, Consumers) and Geography – Global Forecasts to 2029″, the smart energy management market is expected to grow at a CAGR of 15% from 2022 to 2029 to reach $47.64 billion by 2029.
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A smart energy management system (EMS) is a computer-based system used by operators of electric utility grids to monitor, control, and optimize the performance of the generation or transmission system. The system is designed to reduce energy consumption, improve the utilization of the system, increase reliability, & predict electrical system performance as well as optimize energy usage to reduce cost. Over the past two decades, energy management systems have emerged as a proven best practice methodology to ensure sustainable energy efficiency and improve performance across industries. Most industries that have implemented an EMS have achieved two to three times the annual energy savings achieved by industries without an EMS.
Rising energy demand and price volatility, increasing awareness about carbon footprint management, and growing inclination towards efficient energy management are the major factors driving the market growth. In addition, increasing investment in smart city projects and rising government investment in the modernization of aging infrastructure are expected to offer prominent growth opportunities for the growth of this market. However, the high cost associated with the replacement of existing infrastructure is expected to restrain the growth of this market. In addition, rising privacy & security concerns are also challenging the growth of the market.
Rising Energy Demand and Price Volatility to Drive the Smart Energy Management Market Growth
Global energy demand is increasing due to industrial activities and advances in developing and developed countries. According to the International Energy Agency, in 2021, global electricity demandd, creating strains in major markets and pushing prices to unprecedented surge levels. After a drop in 2020, global electricity demand grew by 6% in 2021.
In addition, rising energy prices across countries is expected to provide opportunities for players operating in this market. For instance, electricity prices in European markets more than tripled in 2021 compared to 2020. The global surge in demand for energy could spark another three years of market volatility and record power plant pollution. Navigating this next normal will be a key challenge for utilities, traders, and large power consumers. Controlling and reducing the amount of energy use is important because it helps to reduce costs, risks, and carbon emissions. Proper utilization of smart energy management systems will help organizations of all sizes to manage their energy use sustainably, reduce price volatility, and meet growing energy demand. Thus, due to rising …
Full story available on Benzinga.com
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