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CHICAGO, June 7, 2022 /PRNewswire/ — According to the new market research report “Energy Management Systems Market by Component, Type (Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems), Deployment, End-User Industry and Region – Global Forecast to 2027″, published by MarketsandMarkets™, the Energy Management Systems Market size is estimated to be USD 75.0 billion by 2027 (forecast year) from USD 38.6 billion in 2022 (estimated year), at a CAGR of 14.2% during the forecast period. The Energy Management Systems Market is expected to witness significant growth during the forecast period. With such a high demand for energy resources, the volatility in energy prices centers on changes in supply and demand. Economic conditions, availability of energy resources, and increasing demand are the prime factors contributing to price volatility. With the advent of IoT for home automation and building automation purposes, managing energy efficiently has become a top priority. Hence, These factors are driving the need for energy management technology to monitor and optimize energy consumption, driving the growth of the global market of energy management systems.
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Industrial energy management systems, by type, is expected to occupy majority of the Energy Management Systems Market share
Industrial energy management systems segment, by type, is projected to hold the highest market share during the forecast period owing to the advantages of tracking, analyzing, and planning the energy consumption in an industry. The IEMS market has continued to develop rapidly over the past few years, wherein ISO 50001 has become the established standard. New technologies available today allow greater insight into energy procurement, energy use, and the management of energy as an input to the industrial process. The key factors contributing to this larger share are increase in …
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