The global Energy Management System (EMS) Market is expected to experience significant growth in the coming years, according to a recent report by Quince Market Insights (QMI). The market is projected to secure a substantial valuation and a healthy Compound Annual Growth Rate (CAGR) over the forecast period from 2023 to 2032. The report highlights that the global EMS market was estimated at USD 40.23 billion in 2022, with a CAGR of 14.23% from 2023 to 2032.
The rise in demand for industrial, building, and home applications is propelling the energy management systems (EMS) market. An energy management system (EMS) is a collection of computerized tools used to control, monitor, and optimize the performance of energy generation and transmission systems. The increase in production and demand for electronic components is expected to be the primary driver for the global energy management systems (EMS) market.
The report covers industry drivers, restraints, and opportunities, recent industry trends and developments, competitive landscape and strategies of key players, potential and niche segments and regions exhibiting promising growth, and historical, current, and projected market size, in terms of value. The report also provides a neutral perspective on the market performance.
The key players in the Energy Management System (EMS) Market include ABB Group, Cisco Systems, Inc., General Electric Company, Honeywell International, IBM Corporation, Schneider Electric SE, Siemens AG, CA Technologies, Eaton Corporation, and Emerson Electric Company. The market growth driver is increased energy efficiency investments, which are driving the market. Various vendors in the energy efficiency field enable governments to implement such solutions, and such businesses are seeing an increase in investment.
Recent developments in the industry include Siemens Energy and Syntax partnering to build and install Syntax’s new SAP Digital Manufacturing Cloud (DMC) infrastructure for more than 80 production sites across the world. In November 2022, ABB brought its energy management system ABB Ability OPTIMAX to the green hydrogen sector to save production costs by offering real-time awareness of energy use across processes.
In conclusion, the Energy Management System (EMS) Market is poised for significant growth in the coming years, driven by the rise in demand for industrial, building, and home applications and increased energy efficiency investments. The market is expected to witness new developments and partnerships, as seen in recent months.
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