Posted on Sep. 28, 2022
With more energy efficiency regulations as a driving factor, along with accelerated demand for smart buildings, the energy management systems market is expected to grow at a quick clip through the end of the decade, according to a Report Linker analysis.
The report expects the energy management systems market to grow by 16.2% a year between 2022 and 2030. Report Linker says a significant factor in the growth is the increase in governmental policies, which the International Energy Agency estimates will boost efficiency investments by 10% and grow to nearly $300 billion.
Energy management systems use data to measure energy use in facilities. That data includes energy quality analyzers and online monitoring tools.
The United States Department of Energy says buildings that use smart controls, energy management systems, and other technology to monitor and improve energy efficiency can save $18 billion per year in power system costs and cut carbon emissions by 80 billion tons. Last year the DOE invested $61 million in 10 pilot projects for smart buildings.
The smart buildings market alone is expected to be valued at more than $78 billion by the end of the decade, according to a separate report from Allied Market research.
The Report Linker analysis says Europe will be a regional leader in the international market by 2030. That is due to accelerated demand for smart buildings there, surging electricity demand, and government measures to lower carbon emissions.
The report finds that established companies in the market offering energy management software, hardware, and advanced technologies has resulted in significant competition. It listed General Electric, Rockwell Automation, Honeywell, and IBM as drivers in that growth.
Honeywell, for example, has a platform that uses artificial intelligence and machine learning to autonomously identify and implement energy conservation measures in commercial buildings. The company also is using energy resiliency platforms to grow smart cities across the US.
Other key players in the energy management systems market according to the report are Broadcom, C3.AI, Cisco Systems, Dexma, Eaton, Emerson, Enel X, Energy Hub, Gridpoint, Johnson Controls, Schneider Electric, Siemens, and Uplight.
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