The global energy management system market size is expected to reach USD 108 billion by 2030, according to a new study by Polaris Market Research. The report “Energy Management System Market Share, Size, Trends, Industry Analysis Report; By System (Home Energy Management Systems, Industrial Energy Management Systems); By Component; By Deployment; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
North America controls most of the global market and is expected to maintain its dominance in the coming years because energy management systems significantly improve energy performance compared to an initial energy baseline. They lead systematically (plan-do-check-act), resulting in ongoing energy efficiency improvement. They also create a policy for efficient energy use and maintain efficiency overall project return on investment. They also generate data to better understand and make decisions about energy consumption.
Furthermore, an energy management system is superior to ad hoc or traditional project-based approaches to improving energy performance because it involves implementing a systematic approach to energy efficiency. These systems typically comprise best practices in project management, energy monitoring, and energy awareness, as well as an energy policy that governs an organization's energy use and performance.
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Within the organization, the energy management system raises awareness and commitment to energy, i.e., consumption, use, efficiency, and renewable sources. It improves organizations' ability to manage energy risks and their potential consequences in an efficient manner, as well as strengthens their competitiveness and reduces their vulnerability to energy price fluctuations and energy availability.
Thus, rapid use of this system across commercial, industrial, and public sector organizations fueled the market growth.
Furthermore, implementing energy management systems yields significant benefits other than energy and cost savings. Early adoption experiences have shown that adhering to the standard results in some non-energy benefits, such as increased productivity and lower maintenance requirements.
Significant energy and cost savings were achieved in many cases with little or no capital investment. This is because ISO 50001 promotes a cultural shift that engages and empowers employees to identify and address energy-saving opportunities as they arise. Companies achieve energy savings persistence by continuously monitoring and improving energy efficiency.
However, conforming to an internationally recognized standard, such as ISO 50001, provides the company with additional market value. Companies and organizations can demonstrate their commitment to sustainability to their customers, employees, investors, and regulators by obtaining ISO 50001 certification.
Companies and organizations can gain a competitive advantage by demonstrating their corporate citizenship. This can help to improve their brand, which directly benefits them.
Energy Management System Market Report Highlights
Polaris Market Research has segmented the energy management system market report based on system, component, deployment and region:
Energy Management System, System Outlook (Revenue - USD Billion, 2022 - 2030)
Energy Management System, Component Outlook (Revenue - USD Billion, 2022 - 2030)
Energy Management System, Deployment Outlook (Revenue - USD Billion, 2022 - 2030)
Energy Management System, Regional Outlook (Revenue - USD Billion, 2022 - 2030)