Energy Management System Market is Growing at a CAGR of 23.37% from 2020 to 2025
The energy management system has garnered adoption in commercial sectors across various business organizations.
By: BIS Research
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The increasing demand for power generation has led to unstable power supply and increase in the demandsupply gap. There has been a growing need to maintain the demand and supply side response by attempting to reduce the overall energy consumption and increase energy efficiency without affecting the climatic conditions. All these concerns can be addressed efficiently with an energy management system, which can monitor and control the degree of energy consumption, balance and mitigate the intraday electricity demand, irrespective of industrial, commercial or residential consumers. The real-time insights help the companies to track their consumption and reduce the overhead cost. The measures to avoid excess consumption and increase the operating efficiency of high load devices can be decided using these insights. As a result, the energy consumption of the end user can be adjusted using demand response programs and real-time weather responsive control systems.
The energy management system market is expected to reach $30.15 billion by 2025, owing to the rising demand for energy conservation and environmental safety across the globe. Moreover, the evolution of smart grids along with favorable government initiatives is also driving the growth of the market.
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The trends in the energy management system market vary across different regions. The energy management system market holds a prominent share in various countries of North America, South America, Europe, Asia- Pacific and Japan, and the Middle East and Africa. In 2020, North America is expected to be at the forefront of the market, with a large market concentration in the U.S. The market for energy management system is evolving at a constant pace owing to the government initiatives and policies to reduce energy consumption and greenhouse gases emission which contributed toward the increasing use of energy management systems in the region.