Energy Management System Market is Growing at a CAGR of 23.37% from 2020 to 2025

FREMONT, Calif. - June 3, 2021 - PRLog -- The traditional energy sector comprises of conventional fuel sources such as fossil fuels for power generation. According to International Energy Agency, 66.3% of global electricity generation at source was through fossil fuels in 2019. However, the major issue associated with fossil fuels is the hazardous emission of greenhouse gases leading to global warming and adverse climate change. Moreover, as fossil fuels are non-renewable in nature, they are not available perennially for the human use. Henceforth, the global power industry is presently entering an era of significant transformation. For the past five years, the electricity sector has been primarily driven by the injection of renewable sources of energy for power generation in the energy mix.

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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.