Energy Management System Market Size, Share, Growth Analysis, By Component (Software, Hardware), By Type (Home Energy Management Systems, Building Energy Management Systems), By Deployment (On-premises, Cloud-based), By Region - Industry Forecast 2024-2031

Global Energy Management System Market size was valued at USD 41.2 billion in 2022 and is poised to grow from USD 46.93 billion in 2023 to USD 132.93 billion by 2031, growing at a CAGR of 13.90% during the forecast period (2024-2031). 

With real-time data communication, utilities can benefit from real-time pricing, outage detection, power theft identification, avoiding meter data tampering, and better service. In smart buildings, a number of sensor- and actuator-based appliances are commissioned to remotely manage the connection of electrical loads based on consumer preference or utility decisions regarding the need for a smart meter.

The global market for energy management systems may be pushed forward by an increase in the number of smart meters and grids installed. Regional governments all over the world have endorsed the laws and regulations that are intended to raise awareness about energy conservation.

The market for energy management systems is driven by these regulations and policies. The demand for energy management systems (EMS) has increased as a result of an increase in the management of energy use by public sector, industrial, and commercial organizations. In order to reduce greenhouse gas emissions, reduce potential exposure to fluctuating energy prices, and boost productivity, advanced energy-efficient technologies will gain ground.

The World Resources Institute cited data in February 2020 indicating that human-caused greenhouse gas emissions came primarily from energy consumption. Industry players may look for Internet of Things (IoT) solutions to control energy flow and optimize energy consumption in the midst of the current trend.

US Energy Management System Market is poised to grow at a sustainable CAGR for the next forecast year.