Energy management system market to grow by 9% during 2020-26

According to a recent study from market research firm Global Market Insights, the energy management system market is set to grow from its current market value of more than $28 billion to over $45 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.

Global energy management system market has been expanding as one of the fastest emerging verticals within the sustainable and smart technologies space. It is likely to witness notable growth over the course of the next few years with the proliferation of manufacturing, IT and energy sectors.

Factors such as global warming and climate change are creating a significant need for energy efficient and sustainable technologies. Consequently, the demand for energy management systems and services has been increasing steadily. Constant technological innovations will continue to play a critical role in driving future trends in EMS. The introduction of stringent environmental and energy efficiency norms worldwide will bolster the industry outlook significantly.

On the basis of components, energy management system market can be segmented into hardware, software, metering & field equipment, sensors, control systems, network devices, and others. The demand for energy management software solutions is projected to witness considerable momentum in the near future, with increasing deployment across residential, commercial, as well as industrial applications. Both developed and developing countries are spending on building commercial spaces, which is expected to drive the technology deployment across offices, healthcare facilities, and educational institutions.

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