Energy Management Software Market size was over USD 48.68 billion in 2024 and is expected to reach USD 241.56 billion by the end of 2037, witnessing around 13.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of energy management software is assessed at USD 54.05 billion. The market growth can be attributed primarily to the rising demand for energy management systems (EMS) in the industrial, commercial, and public sectors. Energy efficiency and energy waste reduction can help to reduce greenhouse gas emissions, minimize exposure to energy price fluctuations, and boost productivity. A widely known article provided data indicating that energy consumption accounts for 74% of all human-caused greenhouse gas emissions around the world. To optimize energy consumption and control flow, industry players are now turning to IoT-based solutions.
EnMS systems have significantly improved the energy performance of many industrial and other organizations. As a result, organizations have achieved significant savings in energy costs, other related costs, increased resilience to volatile energy costs, and more importantly, stability and productivity improvements. Global demand for energy is increasing rapidly owing to the growing population and economic growth in emerging market economies. According to World Bank data, the world population reached 7.84 billion people in 2021, an increase from 7.6 billion people in 2018. Rising demand creates new challenges such as energy security concerns can occur as more consumers require more energy resources ever, and higher usage of fossil fuels leads to higher carbon emissions, which contribute to global warming. At the same time, in rural areas access to electricity remains unacceptably high, which is expected to create potential growth opportunities for global energy management software market over the forecast period.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
13.7% |
|
Base Year Market Size (2024) |
USD 48.68 billion |
|
Forecast Year Market Size (2037) |
USD 241.56 billion |
|
Regional Scope |
|
Software (Cloud Based, On Premise)
The global energy management software market is segmented and analyzed for demand and supply by software into cloud based and on premise. Out of which the cloud-based segment is anticipated to grab the most significant share by the end of 2037 on account of reduced hosting cost, and efficiency & availability of computing resources. Using cloud computing systems, organizations are able to increase flexibility while visualizing, monitoring, and assessing data remotely. A growing number of end-users are utilizing IoT devices to manage and monitor energy practices using cloud-based energy management systems. According to industry estimates, the revenue value of cloud computing in the energy sector is expected to reach USD 27 billion by 2024. Moreover, power & utilities, industrial sectors, and others are expected to demand cloud-based energy management systems (EMS) for a real-time view of their energy usage.
Our in-depth analysis of the global market includes the following segments:
|
By Software |
|
|
By Solution |
|
|
By End Use Application |
|
The Asia Pacific energy management software market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037 owing to the rising demand for energy and rising awareness about carbon management systems in the region combined with increased adoption of energy-saving systems and software. Moreover, the ongoing paradigm shift in electrification and increasing electrical system performance, as well as optimizing energy usage to reduce costs, is expected to fuel the demand for energy management software in the region over the forecast period. Over the years, India's power sector has undergone a paradigm shift owing to government efforts to encourage investment. It is estimated that the installed capacity of power generation has increased from 344 GW in 2018 to 356 GW in 2019.
General Electric announced its partnership with UK Power Networks to optimize distribution network utilization. As a result of the innovation project, around 17.8 million tonnes of CO2 emissions will be reduced by 2050, facilitating the integration of renewables
Energy management and automation leader Schneider Electric SE announced collaboration with Hitachi Energy to provide greater value for customers and accelerate the energy transition.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?