The growth will increase market revenue generation from $76.75 billion in 2016 to $32.41 billion by 2021.
Factors driving the expansion of the market include increased implementation of policies to adopt energy management measures in a bid to ensure grid reliabilities and lower carbon emissions.
A rise in the introduction of energy incentive programmes and increased adoption of smart grid and digital utility technologies will also boost market growth. [US county gets NACO recognition for energy management system].
MarketsnMarkets predicts that the growing need for central management and control of grid networks will largely contribute to the increase in revenue generation in the EMS market.
Utility adoption of these technologies will generate the most revenue amoung other sectors in the market.
The rapid development and adoption of cloud solutions, a reduction in cost of IoT components and implementation of regional and government initiatives for smart grid deployments maintains the utilities market as leading adopters of energy management systems.
[quote] On the other hand, poor and aging grid infrastructure is and will continue hindering the adoption smart solutions by the utility industry.
Cyber-attacks and lack of technological awareness will also restrain the market growth, states the report.
Home energy management market
Although the home energy management sector has been recording slow market growth from year to year, the segment is expected to record a significant increase due to the introduction of new technologies.
Increasing power demand and government policies are forecasted to drive the increase in spending of home power management systems.
North America will continue its domination of both the utility and home energy management market due to the governments commitments in energy efficiency programmes. [ComEd incorporates Green Button energy management tools]
On the utility’s side, efforts to lower energy cost and consumption will support the growth of the HEMS and the EMS market.
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