The global generator sets market is anticipated to increase at a CAGR of 6% during the forecast period of 2023 to 2031. The expansion of the generator sales market can be attributable to the rising demand for uninterrupted and reliable power from a variety of end-users, including the residential, IT/telecom, healthcare, utility, power generating, marine, chemical, oil & gas, mining, and construction industries.
Increased emphasis on energy conservation drives the global market for connected smart street lighting. Public lighting accounts for sixty percent of a municipality's or other governing body's electricity budget, making energy-efficient street lighting a viable option for conserving electricity. The incorporation of Internet of Things-connected public lighting can reduce carbon emissions.
The global AI in energy management market is growing tremendously, projected to expand at a CAGR of 21.2% throughout the projected period from 2022 to 2030, starting from US$ 24.4 Bn in 2021.
Increasing electricity expenses resulting in the need for optimum energy management is identified as the major factor driving the home energy management systems market. However, a lack of awareness regarding the benefits offered by these systems coupled with the high upfront cost has somewhat inhibited market growth.
The global market for energy management systems is expected to cross $100 billion by 2030, growing at an anticipated CAGR of 14.5% between 2023 and 2030. Energy Management Systems are in greater demand to manage and optimize the use of renewable energy sources such as wind and solar electricity. The development of new and advanced technologies like the Internet of Things (IoT), artificial intelligence (AI), and cloud computing is driving the expansion of the EMS market. These technologies provide real-time monitoring, data analysis, and predictive maintenance, hence enhancing energy management.
Real-time data communication provides utilities with benefits such as real-time pricing, outage detection, identification of power theft, prevention of meter data tampering, and improved service. Several sensor- and actuator-based gadgets are installed in smart buildings in order to remotely regulate the connection of electrical load depending on consumer preferences or utility decisions necessitating the smart meter. The rising installation of smart grids and smart meters has the potential to propel the global market for energy management systems. Regional governments all over the world have adopted rules and regulations for promoting energy-saving awareness. These regulations and policies serve as an impetus for the market for energy management systems.
Regional governments throughout the world have established a number of rules and regulations aimed at lowering energy usage and promoting energy conservation awareness. These regulations and policies serve as a driving factor for the EMS business in industrial, commercial, and residential application areas. Governments in a number of nations are pursuing decarbonization through a variety of approaches. Owing to the rapid increase in carbon emission rates, numerous nations have adopted or have already implemented energy consumption and carbon footprint reduction requirements and regulations. The establishment of ISO 50001 provides a standardized, international approach to best practices applicable in all nations and industries. It provides a framework to help firms, industries, and the economy create energy management capacity. At the national level, additional policies exist to minimize energy usage and, consequently, carbon emissions from electricity consumption. Numerous businesses increasingly leverage environmental sustainability to set themselves apart from competitors. This provides a competitive edge and aids in the development of a favorable brand image. EMS solutions will aid enterprises in their efforts to conserve energy. Hence, such government initiatives and a move toward combating climate change would serve as an impetus for the development of energy management systems.
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