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Yahoo
02-04-2025
- Business
- Yahoo
Energy Management Systems Market Skyrockets to $105.2 Billion by 2031 Exclusive Report by The Insight Partners
Energy Management Systems Market research includes key company profiles like ABB; Schneider Electric SE; General Electric Company; Honeywell International Inc.; Siemens AG; IBM Corporation; Johnson Controls, Inc.; Emerson Electric Co.; Eaton Corporation; and Mitsubishi Electric Corporation US & Canada, April 02, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, 'the global Energy Management Systems Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Hardware, Software, Services), System Type (Industrial Energy Management System, Building Energy Management System, Home Energy Management System), End-Use Industry (Energy and Utilities, Manufacturing, Telecom and IT, Residential and Commercial, Others), and Geography'.The report runs an in-depth analysis of market trends, key players, and future opportunities. The Energy Management System Market analysis focuses on a vast array of end-use that are expected to determine market strength in the coming years. Market Overview and Growth Trajectory: Energy Management Systems Market Growth: The global Energy Management System Market is observing substantial growth and is expected to maintain its upward trend in the foreseeable future. This growth is attributed to the increasing focus on the rising demand of renewable energy. By 2030, the US government targets to decrease net GHG emissions by ~50–52% compared to 2005 levels and achieve net zero emissions by 2050. In addition, the governments of different countries across Asia Pacific have targeted to increase renewable power generation installations, which is likely to boost the demand for energy management systems in the region. For instance, in 2023, the government of India released a notification of bids for 50 GW of renewable energy capacity annually for the next 5 years to reach its 300 GW worth target by 2030. Similarly, the Japanese government has targeted to increase its offshore wind capacity from 0.14 GW in 2022 to 10 GW by the end of 2030. China has been moving 6 years ahead of its 2030 renewable energy targets, wherein installations of these systems have already been completed in 2023. Energy management systems efficiently integrate renewable energy into modern power grid systems, manage energy flow and consumption during power outages, and monitor electricity consumption. Thus, the rising concerns regarding greenhouse gas emissions are boosting the investment in renewable power generation, propelling the demand for energy management systems. Growing Renewable Energy Industry: Power generation using fossil fuels is a key contributor to greenhouse gas (GHG) emissions that lead to climate change. Hence, several governments across the globe are focusing on reducing their carbon footprints and transitioning toward clean energy, propelling them to invest in green energy production. The utilization of solar and wind energy is increasing due to rising focus on using clean and green energy, increasing climate change concerns, and rising government initiatives toward encouraging the usage of renewable energy. As per the International Energy Agency (IEA), global renewable electricity generation is forecast to rise to over 17,000 terawatt hours (TWh) by the end of this decade, an increase of almost 90% than 2023; this is expected to meet the combined electricity needs of China and the US in 2030. Several renewable energy milestones are expected to be achieved over the next five years. In 2025, electricity generation from renewable energies is expected to overtake coal-fired power generation. In 2026, wind and solar power generation is expected to exceed nuclear power generation. Then, in 2029, electricity generation from solar PV is expected to surpass hydropower generation and become the world's largest renewable energy source – and similarly wind power generation expected to surpass hydropower in 2030. Increasing Trend of Adopting Home Energy Management Systems: The potential for home energy management systems (HEMS) is undeniable. For example, as the number of electric vehicles and the number of electric vehicle chargers is increasing, especially with the EU target of 2035 with the ban on new internal combustion engine (ICE) sales on the horizon, HEMS may coordinate the charging schedules of these vehicles in line with low price periods or high solar power production and thus minimizes costs and emissions. Additionally, bi-directional charging can transform electric vehicles into flexible emergency power sources for the home. In many ways, the gateway to self-generation starts with solar energy – specifically PV modules. The versatility of photovoltaic (PV) systems makes them suitable for single-family homes and apartments. Excess PV electricity can be stored in a battery for use at night or in case of power outages, on cloudy days, or in times of high energy costs, high network costs, and traffic jams which increases the demand for energy management systems in these applications. A stable economy, developed infrastructure, and high technology adoption rate make Canada suitable for any technologically driven market such as energy management systems. The Canadian government is implementing favorable policies to boost the local production of semiconductors, batteries, etc. In March 2023, the Canadian government announced an investment of approximately US$ 36 million into Ottawa-based Ranovus Inc. through the Strategic Innovation Fund (SIF). In February 2022, the Canadian government invested approximately US$ 189 million to bolster the research and manufacturing operations in the semiconductor & electronics sector. Such initiatives favor the electricity demand, thereby increasing the need for energy management systems to fulfill the goal of energy conservation set by the government. In addition, Canada is one of the world's largest oil and gas producers; ~1,000 oil & gas exploration and production companies are operating in the country. Canada exports oil and gas to the US to meet its growing energy demand. As per the Canadian Centre for Energy Information, capital expenditure in the power sector reached US$ 92 billion in 2023; with a spending of US$ 39.2 billion, oil and gas extraction accounted for the largest share of the total energy sector spending. Several oil and gas utilities consume energy for various operations in the upstream, midstream, and downstream sectors which is anticipated to drive the demand for energy management systems from the oil and gas industry from 2024 to 2031. Geographical Insights: In 2024, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Further, Asia Pacific is expected to register the highest CAGR during the forecast period. Energy Management Systems Market Segmentation, Applications, Geographical Insights: Based on component, the Energy Management Systems market is segmented into Hardware, Software, Services. The hardware segment held the largest share of the market in 2024. Based on system type, the Energy Management Systems market, is divided into Industrial Energy Management System, Building Energy Management System, Home Energy Management System. The industrial energy management system segment held a larger share of the market in 2024. Based on end-use industry, the Energy Management Systems market is divided into energy and utilities, manufacturing, telecom and IT, residential and commercial, others. The manufacturing segment held a larger share of the market in 2024. Key Players and Competitive Landscape: The Energy Management Systems Market is characterized by the presence of several major players, including: ABB Schneider Electric SE General Electric Company Honeywell International Inc Siemens AG IBM Corporation Johnson Controls, Inc. Emerson Electric Co. Eaton Corporation Mitsubishi Electric Corporation These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the Management Systems Market Recent Developments and Innovations: "ABB launches ABB Ability OPTIMAX 6.4, the latest version of its flagship digital energy management and optimization system.' 'Schneider Electric, a leader in the digital transformation of energy management and next-gen automation, has formed a strategic partnership with Noida International Airport.' 'GE Aviation has selected BAE Systems to design, test and supply energy management components.' Conclusion: The key stakeholders in the Energy Management System Market are energy management systems/software providers, system integrators or service vendors, and end users. Energy management has become a strategic priority for many companies striving to achieve sustainability goals. In addition, energy management helps companies balance economic, environmental, and operational factors to optimize energy consumption, reduce costs, and minimize environmental impact. Moreover, an energy management system (EMS) enables companies to leverage data-driven insights and advanced controls to identify and implement successful energy usage strategies. Energy management systems consist of components such as smart panels, consumption monitoring systems, smart circuits, and smart meters. The ecosystem of the Energy Management System Market also includes software providers that provide metering, energy management, renewable energy, and building automation software. The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new Report Titles: Industrial Energy Management Systems Market Growth, Trends, and Oppotunities 2031 Wind Energy Market Growth and Forecast by 2031 Lithium-ion Battery Energy Storage Market Dynamics and Trends by 2031 Batteries for Solar Energy Storage Market Growth and Forecast by 2031 About Us: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials. Contact Us: If you have any queries about this report or if you would like further information, please contact us: Contact Person: Ankit MathurE-mail: Phone: +1-646-491-9876Press Release:
Forbes
26-03-2025
- Business
- Forbes
Decoding Hellcat: The Latest Nightmare In Ransomware Attackers
Etay Maor is Chief Security Strategist for Cato Networks, a leader of advanced cloud-native cybersecurity technologies. In the ever-evolving cyber underground, ransomware extortionists have grown to become perhaps the most sophisticated and formidable threat. Among the latest entrants to emerge in this whack-a-mole enterprise is the Hellcat ransomware gang. Since November 2024, with its sudden flurry of high-profile attacks, it has swiftly made a name for itself as a malicious actor in the ransomware-as-a-service (RaaS) business. In late 2024, Hellcat launched aggressive attacks against a range of industries and geographies. This included an exfiltration of over 40 gigabytes of sensitive information from Schneider Electric SE's Jira system, the leak of over 500,000 records containing personally identifiable information from Tanzania's College of Business Education and an attack against an Iraqi city government. Hellcat's blend of ignominy, coerciveness and global ambition makes them uniquely dangerous in the ransomware business. Notable characteristics of the ransomware group include: • Irreverent Communications Style: Hellcat incorporates cultural references and humor in its ransom notes, such as demanding "baguettes" from Schneider Electric. The group taunts victims through sarcastic remarks and public announcements. • Strategic Targeting: Hellcat prioritizes high-value targets, including governments, corporations and critical infrastructure. It operates internationally, attacking entities across the U.S., Europe, Africa and the Middle East, with a focus on exfiltrating sensitive data for maximum leverage. Its targeted sectors are also diverse, from energy to education to telecom to government. • Planning And Execution: The group meticulously plans its attacks, conducting extensive reconnaissance and exploiting niche vulnerabilities. It employs selective encryption to evade detection and accelerate attacks. • Humiliation Methods: Hellcat publicly shames victims to increase pressure and urgency, making them more likely to pay the ransom. The group uses dual extortion, both encrypting files and threatening to leak stolen data. It also imposes strict deadlines and escalates ransom demands over time. • Branding: Hellcat cultivates a strong identity within the cybercrime ecosystem. It maintains a polished, high-profile leak site and actively recruits affiliates on dark web forums. • Publicity-Seeking: Unlike many ransomware groups, Hellcat embraces a bold, attention-seeking approach. Its communications are deliberately crafted to attract media coverage, further increasing pressure on victims. Combating Hellcat and similar ransomware attacks requires a multifaceted defense. Below are mitigation strategies that can help: Prioritize timely patching of software, operating systems and firmware to close potential entry points. Enforce MFA across all accounts, making it harder for attackers to compromise credentials. Segment networks and isolate critical systems to limit lateral movement. Encrypt sensitive data to protect it from exfiltration. Maintain offline backups stored in a secure location to ensure data recovery in case of attack. Stand-alone security tools create blind spots, making it difficult to detect and block advanced threats. A more holistic approach involves integrating multiple security measures into a unified framework. For example, a cloud-native secure access service edge (SASE) architecture integrates SD-WAN, zero-trust network access (ZTNA) and converged security components to provide real-time threat monitoring, centralized control and unified protection across all attack surfaces, including users, devices, cloud environments, IoT systems and applications. Organizations can also consider using extended detection and response (XDR), which pulls in security data from endpoints, cloud workloads and email, also providing a holistic view of the threat landscape. XDR can correlate disparate security alerts to identify patterns indicative of a Hellcat attack, also helping security teams find and stop attacks before the ransomware can be deployed. Another tool to consider is security information and event management (SIEM) with user and entity behavior analytics (UEBA). Their capabilities can detect anomalous behaviors that might signal a compromised user account or insider job, helping to detect any unusual action before the ransomware is deployed. Threat actors are increasingly employing coercive methods such as fear, humiliation and ultimatums, to threaten and con individuals. Organizations must train their workforce, prepare for crises, establish policies, enforce protocols, and encourage collaboration and communication. The Hellcat ransomware gang represents an evolving breed of threat actors, blending technical prowess with emotional manipulation to maximize its impact. By adopting a proactive and comprehensive approach to cybersecurity by ramping up cybersecurity defenses, boosting preparedness and deploying end-to-end security for maximum visibility and control, organizations can mitigate the threat posed by ruthless operators and build a more resilient environment. 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