Energy Management System Market Size, Demand, Growth Prospects, Key Opportunities, Trends, Forecasts, Key Players and Industry Analysis
December 10, 2019 by Market-NewsFlash
Energy Management System Market, By Software (Utility EMS, Industrial EMS, Residential EMS), By Solution (Carbon Energy Management, Demand Response Management, Utility Billing & Customer Information System), By Verticals (IT & Telecommunication, Energy & Power, Healthcare, Manufacturing) — Forecast 2023.
Energy Management System Market Highlights
The energy management system market is growing rapidly over 18% of CAGR and is expected to reach at USD ~89 billion by the end of forecast period.
Regional analysis for energy management system market is studied in different geographic regions such as North- America, Europe, Asia-Pacific and Rest of the World. North America is expected to be leading player due to increasing demand for home energy management systems which are implemented in residential sector. These systems provide healthy environment and help to reduce global warming which has led to growth in the market share in North America. Europe is estimated to acquire second largest market share due to increased adoption of these systems in power and energy.
Energy Management System Market Segmentation
The energy management system market is segmented on the basis of software, solution and vertical. The vertical segment consists of telecommunication and IT, power and energy, healthcare, manufacturing, official & commercial buildings. By vertical segment, energy management systems used in healthcare industry provide improved air quality in healthcare facilities which reduce the risk of infections among the staff. The system ensures control of energy usage and allows facility teams to provide consistency of service while managing energy usage and costs.
The prominent players in the Energy Management System market are Honeywell International Inc. (U.S.), Cisco Systems Inc. (U.S.), International Business Machines Corporation (U.S.), Siemens AG Ltd. (Germany), Eaton Corporation PLC (Ireland), CA Technologies (U.S.), Emerson Electric Company (U.S.), Daikin Industries Ltd. (Japan), Carma Industries Inc. (Canada), Enernoc Inc. (U.S.), among others.
Market Research Analysis:
Energy management system provides improvement in energy performance. This system is suitable for all the organization irrespective of size and sector. These systems set energy objectives & targets and implement it to obtain the required results. The long term benefits obtained from these systems are reduced costs year after year, reduced energy consumption over a long term and influencing the energy requirements of the particular industry.
Regional analysis for energy management system market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. North America is mainly dominating the market because of growing competition among the industrial enterprises. Asia-Pacific is driven by increasing use of smart grid services in countries like Korea. Korea is also driven by manufacturing, telecommunication and IT sector which has let to growth in market share of energy management systems. Europe is estimated to be the second largest region due to the adoption of building energy management systems which controls the building systems such as heating, ventilation and air conditioning which increases building energy efficiency and provides comfort in that particular area.
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