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.
The Energy Management System Market is growing with the rapid pace; mainly due to the dire need of the time to save energy effectively. According to a recent study report published by the Market Research Future, The global Energy Management System market is forecasted to gain prominence over the forthcoming years. The market is expected to grow at a rapid pace during the forecast period. The Energy Management System Market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023). With such a pace MRFR anticipates the Global Energy Management System Market to grow up to USD ~ 89 Billion with a striking double digit CAGR of ~18% during the estimated period (2017 – 2023).
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The driving factors for energy management system market include rising awareness among people to improve environment quality, increasing demand for green environment all around the world, awareness among factory owners to implement energy management systems for their production units in order to have healthy environment have led to growth of energy management systems in the market. Energy Management Systems (EMS) can improve productivity and expand production, while at the same time reduce the energy consumption of production and increase economic efficiency. After implementing an EMS, a company is able to carry out energy planning, energy efficiency, consumption analysis, equipment and system management to help management make faster and better informed decisions by providing up-to-the-minute information. This lets enterprises reduce overall operating costs, maximize profitability, accelerate growth and increase asset efficiency. Energy management system is the system that monitors conserved energy in a building or an organization. This system meters the energy consumption and collects the data required for conserving energy. This system tracks the progress by analyzing the meter data and monitoring the results obtained. This system takes actions to target the factors causing energy conservation such as tackling the routine waste and replacing it with equipment.
Energy Management System Global Market – Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Energy Management System appears to be highly fragmented and competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services. These Players invest heavily in the R&D to develop a technology that is on a completely different level compared to their competition. These Key players strive to develop products with the adept technologies, unrivalled design and features.
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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.)
- Energy Management System Global Market – Segmentation
- The Energy Management System Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation By Software : Comprises Utility EMS, Industrial EMS, Residential EMS and others.
- Segmentation By Solutions : Comprises Carbon Energy Management, Demand Response Management, Utility Billing & Customer Information System and others.
- Segmentation By Verticals : Comprises IT & Telecommunication, Energy & Power, Healthcare, Manufacturing, Office and Commercial Buildings and others.
- Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
- By software segment, utility EMS monitors and controls all the transmission, generation and distribution assets. It reduces overall system costs and provides maintenance support tools. These systems help in managing large state- wide and region-wide power grid transmission networks.
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Energy Management System Global Market – Synopsis
EMS call for increased energy efficiency, with some substantial cuts to energy consumption. That requires data, the more the better. On the other hand, the reality is that there’s usually little or no extra room inside panels. What’s more, putting in wiring is expensive, since it requires running cabling. Extra wiring also eats up still more of the precious room inside a panel. A final challenge is that making the most of the data requires getting it into a Building Management System, a BMS. This cannot be too complex a task or it likely won’t be done.
Energy Management System Market – Regional Analysis
The regional analysis of energy management system market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. North America is estimated to acquire largest market share in this market because of increasing demand for adoption of building energy management systems (BEMS) which has led to healthy environment across the building. Europe is expected to be second largest region because of government initiatives for implementation of energy saving plans and promotion of renewable energy resources.
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