Energy Management Systems Market Overview:
The Global Energy Management Systems Market size is expected to reach $62.3 billion by 2023, from $25.9 billion in 2016, growing at a CAGR of 13.5% during the forecast period (2017-2023). Energy management systems (EMS) are one of the emerging technologies that enable an organization to collect real-time information on the energy use through monitoring, assessing, and visualizing energy consumption.
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Energy management systems are gaining popularity since they help gain competitive advantage, increase productivity, and reduce energy cost. In addition, the government policies toward energy conservation and the limited availability of fossils is drawing attention of the market players. Every industry small or big is running with the help of energy, so it is essential to deploy the energy management system. Although, technology is advancing at a brisk pace, the end-use clients may not adopt the same quickly. Most of the potential buyers of energy management systems are at a stage where they are aware about the benefits of implementing such system but utilize traditional technology and applications. Financial barriers, limited expertise, and fragmented stakeholders are some of the key challenges for the energy management system market.
Global Energy Management Systems Market
The global energy management systems market is segmented based on offerings, services, component, type, end user, market vertical, and region. The offerings segment is bifurcated into systems and services. In 2016, service segment dominated the global market, in terms of revenue owing to its wide scope of application in industrial operations and is expected to maintain this trend in the coming years. By services, the market is segmented into monitoring & control, implementation & integration, maintenance, and consulting & training. Based on type, the market is broadly classified into home energy management systems, building energy management systems, and industrial energy management systems.
Based on components, the global energy management systems the market is categorized into sensors, controllers, software, and others. The end-user industry is divided into residential and commercial segment. Depending on market vertical, the market is broadly segmented into power & energy, telecom & IT, manufacturing, enterprise, healthcare, and others segment. And based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The energy consumption of various equipment, machinery as well as tools contribute towards significant energy consumption of the plant. As a result, the simultaneous monitoring and controlling has profound influence in improving the energy efficiency of the plant. Subsequently, the monitoring & control has a significant market share in service segment and is expected to continue to provide lucrative business opportunities in the forecast period. Moreover, the enhancing the long-term benefits of energy efficiencies especially in emerging economies such as southeast Asian and African regions is anticipated to drive the market growth of consulting & training related services.
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Global Energy Management Systems Market Segment Review – by Services
The industrial energy management systems contributed maximum revenue share in 2016 owing to rising inclinations toward achieving energy efficiency. Further, the increasing adoption of energy management solutions across different market verticals has also fueled the market penetration in the recent years driving the market penetration in recent years. As a result, the trend is expected to continue in the coming years driving the market growth of industrial EMS and thereby holding the significant market share in the forecast period. However, rising consciousness towards energy efficiency among residential users is expected to witness attractive growth rate and subsequently provide profitable expansion opportunities for the market players in home EMS based solutions and services. In addition, the increasing demand of energy efficient solutions in end-user such as enterprise, office spaces, and commercial sites to minimize their daily operational costs through effective energy consumption is also projected to propel the market growth of the building EMS solutions in the forecast period.
Global Energy Management Systems Market Segment Review – by Type
Top Impacting Factors
Technological advancement as well as energy efficiency capabilities has substantial influence for penetration of EMS solution and it is expected to drive the market growth of energy management systems in the coming years. In addition, the fluctuations in commercial energy prices has shifted the inclinations towards achieving energy efficiencies in daily industrial operations. However, high cost of initial investment as well as longer payback periods is anticipated to hinder the growth of energy management systems market especially among the SMEs and regional manufacturers. The emerging economies in southeast Asia and African region is expected to provide attractive business opportunities for the EMS market players.
By Region
The stringent energy efficiencies policies and regulations implemented in developed economies has resulted in their significant market penetration of EMS based solutions across different industry verticals. As a result, the North America and Europe together accounted for significant market share in 2016. However, the fast-emerging economies in Asia and LAMEA regions are expected to witness attractive growth rates owing to fast growing end-user industries in the regions. Thus, the Asia-Pacific region is projected to witness the highest CAGR growth rate during the forecast period of 2017 and 2023. Factors such as government’s initiative towards improving the manufacturing capabilities through application of smart solutions, rapid urbanization and fast growing industrial segment are expected to fuel the demand of EMS market in the region.
Global Energy Management Systems Market Segment Review – by Region
Competition Analysis
Competitive analysis and profiles of the major players, such as C3 Energy, Delta Electronics Inc., DEXMA, General Electric Company, GrindPoint Inc., Honeywell International Inc., Johnson Controls International PLC, Schneider Electric S.E., Siemens AG, and Yokogawa Electric Corporation are provided in this report. Product launch, acquisition, and collaboration were the different key strategies adopted by key players to establish themselves in the market.
Key Benefits for Stakeholders
- The report provides an extensive analysis of the current and emerging trends and dynamics in the global energy management systems market.
- In-depth analysis is conducted by constructing market estimations for the key market segments between 2016 and 2023.
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Comprehensive analysis of all regions is provided that determines the prevailing opportunities in these geographies.
- Key market players are profiled and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the market…
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