Energy Management Systems Market
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Energy Management Systems Market. The growth sectors of the Energy Management Systems Market are identified with precision for a better growth perspective.
Based on careful analysis, the report by Market Research Future (MRFR) states that the energy management system market is set to be highly profitable with the market value of USD 89 Billion by 2023, recording a healthy CAGR of 18% during the forecast period (2017-2023).
Energy Management Systems (EMS) refers to a solution that includes software and associated hardware as well as communication systems for improvement of energy efficiency. EMS find applications in a large number of verticals like telecom and information technology (IT), commercial and office buildings, power and energy, hospital, manufacturing, school and university Systems. Moreover, the energy management systems market is highly fragmented, offering simple to complex energy monitoring dashboards along with software such as analytics of high degree.
In addition, the growing use of smart grid services, increasing competition among industrial enterprises, and supporting government policies as well as incentives associated with energy efficiency will lead to a strong growth of the energy management market in the future.
Market Segmentation
The market for energy management system is segmented into software, solution and vertical.
Whereas, the solution segment consists of demand response management, carbon energy management, utility billing and customer information system.
The vertical-based segments in the global market are power & energy, telecom & IT, manufacturing, enterprise, healthcare and others. The manufacturing centers consist of equipment that need to run continuously, a factor highly critical to the plant operations. Thus, various manufacturing plants are making efforts to optimize their carbon footprint by making use of energy management systems, which has driven the growth of the manufacturing industry in the energy management system market.
Regional Insight
The regional analysis of the energy management system market has been done for the regions of Asia Pacific, Europe, North America, and Rest of the World.
Among these, North America has been estimated to be the largest market in the global market, owing to the increasing demand for adoption of building energy management systems (BEMS), resulting in a healthy environment across the building.
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