While the year of 2020 is an extremely eventful for energy management system due to COVID-19 breakthrough, the global energy management system market 2020 is showing some positive instincts, when studied by Market Research Future. As per COVID-19 impact analysis, the market has the potential to show immense growth, which is recorded at a rate of ~18% and is capable of reaching a valuation of USD ~89 Billion by 2023. The growth period has been estimated from the years 2017 to 2023.
Top Impacting Factors
Several companies in the energy management system market are vying suggestive steps to tackle the challenges resulting from the COVID-19 (Coronavirus) pandemic. In-depth research about COVID-19 is providing current techniques and alternative methods to mitigate the impact on Coronavirus on the revenue of the energy management system market.
Energy management systems are gaining recognition since they aid in gaining competitive advantage, surging productivity, and reduce energy costs. Besides, the government policies toward energy conservation and the limited availability of fossils are drawing the attention of the market players, globally, which in turn, has motivated the growth for the forecast period.
As per the latest report, every industry is running with the help of energy, so it is essential to set up the energy management system. With advancements in the latest technologies in the energy management system, such as small-signal analysis, there has been swell in the adoption of energy-efficient systems and diminish in carbon footprint. Also, some renowned companies such as IBM Corporation, Honeywell International Inc., and Schneider Electric have integrated the data analytics software to their existing energy management system modules for the efficient monitoring of data.
Furthermore, the rising utilization of renewable sources of energy, such as using solar panel systems in residential and commercial areas, is also highly expected to raise the demand for energy management systems solutions. The increasing quantity of reliable information technology platforms for controlling and optimizing available resources to provide customized and relevant data energy-efficient solutions is the primary factor motivating the growth of the energy management system market.
On the contrary, some other factors, such as limited expertise, financial barriers, and fragmented stakeholders, are some of the critical challenges for the energy management system market in the forecast period.
Segmentation of Market: Energy Management System
The energy management system market has further been segmented on the segments of the software, solutions, and vertical.
The energy management system market by software segment has included utility EMS, enterprise carbon and energy management, residential EMS, and industrial EMS.
The energy management system market by the solution segment has included utility billing and customer information system, demand response management, and carbon energy management.
The energy management system market by vertical segment has included IT & telecommunication, manufacturing, healthcare, energy & power, office, and commercial buildings and others.
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