Energy Management System Market
A new market study, titled “Energy Management System Market ” has been featured on Market Research Future.
Energy management system (EMS) is defined as a system that monitors and conserves energy in a building or an organization. As per the global energy management system market report published by Market Research Future (MRFR) infers increase for this market at 18% CAGR between 2017 and 2023. In terms of monetary value, the market can be worth USD 89 bn by the end of the forecast period.
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Important factors pushing the global energy management system market growth include increasing demand for clean & green environment all around the world and rising awareness among people to improve environmental quality. The advantage of EMS includes cost reduction, improved performance, reduction of carbon emissions, and fuel saving. The factor that can slow down the market growth is the lack of awareness regarding EMS benefits among some organizations.
Market Segmentation
The global energy management system market segmentation covers software, solution, and verticals.
The software-based segmentation of this market covers enterprise carbon & energy management, industrial EMS, residential EMS, and utility EMS. Industrial EMS is useful for factories and manufacturing units. Residential EMS is useful in residential areas and housing societies. Utility EMS is used by organizations that
Based on the solution, the market has been segmented into carbon energy management, customer information system, demand response management, and utility billing.
In the context of verticals, the market has been segmented into energy & power, healthcare, manufacturing, information technology (IT) & telecommunication, office & commercial buildings, and others.
Regional Segmentation
The regional segmentation of the global energy management system market covers North America, Asia Pacific, Europe, and Rest of the World (RoW).
During the forecast period, North America has been anticipated to acquire the largest market share due to the increasing demand for the adoption of building energy management systems (BEMS). Technological advancement and the presence of important market players in the USA is also boosting the market growth. Canada is the second-largest country-specific market.
During the forecast period, Europe is expected to be second-largest regional market due to the government initiatives for the implementation of energy-saving plans. Governments in European countries have also taken initiatives for the promotion of renewable energy resources. The crucial country-specific markets in this region include France, Germany, and the UK. Other countries of Europe also contribute revenue to push up the market growth. Many market-friendly schemes are there in Italy, making it another potential country-specific market.
In the Asia Pacific region, the market growth can be expected in the due to increasing urbanization, high density of population in China & India, and increasing industrialization. Other factors enhancing the market growth include developing infrastructure, increasing power consumption, increasing disposable income, growing awareness about benefits of energy management, strict environmental policies, growing power production, and demand for systems to facilitate better power management. Among all country-specific markets, South Korea holds the largest market share in this region. Due to technological advancement, Japan also holds the potential of being an important country-specific market in the Asia Pacific region.
Key Players
Major players in the global energy management system market include CA Technologies (USA), Carma Industries Inc. (Canada), Cisco Systems Inc. (USA), Daikin Industries Ltd. (Japan), Eaton Corporation PLC (Ireland), Emerson Electric Company (USA), Enernoc Inc. (USA), Honeywell International Inc. (USA), International Business Machines Corporation (USA), and Siemens AG Ltd. (Germany).
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Energy Management System MarketBased 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 SegmentationThe market for energy management system is segmented into software, solution and vertical.The software segment includes utility EMS, industrial EMS, residential EMS and enterprise carbon & energy management.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 InsightThe 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.Europe is set to acquire the second position in the global energy management system market, on account of government initiatives for the implementation of energy saving plans along with promotion of renewable energy resources.
For instance, the Italian government introduced the Energy Efficiency Certificate trading scheme, targeting energy service company entities along with Conto Termico, which mainly focusses on the building sector.Increasing industrialization and advancements in technologies supplement the growth of energy management systems market in the Asia Pacific region.
Energy Management System Market ResearchEnergy management system (EMS) is defined as a system that monitors and conserves energy in a building or an organization.
As per the global energy management system market report published by Market Research Future (MRFR) infers increase for this market at 18% CAGR between 2017 and 2023.
In terms of monetary value, the market can be worth USD 89 bn by the end of the forecast period.Important factors pushing the global energy management system market growth include increasing demand for clean & green environment all around the world and rising awareness among people to improve environmental quality.
The advantage of EMS includes cost reduction, improved performance, reduction of carbon emissions, and fuel saving.
The factor that can slow down the market growth is the lack of awareness regarding EMS benefits among some organizations.Market SegmentationThe global energy management system market segmentation covers software, solution, and verticals.The software-based segmentation of this market covers enterprise carbon & energy management, industrial EMS, residential EMS, and utility EMS.
Industrial EMS is useful for factories and manufacturing units.
