Energy Management System Market Opportunities, Sales Revenue, Trends, Growth and Outlook 2023
Market Research Future published a research report on "Energy Management System Market Research Report - Global Forecast till 2023" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Analysis
The energy management system market is growing rapidly. Smart energy management solutions maximize solar energy production and consumption. This system tracks, monitor, and analyze the meter data to progress the results obtained. This system targets the factors causing energy conservation by tackling the routine waste and replacing it with equipment.
With the help of energy management system, organizations can save up to half of the fuel by managing energy use. Resultantly, most organizations are increasingly deploying energy management systems, which drive the growth of the market. Besides, the market growth attributes to substantial investments in clean energy generation.
Moreover, the advantages of using these systems, such as reducing overall energy management costs, escalate market growth. According to Market Research Future (MRFR), the global Energy Management System Market is expected to create a valuation of approximately USD 89 BN by 2023, registering 18% CAGR throughout the review period (2018–2023).
Additionally, the rising awareness among people for improved environment quality and increasing demand for the green environment worldwide substantiate market growth. Also, the rapidly growing awareness among factory owners to implement energy management systems for their production units to have a healthy environment has led to the growth of the energy management system market.
The emergence of all-in-one smart energy management solutions that are battery-ready with selectable/whole home or critical-load backup, generator support & control, and built-in consumption meter & EV charging from the sun influences the energy management system market share. Conversely, some organizations do not see energy management as an opportunity to improve performance and reduce costs.
This, as a result, acts as a major headwind for the growth of the energy management system market size. Nevertheless, substantial investments by the government to provide clean energy services would support market growth throughout the assessment period. Also, the increasing renewable power generation and growing government mandates & updated policies worldwide would impact the market size positively.
Major Players
Players leading the global energy management system market are Cisco Systems Inc. (US), Honeywell International Inc. (US), International Business Machines Corporation (US), Eaton Corporation PLC (Ireland), Siemens AG Ltd. (Germany), CA Technologies (US), Daikin Industries Ltd. (Japan), Emerson Electric Company (US), Carma Industries Inc. (Canada), and Enernoc Inc. (US), among others.
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Energy Management System Market - Segments
The report is segmented into four dynamics;
By Software: Utility, Industrial, Residential EMS, and Enterprise Carbon & Energy Management.
By Solution: Carbon Energy Management, Demand Response Management, Utility Billing & Customer Information System, and others.
By Verticals: IT & Telecommunication, Energy & Power, Healthcare, Manufacturing, Office & Commercial Buildings, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Energy Management System Market - Regional Analysis
North America dominates the global energy management system market. The largest market share attributes to the increasing demand for building energy management systems (BEMS), creating a healthy environment. Besides, the rising adoption of advanced technologies in energy management drives the growth of the regional market. Moreover, the increasing energy demand and government initiatives & utility-scale policy support the growth of the market in the region. Also, substantial investments in grid and transmission infrastructures boost the growth of the regional market.
Europe stands second in the global energy management system market. The market growth is driven by the presence of industry players and energy service providers. Additionally, the rising deployments of renewable energy generation systems in the residential sector and increasing demand for power foster the regional market growth. Furthermore, the increasing adoption of renewable sources and energy consumption creates considerable market demand.
The Asia Pacific energy management system market is growing rapidly. Factors such as government initiatives to promote energy-saving plans and renewable energy resources influence market growth. Moreover, the continually growing energy demand, increasing population, and rapid industrialization & urbanization fuel the growth of the regional market.
Increasing governmental emphasis on the development of low-cost power generation boosts the growth of the regional market. Widening uptake of advanced renewable technologies and micro grids across commercial & industrial sectors increases the regional market size. The APAC energy management system market is projected to create a substantial revenue pocket during the estimated period.
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