Top Impacting Factors
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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 market size. 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.
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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