Global Energy Management Systems Market to Surpass USD 70.93 Billion by 2022
According to the report published by Zion Market Research, global energy management systems market was valued at around USD 35.17 billion in 2016 and is expected to reach approximately USD 70.93 billion in 2022, growing at a CAGR of above 12.4% between 2017 and 2022.
Energy is one of the most important aspects of several daily tasks. Most of the need is being met by either conventional energy sources like natural gas, coal, and petroleum or by non-conventional sources like tidal, wind, solar. It becomes necessary to have efficient energy management systems for effective utilization of energy as well as reduce costs, improve profitability and economic growth. Basic benefits of energy management system are remote system access and remote alarm notification.
Increasing awareness in industrial sectors for the efficient utilization of energy consumption is the major component which is driving energy management system market growth. Moreover, increasing alertness about carbon emission management serves as a major factor to fuel the growth of energy management system market over forecast periods. However, lack of awareness of consumer and financial resources are restraining the energy management system market growth. Nonetheless, technological advancement such as software-as-a-service is expected to spur the market growth of energy management system market over the forecast period.
By software, the market is fragmented into of utility EMS software, industrial EMS software, enterprise energy management software, residential EMS and others. Energy management system market is dominated by the industrial energy management software market due to wide extension of industrial hub across the world. Energy use in industries is much more related to operational practices than in the residential and commercial sectors. The energy-using systems in industries are designed to support the production practices which may are relatively energy efficient under an initial production scenario. Industry management software is accounted for over 55% of the global energy management system market in 2015.
Among various regions, North America dominated the energy management system market in 2015. North America region gathered around 40% shares of the global market. Asia Pacific is the fastest growing market due to growing tendency towards efficient utilization of energy; economically developing countries coupled with rising industrialization. China acquired significant share of the market in 2015 and also expected to continue this trend within the forecast period. Moreover, Latin America and the Middle East & Africa are expected to have significant growth during the years to come.
Key participants in the energy management systems market are General Electric Company, ABB Ltd, Eaton Corporation PLC Cisco Systems, Inc., Honeywell International, Inc., International Business Machine Corporation, Schneider Electric SE, Siemens AG, Emerson Process Management and CA Technologies among others.
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