Rise in demand for energy efficiency, unpredictability in energy prices, and supportive government policies & incentive programs fuel the global energy management systems market growth.
On the other hand, high initial investment curbs the growth to some extent. Nevertheless, increase in need to lessen down energy emissions and presence of untapped markets are expected to usher in lucrative opportunities in the industry.
By offering, the services segment accounted for nearly two-thirds of the total market revenue in 2017, and is expected to rule the roost by 2023. This segment would also grow at the highest CAGR of 14.1% throughout the forecast period. The system segment is also discussed in the report.
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By end-user, the commercial segment contributed to more than 90% of the global market share in 2017, and is projected to retain its dominance during the study period. At the same time, the residential segment is projected to register the fastest CAGR of 16.5% from 2017 to 2023.
By geography, North America generated the highest share in 2017, pegging at more than one-third of the global market. At the same time, the region across Asia-Pacific would portray the fastest CAGR of 17.9% by 2023. The other regions assessed through the report include Europe and LAMEA.
The frontrunners analyzed in the global energy management systems market report include Delta Electronics Inc., Yokogawa Electric Corporation, Siemens AG, DEXMA, C3 Energy, GrindPoint Inc., Honeywell International Inc., Johnson Controls International PLC, Schneider Electric S.E., and General Electric Company.
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These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to substantiate their status in the industry.
KEY FINDINGS OF THE STUDY :
- In 2016, the power & energy segment dominated the global energy management systems market, in terms of revenue, and is projected to grow at a CAGR of 12.2% during the forecast period.
- The IEMS segment is anticipated to grow at a CAGR of 12.0% during the forecast period.
- The commercial segment is estimated to contribute the highest revenue during the forecast period. The increase in emphasis on achieving operational efficiencies by reducing the energy consumption costs drives the demand for EMS in the commercial segment.
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