Increase in inclination towards energy efficiencies, energy price volatility, and policy as well as regulatory mandate and incentive program drive the growth of the global energy management systems market.
Allied Market Research published a research report on the energy management systems market. The findings of the report states that the global market for energy management systems generated $25.9 billion in 2016, and is projected to reach $62.3 billion by 2023, witnessing a CAGR of 13.5% from 2017 to 2023. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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Komal Sharma, the Senior Research Analyst, Construction and Manufacturing at AMR, highlighted, “Factors such as fast emerging economies and rapid urbanization to boost the demand for effective transmission and distribution of power through EMS solutions in Asia-Pacific region. For instance, one of the objectives for India’s Smart Cities Mission is to implement smart energy management solutions for its power distribution and transmission infrastructure. Subsequently, provide substantial business opportunities in the country for the market players. In addition, the participation of leading foreign players for up gradation the regions infrastructure has also shifted the focus towards the Asia-Pacific regions. As a result, the Asia-Pacific region is anticipated to offer numerous business opportunities for the market players.”
The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Increase ininclination towards energy efficiencies, energy price volatility, and policy as well as regulatory mandate and incentive program drive the growth of the global energy management systems market. On the other hand, high initial investment and longer payback period hinders the market growth. However, the increased needs to reduce energy emissions, as well as the presence of untapped markets, are likely to bring profitable prospects to the business.
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The research offers an extensive scenario of COVID-19 along with outlining its impact on the energy management systems market across the world. Due to the outbreak of COVID-19 pandemic, the global residential power sector has seen significant growth as a result of quarantines, while industrial energy demand has dropped significantly during the initial days of the pandemic. Multiple energy management software suppliers are also expanding their services as a result of the COVID-19 impact, which are anticipated to maintain a steady demand in the coming years.
The report offers a detailed analysis of segments of the global energy management systems market based on offering, component, service, type, end-user, market vertical, and region.This analysis offers insights for new entrants, investors, stakeholders, and market players to determine the largest revenue generating and fastest growing segments to devise strategies according for the future.
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Based on offering, the services segment held the largest market share in 2017, accounting for nearly two-thirds of the total market revenue and is expected to rule the roost by 2023. This segment is also anticipated to grow at the highest CAGR of 14.1% throughout the forecast period. The system segment is also discussed in the report.
By end-user, the commercial segment accounted for more than 90% of the global market share in 2017, and is projected to retain its dominance during the study period. However, the residential segment is projected to register the fastest CAGR of 16.5% from 2017 to 2023.
By region, North America held the highest share in 2017, accounted for more than one-third of the global market. However, the region across Asia-Pacific would showcase the fastest CAGR of 17.9% by 2023. The other regions assessed through the report include Europe and LAMEA.
The leading market players analyzed in the global energy management systems market report include Delta Electronics Inc., GrindPoint Inc., Johnson Controls International PLC, Siemens AG, C3 Energy, DEXMA, General Electric Company, Honeywell International Inc., Schneider Electric S.E., and Yokogawa Electric Corporation.
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