The energy management system market has been segmented by end-user into commercial and residential sector, out of which, commercial segment is anticipated to grow with significant growth over the forecast period. The demand for energy management system in smart grid management and control combined with stringent government regulations for emission control are some of the major factors that are driving the growth of the energy management system market over the forecast period.
The global market of energy management system was valued at USD 25.48 Billion in 2014 and is anticipated to reach market valuation of USD 56.59 Billion by 2022 by expanding at a compound annual growth rate of 21.46% over the forecast period. The usage of EMS (Energy Management System) by technicians in energy sector to supervise, regulate and boost the performance of the transmission or generation system is anticipated to drive the growth of the energy management system market with noteworthy revenue by the end of forecast period.
In terms of region, North America accounted for the major share in terms of revenue by holding 42% of the total market share in 2014 and is anticipated to reach USD 19.24 Billion by the end of 2021 by expanding at a robust compound annual growth rate (CAGR) over the forecast period. Further, the Europe Energy Management Systems market is anticipated to reach USD 18.36 Billion by the end of 2021. Rapid urbanization and growing industrial segment is anticipated to drive the growth of the Asia-Pacific Energy Management System market by expanding at a compound annual growth rate of 29.81% over the forecast period.
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Government Policies for Efficient use of Energy
The expansion of the energy management system market is enhanced by various factors such as looking for ways to reduce the operational cost, up-surged acceptance driven by the increased concerns over energy availability. Further, the strict government rules and policies for energy efficiency and emission control are anticipated to benefit the expansion of the energy management system market in upcoming years.
However, high switching cost, slow rate of government approvals and paper works coupled with limited expertise are some of the major challenges that are faced by the energy management system market.
The report titled “Energy Management System Market: Global Demand Analysis & Opportunity Outlook 2021”delivers detailed overview of the energy management system market in terms of market segmentation by product, components, solutions, by vertical outlook, end-user and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the energy management system market which includes company profiling of Schneider Electric, Johnson Controls Inc., Siemens AG, Elster Energy, C3 Energy, GridPoint Inc., GE and others
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the energy management system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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