Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 pandemic on the Energy Management System Market is included in the present report. The influence of the novel coronavirus pandemic on the growth of the Energy Management System Market is analyzed and depicted in the report.
Based on careful analysis, the report by Market Research Future (MRFR) states that the energy management system market is set to be highly profitable with the market value of USD 89 Billion by 2023, recording a healthy CAGR of 18% during the forecast period (2017-2023).
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Energy management system (EMS) is defined as a system that monitors and conserves energy in a building or an organization. As per the global energy management system market report published by Market Research Future (MRFR) infers increase for this market at 18% CAGR between 2017 and 2023. In terms of monetary value, the market can be worth USD 89 bn by the end of the forecast period.
The global energy management system market segmentation covers software, solution, and verticals.
The software-based segmentation of this market covers enterprise carbon & energy management, industrial EMS, residential EMS, and utility EMS. Industrial EMS is useful for factories and manufacturing units. Residential EMS is useful in residential areas and housing societies. Utility EMS is used by organizations that
Based on the solution, the market has been segmented into carbon energy management, customer information system, demand response management, and utility billing.
In the context of verticals, the market has been segmented into energy & power, healthcare, manufacturing, information technology (IT) & telecommunication, office & commercial buildings, and others.
The regional analysis of the energy management system market has been done for the regions of Asia Pacific, Europe, North America, and Rest of the World.
Among these, North America has been estimated to be the largest market in the global market, owing to the increasing demand for adoption of building energy management systems (BEMS), resulting in a healthy environment across the building.
Europe is set to acquire the second position in the global energy management system market, on account of government initiatives for the implementation of energy saving plans along with promotion of renewable energy resources. For instance, the Italian government introduced the Energy Efficiency Certificate trading scheme, targeting energy service company entities along with Conto Termico, which mainly focusses on the building sector.
Increasing industrialization and advancements in technologies supplement the growth of energy management systems market in the Asia Pacific region. Korea has been the highest revenue generating country till now, followed by China and Japan. Moreover, energy management system for residential end users is expected to rise in the region, with the increasing per capita disposable income, coupled with growing awareness, and strict environmental regulation policies.
The key vendors in the energy management system market include Enernoc Inc. (U.S.), Cisco Systems Inc. (U.S.), Daikin Industries Ltd. (Japan), Honeywell International Inc. (U.S.), Siemens AG Ltd. (Germany), Eaton Corporation PLC (Ireland), Emerson Electric Company (U.S.), CA Technologies (U.S.), Carma Industries Inc. (Canada), International Business Machines Corporation (U.S.), among others.
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