Energy Management System Market (By Type: IEMS, BEMS, and HEMS; By Vertical, By End User, By Components, By Geography) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 - 2024
Global Energy Management System Market is estimated to reach $134 billion by 2024; growing at a CAGR of 17.9% from 2016 to 2024. Energy management systems are mainly used to measure, monitor, and control the transmission system and generation. Various applications of energy management systems such as power and energy, manufacturing, retail and offices, telecom and IT, strict government guidelines and policies, rising awareness about reducing carbon footprints, government energy incentive plans for industrial sector, and high adoption for home energy management & building energy management are mainly driving the energy management system market.
Technical improvements like development of small signal analysis & CRAS in EMS, which lead to improved energy-efficiency, low cost and low carbon foot print are expected to offer immense potential for the growth of the market over the forecasted period.
Major factors driving the energy management system market are increasing energy usage and price instability, growing responsiveness regarding carbon footprint management, and rising inclination to effective energy management. However, scarce financial resources, and huge initial cost may hamper the market growth. Furthermore, renewal of old infrastructure, and increasing number of smart cities ventures in developing countries would unfold with numerous growth opportunities in the forecasted years.
Major segments of the global energy management system market are type, vertical, end user, components, and geography. The energy management system market is categorized by type as industrial energy management system (IEMS), building energy management system (BEMS), and home energy management system (HEMS). Furthermore, market is segmented based on vertical as power and energy, manufacturing, retail and offices, telecom and IT, healthcare, and other verticals. Further, end user comprises commercial and residential. The market is segmented by components into sensors, controllers, software, and other components.
Based on geography, global energy management system market is segmented into North America, Europe, Asia Pacific, Rest of the World (RoW) North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of UK, Russia, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key market players operating in the market are General Electric Company, Cisco Systems, Inc., Honeywell International, Inc., Asea Brown Boveri (ABB) Ltd., Schneider Electric SE, Siemens AG, International Business Machine Corporation, Eaton Corporation PLC, CA Technologies, and Emerson Electric Company, among others.
The key takeaways from the report
- The report will provide detailed analysis of Energy Management System Market with respect to major segments such as type, vertical, end user, and components
- The report will include the qualitative and quantitative analysis with market estimation over 2015 - 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Energy Management System Market has been included in the report
- Profile of the key players in the Energy Management System Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Energy Management System Market
- Industrial Energy Management System (IEMS)
- Building Energy Management System (BEMS)
- Home Energy Management System (HEMS)
- Power and Energy
- Retail and offices
- Telecom and IT
- Other Verticals
- End User Segments
- Other Components
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East