Global Energy Management Systems Market to Garner $25.9 billion at CAGR of 13.5% by 2023
The energy management system market growth is getting fueled by the development and introduction of digitized tools for smart grid management by key players.
PORTLAND, PORTLAND, OR, UNITED STATE, February 7, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global energy management systems market was pegged at $29.19 billion in 2017 and is expected to hit $62.3 billion by 2023, registering a CAGR of 13.5% from 2017 to 2023.
The increasing adoption of energy management systems to reduce the cost of daily operation has significant impact over market success and is expected to propel the growth in the forecast period.
Moreover, the fluctuations in energy prices as well as energy efficiency policies is also fueling the demand for adoption energy management systems across market verticals. However, long payback period of EMS solutions hinders the systems adoption among small and medium enterprise owners.
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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.
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 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.
The major players, such as C3 Energy, Delta Electronics Inc., DEXMA, General Electric Company, GrindPoint Inc., Honeywell International Inc., Johnson Controls International PLC, Schneider Electric S.E., Siemens AG, and Yokogawa Electric Corporation, have adopted collaboration and acquisition as their key strategies to expand their market foothold.
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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Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
Highlights of the report:
1. Comprehensive assessment of all opportunities and risk in the global market.
2. Energy Management Systems Market recent innovations and major events.
3. Detailed study of business strategies for growth of the Energy Management Systems Market leading players.
4. Conclusive study about the growth plot of Energy Management Systems Market for forthcoming years.
5. In-depth understanding of Energy Management Systems Market-particular drivers, constraints and major micro markets.
6. Favourable impression inside vital technological and market latest trends striking the Energy Management Systems Market.
Related Reports:
1. Asia-Pacific Energy Management System Market
2. Commercial Building Automation Market
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