Energy Management System (EMS) Market: growing at a CAGR 12.4% in 2021
Zion Research has published a new report titled “Energy Management System (EMS) by Software (Utility, Industrial, Residential, Enterprises Energy Management) Market – Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”According to the report, the global energy management system (EMS) market accounted for USD 31,294.6 million in 2015 and is expected to reach USD 63,161.4 million by 2021, growing at a CAGR of around 12.4% between 2016 and 2021.
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Energy efficiency means to consume less energy with an increased output. Energy management system is gradually being recognized as one of the most significant and cost-effective solutions for reducing greenhouse gas emissions. Greenhouse gases produced as part of industrial processes, including in the utility, enterprises and residential sector. In fact, energy management system has the technically capable to reduce industrial energy use by approximately 18%. The importance energy management system made it clear that today’s industry is responsible for approximately 22% of global CO2 emissions. In global arena, energy management system creates active role in reducing the energy consumption in industrial, enterprises and residential sector.
Globally, markets of energy management system are driven by increasing awareness in industrial sectors for the efficient utilization of energy consumption. Moreover, increasing alertness about carbon emission management serves as a major factor which may fuel the growth of energy management system market within a forecast periods. In addition stringent government policies and guidelines or government intervention over misuse of energy consumption can accelerate the growth of energy management system market. However, lack of financial resources in new entrant enterprises serve as a major restraining factor which hindered the growth of energy management system market. In addition, high operational costs in initial stage coupled with late return on investment are most likely to slow down the growth of energy management system market.
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Based on software, energy management system market is segmented into five types: utility energy management software, industrial energy management software, enterprise energy management software, residential energy management and others. Energy management system market is dominated by the industrial energy management software market due to wide extension of industrial hub across the world. Moreover, energy use in industries is much more related to operational practices than in the commercial and residential sectors. The energy-using systems in industries are designed to support the production practices which may are relatively energy efficient under an initial production scenario. In 2015, industry management software account for over 55% of global energy management system market share.
Based on geography, energy management system market segmented into five regions: North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America was the largest market share in 2015. North America held approximately above 40% of market share in 2015 in terms of revenue. In addition, growing tendency towards efficient utilization of energy in Asia Pacific region coupled with rise in industrialization are likely to expect the growth of energy management system market in coming years.
Key market player of energy management system market are Asea Brown Boveri (ABB) Ltd, Cisco Systems, Inc., General Electric Company, Honeywell International, Inc., International Business Machine Corporation, Schneider Electric SE, Siemens AG, Emerson Process Management, CA Technologies and Eaton Corporation PLC.
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This report segments the global energy management system market as follows:
Global Energy Management System (EMS) Market: Software Analysis
- Utility EMS Software
- Industrial EMS Software
- Enterprise Energy Management Software
- Residential EMS
Global Energy Management System (EMS) Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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