New York, USA, Aug. 03, 2020 (GLOBE NEWSWIRE) -- The Global Energy Management System Market is anticipated to reach $83,784.3 million by 2026 from $31,966.1million in 2018 at a CAGR of 12.8% during the forecast period, according to a report published by Research Dive. The report offers an extensive study on current landscape of the market including other facets such as growth factors, market dynamics, restraints, challenges, and various opportunities during the forecasted period. The report also features all the market statistics making it easier and helpful for the new entrants to understand the market.
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Most important Segments
The report analyses the market based on type, end-use, end-use vertical, and regional outlook. Based on type, the market is divided into home energy management, building energy management and industrial energy management. Based on end-use, the market is divided into residential and commercial. Based on end-use vertical, the report bifurcates the market into energy & power, telecom & IT, manufacturing, Healthcare, and others.
Driving Factors
Rise in the awareness with regards to the energy management system is predicted to be the major driving factor for the market. Moreover, the rapid growth of well-organized healthcare and retail sector has led to the increase in the demand for the use of energy management systems which is predicted to boost the energy management market in the forecast period.
Restraints
The installation cost of the energy management system is considered to be very high, which is considered to be the biggest restraints for the market over the forecast period.
In addition, due to the fluctuating price of the EMS, companies are shifting their focus towards commercial energy for completing the operational work with the help of this energy in the industrial procedure. Moreover, lack of availability of stakeholders and limited expertise is predicted to hamper the growth of the market.
Industrial type segment to become the most profitable
Industrial type segment is predicted to have the highest market share during the forecast period with a CAGR of 12.2%. In industrial sector there should be close monitoring of work performed by the worker on a daily basis. Energy management systems not only decrease the company’s overall operating expense but also help the business to reduce the energy cost. This is predicted to drive the Industrial energy management segment during the forecast period.
Commercial segment is going to be the most lucrative
Commercial end use segment accounted for $23,143.5 million in 2018 and is predicted to grow with a CAGR of 12.5% during the forecast period. Commercial sector uses energy management system to identify trouble with security, monitoring work and maintaining the needs of the organization, control HVACR and lighting schedule and many more.
Manufacturing vertical will get the highest investment opportunity
Manufacturing end use vertical accounted for $9,430.0 million in 2018 and is predicted to grow with a CAGR of 12.6% during the forecast period. Energy Management System in manufacturing sector systematically captures the energy fluctuation and serves as a monitoring system to strategically improve the energy efficiency. It helps the user by providing a visualization of the energy consumed throughout the organization, which includes building and manufacturing operation in detail.
North America to dominate the market
The report says that the North America region market is predicted to generate the highest growth rate during the forecast period with a CAGR of 13.0%. The growing economy and massive investment by major tech companies are expected to drive the Energy Management System market across the region during upcoming years.
Top Companies in Energy Management System Market:
- IBM
- Tata Power
- Toshiba Corporation
- C3 Energy
- Schneider Electric S.E
- General Electric Company
- DEXMA
- Emerson Process Management
- Honeywell International Inc.
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