Sarasota, FL, Jan. 04, 2017 (GLOBE NEWSWIRE) -- Zion Research has published a new report titled “Energy Management Systems Market by Software (Utility, Industrial, Residential and Enterprises Energy Management): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016–2022”. According to the report, global energy management systems market was valued at around USD 35.17 billion in 2016 and is expected to reach approximately USD 70.93 billion in 2022, growing at a CAGR of above 12.4% between 2017 and 2022.

Energy is one of the most important aspects of several daily tasks. Most of the need is being met by either conventional energy sources like natural gas, coal, and petroleum or by non-conventional sources like tidal, wind, solar.  It becomes necessary to have efficient energy management systems for effective utilization of energy as well as reduce costs, improve profitability and economic growth. Basic benefits of energy management system are remote system access and remote alarm notification.

Browse through 10 Market Tables and 17 Figures spread over 110 Pages and in-depth TOC on “Global Energy Management Systems Market: By Software Type, Size, Share, Industry Trends, Analysis and Forecast 2016 – 2022”.

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Increasing awareness in industrial sectors for the efficient utilization of energy consumption is the major component which is driving energy management system market growth. Moreover, increasing alertness about carbon emission management serves as a major factor to fuel the growth of energy management system market over forecast periods. However, lack of awareness of consumer and financial resources are restraining the energy management system market growth. Nonetheless, technological advancement such as software-as-a-service is expected to spur the market growth of energy management system market over the forecast period.

By software, the market is fragmented into of utility EMS software, industrial EMS software, enterprise energy management software, residential EMS 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. Energy use in industries is much more related to operational practices than in the residential and commercial 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. Industry management software is accounted for over 55% of the global energy management system market in 2015.

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North America held the largest share of energy management system and expected to continue its dominance in the market over the forecast period. The major restraining factors for energy management system in North America are the lack of consumer knowledge about EMS and intense competition. High initial investment and confusion due to the availability of multiple solutions to facility owner have become a major hurdle to the energy management system owner. Nonetheless, adoption of cloud infrastructure and its services such as software-as-a-services are expected to fuel the growth of energy management system market in the forecast period.  

In Europe, the energy management system is used for building energy management system, home energy management system, and factory energy management systems. The demand of this system is increasing due to incentives being provided by governments ofEurope as well as the benefits associated with the deployment of such solutions. The protection of the environment, energy saving, global heating, and the use of alternative energies are some major issues at global level. Therefore European energy centers are using all resources to reduce energy spending and to improve the application of renewable energies in their projects. Further European countries are trying to develop the new strategy to enable all member states to further decouple their energy use from economic growth.

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AsiaPacific is projected to witness incredible growth in the near future. Office and commercial buildings segment are expected to witness strong growth in the energy management system market in coming years due to increasing worldwide demand for energy efficiency. Asia Pacific and Latin America together generated around 27% of total demand in 2015 due to emerging markets in countries like India, China, and Brazil. The AsiaPacific region is expected to witness strong rise during the forecast period. China is the biggest consumer followed by India in the Asia Pacific region. The demand for energy management system in Asia Pacific market is anticipated to record strong growth in term revenue owing to increasing demand for industrialization. This is likely to open growth opportunities for the energy management system market.

Key participants in the energy management systems market are General Electric Company, ABB Ltd, Eaton Corporation PLC Cisco Systems, Inc., Honeywell International, Inc., International Business Machine Corporation, Schneider Electric SE, Siemens AG, Emerson Process Management and CA Technologies among others.

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The report segments global energy management systems market as follows:

Global Energy Management Systems Market: Software Segment Analysis

  • Utility EMS Software
  • Industrial EMS Software
  • Enterprise Energy Management Software
  • Residential EMS
  • Others

Global Energy Management Systems Market:  Regional Segment Analysis

  • North America 
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

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