India Energy Management Systems Market: Huge Growth Opportunities | Industry Trends | Market Analysis & Global Forecast to 2023

The India Energy Management Systems Market size is expected to reach $2,145 million by 2023, from $635 million in 2016, growing at a CAGR of 19.1% during the forecast period. Energy management systems (EMS) are devices that facilitate in monitoring and subsequently controlling the energy consumption of various assets, equipment, and appliances. The systems through its device sensors gather the data that are relayed to the database. In addition, sophisticated software algorithms facilitate assistance in reducing the energy consumption of the buildings through effective cost reduction approaches.

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The fast-growing Indian economy as well as emergence of Indias manufacturing capabilities after China is expected to provide lucrative business opportunities for the EMS market players during the forecast period. The government of India initiative for establishing the country as next manufacturing hub to leverage its large workforce into efficient utilization of resources is expected to provide substantial profitable opportunities for efficient energy distribution, consumption, and transmission consulting opportunities for the market players. Further, the development of public utilities and infrastructure through application of smart solution under the smart cities projects is also expected to drive the market growth in the coming years. However, lack of awareness among long-term benefits of EMS solutions as well as tough efficient energy policies hinder the growth of energy management systems market.

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Energy management systems allow organization to collect information on the energy use through monitoring, assessing, and visualizing energy consumption. Growth in need of energy efficiency, energy price volatility, and policy and regulatory mandates primarily drive the growth of energy management system. However, low of awareness among the small and medium enterprise owners and lack of stringent energy consumption policies in the country hinders the growth of the market. Subsequently, providing opportunities such as consulting, training, and implementation services for the market players.

Smart Cities Mission in India is expected to be game changer for EMS market in India . Through public and private partnership, the government of India is set to develop 100 cities under its Smart Cities Mission by 2020. One of the goals of this mission is to integrate smart solutions for efficient energy management in infrastructure as well as energy management in all selected smart cities. Thus, providing substantial business opportunities for energy efficient solutions, green buildings, and effective energy management of the infrastructure and utilities.

Home energy management system (HEMS), building energy management system (BEMS) and industrial energy management system (IEMS) are the three kinds of energy management systems studied in this report. Among these, the IEMS accounts for the highest market size by value due to the demand from power & energy and manufacturing sector. The Indian IEMS market should reach to about $1,180.0 million by 2023, growing at CAGR of 16.9% from 2017 to 2023. The HEMS market is projected to grow rapidly at a CAGR of 26.9% during the forecast period. This rapid growth is due to the increase in awareness and growth in adoption of HEMS in the developed as well as emerging economies. Energy management systems are further segmented with respect to the end users into commercial and residential. The commercial segment exhibits the highest market share compared with the residential segment and it is anticipated to dominate the India energy management systems market during the forecast period, owing increase in need for energy efficiency, urbanization and industrialization.

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