|12-05-2018 08:30 PM CET - Energy & Environment||
Energy Management System (EMS) Market 2018-2023 Trends and Key Players - Schneider Electric, Siemens, Honeywell, Johnson Controls, Emerson, IBM, Eaton, Cisco, ABB and GE
Press release from: P&S Intelligence
Energy management system market is expected to reach $113,476.9 million by 2023 and is forecasted to witness a CAGR of 19.3% during 2018–2023. Stringent government policies and regulations, favorable government support in the form of incentives, volatility of electricity prices, and rising adoption of EMS in building automation are the major factors driving market growth.
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Globally, North America is expected to hold the largest share in the energy management system market during the forecast period. Rising energy costs and increasing initiatives by the government and various industrialists to reduce carbon footprint are expected to surge the demand for EMS solutions in the North American region. According to a study by Parks Associates, in 2017, about 35% of the U.S. home owners were willing to bundle HVAC maintenance services with their electricity services and approximately 25% were willing to bundle internet services with their electricity services, which, if implemented, would further support the adoption of the EMS in the region.
Fluctuations in electricity prices due to demand and supply dynamics are driving the energy management system market. Factors such as extreme weather conditions, economic development, and lack of energy supply are contributing to the rise in energy prices. Energy consumption is anticipated to increase by almost 55% in the next 25 years, with developing countries, such as India and China, to be the key markets.
Companies in the energy management system market are adopting various growth strategies, including product launches, acquisitions, and collaborations, to expand their market share and consumer base. Some of the other key players operating in the global energy management system market are Emerson Electric Co., IBM Corporation, Eaton Corporation PLC, Cisco Systems Inc., ABB Ltd. and General Electric Company.
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Global Energy Management System Market Segmentation -
Market Segmentation by Offering
o Monitoring and control
o Implementation and integration
o Consulting and training
Market Segmentation by Component
• Control Systems
• Communication Systems
o Utility EMS
o Industrial EMS
o Residential EMS
o Enterprise carbon and energy management
o Others (energy modeling; ICT power management; and energy trading and risk management)
• Other Hardware
• Field Equipment
Market Segmentation by Device
• In-House Display
• Smart Thermostats
• Smart Plugs
• Load Control Switches
Market Segmentation by Solution
• Carbon Energy Management
• Demand Response Management
• Utility Billing and Customer Information System
Market Segmentation by Vertical
• Power and Energy
• Telecom and IT
• Office and Commercial Buildings
• Others (Hospitality; Banking, Financial Services, and Insurance [BFSI]; and Government)
Market Segmentation by Application
• Industrial Energy Management (IEM)
• Building Energy Management (BEM)
• Home Energy Management (HEM)
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