Global Energy management system Market to reach USD 152.8 billion with a healthy growth rate of more than 18.8 % over the forecast period 2018-2025

Global Energy management system Market to reach USD 152.8 billion by 2025.

Global Energy management system market is valued approximately USD 38.5 billion in 2017 and is anticipated to grow with a healthy growth rate of more than 18.8 % over the forecast period 2018-2025. Development of advanced technologies such as CRAS and small signal analysis are considered as key trends for the energy management system market. Additionally, rising awareness about carbon footprint management is also expected to supplement the growth of the market across the globe.

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The rise of the Energy management system market is backed owing to the increasing energy consumption, rising price volatility coupled with the growing inclination towards efficient energy management systems. According to the U.S Energy Information Administration (2017), the total world’s energy consumption was around 575 quadrillion British thermal unit (Btu) in 2015 which is expected to reach around 736 quadrillion (Btu) by 2040, accounting for an increase of around 28%. Thus, increasing consumption of energy would generate the need for energy management systems as these systems helps the operators to gain a competitive advantage, reduce energy costs and improves productivity. As a result, the adoption and demand for energy management systems would increase, thereby supplementing the growth of the market over the forecast period. Furthermore, modernization of aging infrastructure along with smart cities projects also offers lucrative growth prospects for the energy management system market. However, high cost of deployment is expected to hinder the growth of the energy management system market during the forecast period.

The regional analysis of Energy management system market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America dominates the energy management system market owing to high adoption of EMS in various verticals including power, retail and manufacturing sectors. Whereas, Asia Pacific is anticipated to emerge as the fastest growing market region during the forecast period 2018-2025 owing to owing to the favourable government initiatives in terms of tax incentives and rebates to promote the deployment of energy management system coupled with rapid industrialization in China and India. As a result, the need for energy management system would rise in this region.

The leading market players include-

• Asea Brown Boveri (ABB) Ltd.
• Cisco Systems, Inc.
• General Electric Company
• Honeywell International, Inc.
• International Business Machine Corporation
• Schneider Electric SE
• Siemens AG
• Emerson Electric Company
• CA Technologies
• Eaton Corporation PLC

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On the basis of segmentation, the Energy management system market is segmented into device, solution, software, vertical and application.

The application segment is classified into building Energy Management system and home energy management system.

On the basis of device segment, the market is bifurcated into smart thermostats, in-house display, load control switches and smart Plugs of which smart thermostat segment holds the largest market share owing to the government mandates to deploy smart thermostats in the commercial and residential sector.

The solution segment is classified into demand response management, carbon management system and utility billing and customer information system.

Also, the software segment is diversified into industrial energy management system, utility Energy management system, residential energy management system, enterprise carbon and energy management.
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