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Energy Management System Market Outlook, Opportunities, Challenges, Trends, Size and Growth, Competitive Analysis, Major Competitors and Porter Analysis

04-24-2019 09:52 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Energy Management System Market Outlook, Opportunities,

Energy management system market is expected to reach $113,476.9 million by 2023, according to P&S Intelligence.

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.

Insights on market segments
Based on offering, the service category is expected to continue holding the larger share in the energy management system market in the coming years, owing to the growing need for the proper implementation and integration of the equipment associated with EMS in commercial and residential buildings, globally. Increasing demand of building owners to exercise total control over the EMS and monitor the energy demand of their premises and rising awareness regarding energy management are the key factors driving the growth of the service category in the market.

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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.

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Market Segmentation by Offering
• System
• Service
o Monitoring and control
o Implementation and integration
o Maintenance
o Consulting and training
o Installation

Market Segmentation by Component
• Control Systems
• Communication Systems
• Software
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
• Sensors

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.

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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