Global Energy Management System Market is Estimated to Reach $136 Billion by 2025, Says Accurize Market Research
Rising sensitivity to carbon footprint management to drive the market
The factors supporting the growth of the energy management system market are rising sensitivity about carbon footprint management, high energy usage and price uncertainty, strict instructions and guidelines, and rising importance regarding effective energy management. However, the huge initial cost may act as a restraint for the growth of the market. Moreover, the growth rate of smart cities schemes in emerging nations would provide several growth opportunities for the market in the future.
The major segments of the energy management system market type, end-user, components, vertical, and geography. The type segment is bifurcated into building energy management system (BEMS), home energy management system (HEMS), and industrial energy management system (IEMS). The End-user segment is divided into commercial and residential. Moreover, components contain software, sensors, controllers, and other components. By vertical, the market is bifurcated as retail and offices, power and energy, healthcare, manufacturing, telecom and IT, and other verticals. Based on geography, the global energy management system market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
"IEMS accounted for the largest market share in the type segment", says Accurize
IEMS accounted for the largest market share in 2017, and are expected to continue its dominance during the forecast period 2017–2025 owing to rapid industrial development with increasing construction spending globally followed by BEMS. Sensors accounted for the largest market share in 2017, and are expected to continue its dominance during the forecast period 2017 – 2025 owing to high usage of sensors in thermal cameras, optical tripwires, optical cameras, and motion-detecting wires coupled with technological improvements and real-time data tracing with better effectiveness of sensors, followed by controllers.
"North America dominated the global market with the highest market share over the forecast period", says Accurize
North America dominated the global energy management system market with largest market share of 41.4% in 2017, and expected to continue the trend during the forecasted period, owing to, government involvement for the residential sector with the energy effectiveness and management standards for decreasing the energy consumption and energy cost which is the main factor in their management policies. Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2016 – 2025.
Top players in the market
The key market players include Schneider Electric SE, Cisco Systems, Inc., Honeywell International, Inc., Asea Brown Boveri (ABB) Ltd., General Electric Company, Siemens AG, International Business Machine Corporation, CA Technologies, Emerson Electric Company, and Eaton Corporation PLC, among others.
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