Press release
Energy management systems market is expected to garer $62.3 billion by 2023 wit ke players such as - C3 Energy, Delta Electronics Inc., DEXMA, General Electric Company, GrindPoint Inc., Honeywell International Inc
Factors such as fast emerging economies and rapid urbanization to boost the demand for effective transmission and distribution of power through EMS solutions in Asia-Pacific region. For instance, one of the objectives for India’s Smart Cities Mission is to implement smart energy management solutions for its power distribution and transmission infrastructure. Subsequently, provide substantial business opportunities in the country for the market players. In addition, the participation of leading foreign players for upgradation the regions infrastructure has also shifted the focus towards the Asia-Pacific regions. As a result, the Asia-Pacific region is anticipated to offer numerous business opportunities for the market players
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By offering, the services segment accounted for nearly two-thirds of the total market revenue in 2017, and is expected to rule the roost by 2023. This segment would also grow at the highest CAGR of 14.1% throughout the forecast period. The system segment is also discussed in the report.
Rise in demand for energy efficiency, unpredictability in energy prices, and supportive government policies & incentive programs fuel the growth of the global energy management systems market. On the other hand, high initial investment curbs the growth to some extent. Nevertheless, increase in need to lessen down energy emissions and presence of untapped markets are expected to usher in lucrative opportunities in the industry.
By end-user, the commercial segment contributed to more than 90% of the global market share in 2017, and is projected to retain its dominance during the study period. At the same time, the residential segment is projected to register the fastest CAGR of 16.5% from 2017 to 2023.
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The frontrunners analyzed in the global energy management systems market report include Delta Electronics Inc., Yokogawa Electric Corporation, Siemens AG, DEXMA, C3 Energy, GrindPoint Inc., Honeywell International Inc., Johnson Controls International PLC, Schneider Electric S.E., and General Electric Company. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to substantiate their status in the industry.
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By geography, North America generated the highest share in 2017, pegging at more than one-third of the global market. At the same time, the region across Asia-Pacific would portray the fastest CAGR of 17.9% by 2023. The other regions assessed through the report include Europe and LAMEA.
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