Energy Management Systems Market Size Set to Drive Big Profits in the Future | General Electric Company, GridPoint Inc., Honeywell International Inc., Johnson Controls International plc

The global energy management systems market size is expected to reach $62.3 billion by 2023, from $25.9 billion in 2016, growing at a CAGR of 13.5% during the forecast period. Energy management systems allow organizations to collect information related to energy consumption through monitoring, assessing, and visualizing energy consumption. Honeywell International Inc., Johnson Controls International PLC, Schneider Electric S.E., Siemens AG, and Yokogawa Electric Corporation, and General Electric Company are some of the leading key players of the global energy management systems market.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

The demand for energy management systems is on a rapid increase, as these systems help reduce energy cost and increase productivity. Moreover, the government regulations toward energy efficiency have raised the demand for energy management products. Further, the development of public utilities, infrastructure through application of smart solution under the Smart Cities projects is also expected to drive the growth of EMS market in the coming years. However, financial barriers, limited expertise, and fragmented stakeholders are some of the key challenges which hinder the growth of the energy management systems market.

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On the basis of offerings, it is classified into services and systems. Based on components, the global energy management systems market is classified into sensor, controller, software, and others. The end-user industry is divided into residential and commercial segment. The global energy management systems market is analyzed across North America (U.S., Canada & Mexico), Europe (UK, Germany, France, and others), Asia-Pacific (China, India, Japan, & others), and LAMEA (Latin America, Middle East & Africa). In 2016, North America was the highest contributor to the energy management systems market and is anticipated to secure the leading position during the forecast period, owing to rapid technological development, innovation, and economic conditions.

KEY MARKET PLAYERS

C3 Energy
Delta Electronics, Inc.
DEXMA
General Electric Company
GridPoint Inc.
Honeywell International Inc.
Johnson Controls International plc
Schneider Electric S.E.
Siemens AG
Yokogawa Electric Corporation

KEY MARKET SEGMENTS

By Offering

System
Service

By Component

Sensor
Controller
Software
Others

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By Service

Monitoring & Control
Implementation & Integration
Maintenance
Consulting & Training

By Type

Home Energy Management System
Building Energy Management System
Industrial Energy Management System

By End User

Residential
Commercial

By Market Vertical

Power & Energy
Telecom & IT
Manufacturing
Enterprise
Healthcare
Others

By Region

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

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This release was published on openPR.