Energy Management Systems Market Competitive Analysis | Growing Regions like North America, Europe, Asia Pacific

According to a new report published by Allied Market Research, titled, "Energy Management Systems Market Growth, Size, Share, Competitive Landscape and Trend Analysis Report by Component (Solution, Service), by End User (Energy and Utilities, IT and Telecom, Manufacturing, Retail, Healthcare, Others), by Type (Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems), by Application (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2020-2030"

The energy management systems market size was valued at $36.2 billion in 2020, and is estimated to reach $161.9 billion by 2030, growing at a CAGR of 16.2% from 2021 to 2030.

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Energy management system has enabled organizations gather data by monitoring, analyzing, and visualizing energy use. In addition, energy efficiency, energy price volatility & policy, and regulatory obligations are the primary drivers of the energy management system industry. However, financial difficulties, a long payback time, and hidden costs are some of the drawbacks associated with its commercial appeal. Furthermore, the key factors that drive the growth of the energy management system market include rise in inclination toward energy efficiencies and energy price volatility.

Moreover, factors such as policy as well as regulatory mandate and incentive program positively impact the growth of the market. However, high cost of initial investment, longer payback period, and hidden costs are expected to hamper the market growth. On the contrary, emerging economies are expected to offer remunerative opportunities for expansion of the market during the forecast period.

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Competitive Analysis:
The competitive environment of Energy Management Systems Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Energy Management Systems Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
C3, Inc.
Delta electronics, Inc.
Dexma
General Electric company
Gridpoint
Honeywell international Inc.
Johnson controls international plc
Schneider Electric S.E
Siemens
Yokogawa electric corporation and Many More

Region wise, the energy management system market was dominated by Asia-Pacific in 2020 and is anticipated to grow at a significant rate during the forecast period due to the growing demand for efficient energy management system applications in commercial and residential buildings in the region, which is anticipated to result in significant demand for energy efficiency solutions.

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With the outbreak of COVID-19, the demand for energy management systems increased in residential areas due to the announcement of quarantines and work from home policy, while the industrial energy demand slumped significantly during the first quarter of 2020. Moreover, according to the CEO of Wind Europe, due to the COVID-19 pandemic, the company is expected to witness delays in new wind farm projects, which can cause developers to miss the deployment deadlines in countries, auction systems and as a result, face financial penalties.

Furthermore, in order to tackle climate change and increase energy efficiency, the European Union set itself a target to ensure that 80% of EU consumers use smart meters by the end of 2020. Therefore, growth in concern regarding energy deficiency and stability has impacted the market growth during the lockdown.

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