Global Energy Management System Market to Expand at CAGR of 14.8% During the Forecast Period (2017–2025), Driven by Increasing Demand for Energy Management Solution in the Commercial Sectors: Future Market Insights
Dec 20,2017 | Electronics, Semiconductors, and ICT
According to a recent market report published by Future Market Insights titled, “Energy Management System Market - Global Industry Analysis 2012 – 2016 & Opportunity Assessment, 2017 – 2025”, the global energy management system market was valued at US$ 6340 Mn in 2016, and is expected to register a CAGR of 14.8% from 2017 to 2025. The increasing demand for energy management solutions in the commercial sectors, augmented energy prices, continuous increase in regulatory obligations and industry guidelines, strengthening company brand value and reputation, and vendors capitalizing on adoption of emerging technologies such as mobility, cloud, big data, are the major factors expected to drive the growth of the global energy management system market.
The energy management system measures and reviews the results of energy efficiency improvements. The energy management system helps to structure energy policy of the company, which supports the development of an energy policy and contributes to the structure of an energy plan to achieve targets. The energy management system also facilitates engagement (commitment and agreement) of management and has a positive contribution towards the energy targets. All the resource-intensive industries utilize significant amount of raw materials, water and energy resources, thus leading to a large amount of solid waste, effluents, and emissions. These industries are often subject to numerous global and local regulations, along with several plant level geography compliance. In order to comply with these stringent regulations, enterprises are adopting energy management system and are employing various methodologies, such as product lifecycle assessments, carbon & energy footprint analysis, and devising processes to ensure a sustainable and eco-friendly supply chain, to cater to these requirements.
The energy management system creates awareness and a commitment about energy, i.e., consumption, use, efficiency, renewable sources within the organization. The energy management system improves the ability of organizations to manage energy risks and their possible impacts in an efficient way, and strengthens the competitiveness of organizations and reduces their vulnerability with respect to energy price fluctuation and availability of energy.
The global energy management system market is categorized on the basis of deployment, vertical and software. On the basis of deployment, the market is segmented into on-premise and cloud-based. The on-premise sub-segment was valued US$ 3,931.8 Mn in 2016. However, the cloud-based sub-segment is projected to register a high CAGR of 18.9% during the forecast period.
For More Detailed Insights on Energy Management System Market
On the basis of vertical, the global energy management system market is segmented into automotive, building automation, oil & gas, manufacturing, pharmaceutical, utilities & energy and others. The oil & gas sub-segment accounted a high market share and was valued at US$ 1,727.7 Mn in 2016. However, the building automation sub-segment is expected to register a healthy CAGR of 17.3% during the forecast period.
On the basis of software, the global energy management system market is segmented into utility energy management, industrial energy management, enterprise carbon and energy management, and residential energy management. Enterprise carbon and energy management segment accounted a high market share and was valued at US$ 2,257.0 Mn in 2016 and registered a CAGR of 17.0%.
The report analyses the trends driving each segment and offers analysis and insights regarding the potential of the energy management system market in regions including North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Among these regions, North America accounted a large share of 38.3% in the global energy management system market in 2016. Asia Pacific is expected to have a high CAGR of 17.2% during the forecast period.
Examples of some of the key competitors in the energy management system market are International Business Machines Corporation, C.A Technologies, Schneider Electric SE, Eaton Corporation PLC, Cisco Systems, Inc., Siemens AG, Honeywell International, Inc., Asea Brown Boveri (ABB) Ltd., General Electric Company, and Emerson Electric Co.
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