ID: MRFR/SEM/2091-HCR | February 2021 | Region: Global | 100 pages
The energy management system market is evolving rapidly over the past couple of years, and the EMS market valuation is estimated to reach around USD 89 billion by the end of 2023. The CAGR of the energy management system market in the forecast period from 2017 to 2023 is expected to attain 18%.
The energy management system (ems) refers to a system that allows monitoring and conservation of energy in an organization or a building. Such advanced systems record the data consumption and gather the required data for the conservation of energy. The automatic energy management systems track down the progress of the data meter and supervise the results obtained from the data meter. The work of the energy management systems (ems) is to focus on the causes of energy conservation, tackling routine waste of electricity, and replacing waste with equipment. In today’s world, raising awareness for energy conservation systems propels the energy management systems market growth of the energy management system industry.
Over the years, environmental resources are exploited to a greater extent which has awakened the modern world to look for maximum conservation of energy. The automotive energy management systems adoption is a great step towards the conservation and proper utilization of energy. People are becoming more aware nowadays of protecting and enhancing the quality of the environment. The global concern towards the green environment has resulted in increasing demand for the home energy management system market. The increased adoption of energy management systems at home has also fuelled the energy management system market size to the optimum level.
Many companies and factories are progressing towards the application of energy management system in the manufacturing units to conserve energy leading to a healthy environment.
These systems reduce the fuel used to half and efficiently use the energy, which reduces the overall cost and benefits the organization. All these factors are actively escalating the energy management system (EMS) market growth.
The energy management system(ems) market report highlights the valuation and growth rate of the energy management system industry in the upcoming years. A brief explanation is given on the impact of COVID 19 on the global energy management system market. It elaborates on the market dynamics, which depicts all the opportunities and constraints of the energy management system industry. It provides a description of different market segments and key players that can propel the market growth in the forecast period. The energy management systems industry report also puts light on different geographical areas that influence the energy management systems market in the near future.
COVID 19 Analysis
The outbreak of coronavirus disease has adversely affected the world in both the economic as well as health fields. Businesses and working sectors have seen the worst phase of growth, leading to the major financial crisis. The economic growth rate has declined rapidly in the pandemic, and making it back to normal will take several more years. Strict measures of lockdown led to the shutting down of production units of industries. As the industrial operations were put at a halt, the energy management system market was also affected.
The utilization of energy-reduced a lot during the pandemic, which impacted the energy management system industry. However, the home energy management system market demand increased during the lockdown as most people stayed at home. The rising awareness for energy-efficient systems for a healthy environment has led to the further growth of the energy management system market. The increasing concern for global energy conservation will fuel the further expansion of the energy management system industry size in the forecast years.
The global energy management system industry is surfacing at a faster rate, and in few years, the energy management systems market growth will reach optimum heights. The increasing awareness of energy conservation has shifted people’s minds towards automatic energy management systems. Over the years, the rising utilization of energy and environmental exploitation has raised serious concerns which can be reduced by using energy management systems. The concern for a healthy environment has led to the application of energy management system in factories and companies. The rapid escalation of the adoption of energy management system for industries will propel the growth of the energy management system market in the near future.
In recent years, various factors are raising the expansion of the global energy management system market size. People are more and more aware of the conservation of energy due to the prevalence of environmental issues and degrading resources. With the increase in awareness, the usage of the building energy management systems market is growing at a rapid pace. As many factories and industries are becoming more aware of the environmental concerns, they are progressing towards the adoption of energy management systems which is fueling the power management system market.
The implementation of energy management systems has reduced the usage of fuel to half and efficiently manages the power, which in turn reduces the overall cost of the organization. The innumerable opportunities of the power management system market will upsurge its growth to maximum limits.
The power management system market growth was impacted during the COVID19 pandemic outbreak. The closure of industrial operations during lockdown has disrupted the supply chain. The utilization of power in industries was also less, which hindered the growth of the energy management systems market. The energy management system project got also delayed for an uncertain time period. However, the rising awareness for energy conservation and increased home energy consumption sustained the steady growth of the energy management system industry.
Automatic energy management systems adoption will help an organization to conserve power during working hours and is extremely cost-efficient. Even though the energy management system market has numerous opportunities, many organizations are unable to understand it, which can constraint the growth of the power management system market.
Value Chain Analysis
The market value of the energy management system (ems) is surging upwards in recent times and will reach greater heights in the forecast years. By the end of 2023, the revenue generation of the global energy management system market size will attain maximum momentum and will excel towards optimum levels.
The energy management system industry is divided into different segments on the basis of solution, vertical, and software. The energy management system market segmentation on the basis of the solution includes demand response management, carbon response management, billing of utility, and consumer information system. On the basis of verticals, the power management system market segmentation consists of the IT and telecommunication industry, healthcare, energy and power, office and commercial buildings, manufacturing sector, and others.
The energy management system (EMS) market segmentation on the basis of software involves industrial EMS, utility EMS, enterprise energy and carbon management, and residential EMS. In the energy management system software segment, the monitoring and control of generation, transmission, and distribution of power are mainly done by utility EMS. It lowers the cost of the systems and allows maintaining the support tools. Such systems are widely used in states and different regions as transmission networks of the power grid.
The global energy management system market is studied in various geographies like Asia-Pacific, North America, Europe, and the rest of the world. In North America, the rapid adoption of BEMS or building energy management systems market leading to a healthy environment in EMS-equipped buildings has increased the demand for the energy management system industry. So, the North American region has the majority share in the energy management system (EMS) market and will increase immensely in the forecast years.
Europe is presumed to hold the second-largest market share as the government is taking initiatives to implement more energy-efficient plans and heavily promoting renewable energy resource utilization. All these will increase the power management system market growth in the European region.
Competitive Landscape of the market
The major key players of energy management system market are:
Frequently Asked Questions (FAQ) :
The mounting consciousness amongst people to increase environmental quality are expected to further the growth of the market.
An 18% CAGR is projected to complement the earning of revenues worth USD 89 Billion approx by 2023.
The opponents in the market are CA Technologies (U.S.), Daikin Industries Ltd. (Japan), Eaton Corporation PLC (Ireland), Carma Industries Inc. (Canada), Enernoc Inc. (U.S.) and Emerson Electric Company (U.S.).
The lack of awareness related to the benefits of performance improvement and decreased costs is expected to hold the market’s development back in the forecast period.
The accelerated adoption of building energy management systems (BEMS) is expected to rocket the North American in the leader position in the global market.