Energy Management Systems Market to Reach $62.3 Bn, Globally, by 2023 at 13.5% CAGR - AMR
PORTLAND, Oregon, October 11, 2018 /PRNewswire/ --
Increasing focus on improving energy efficiency, volatility in energy prices, and supportive government policies & incentive programs would drive the growth of the global energy management systems market
Allied Market Research published a report, titled, Energy Management Systems Market by Offering (System, and Service), Component (Sensor, Controller, Software, and Others), Service (Monitoring & Control, Implementation & Integration, Maintenance, and Consulting & Training), Type (Home Energy Management System, Building Energy Management System, and Industrial Energy Management System), End User (Residential and Commercial), and Market Vertical (Power & Energy, Telecom & IT, Manufacturing, Enterprise, Healthcare, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers detailed analyses of the market size & estimations, key player positioning, top impacting factors, drivers & opportunities, prominent strategic developments, and competitive landscape. According to the report, the global energy management systems market generated $29.19 billion in 2017 and is expected to reach $62.3 billion by 2023, growing at a CAGR of 13.5% from 2017 to 2023.
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Increase in energy efficiency due to energy management systems, volatility in energy prices, and supportive government policies & incentive programs drive the growth of the industry. However, high initial investment and long ROI would hinder the market growth. On the other hand, growing need to reduce energy emissions and presence of untapped markets create new opportunities for the market players.
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Energy management services to be the largest market through 2023
The service segment contributed nearly two-thirds of the total market share in 2017. This segment will maintain its dominance by 2023, registering the highest CAGR of 14.1% from 2017 to 2023, owing to the growing need for a wide variety of services including software patches, data visualization via reports & graphs, consulting, and others. The report also analyzes the system segment.
Commercial segment to maintain its lion's share by 2023
The commercial segment held more than 90% of the total market share in 2017, owing to growing need for improving energy efficiency, rapid urbanization, and stringent regulations for reducing greenhouse gas emissions. This segment would maintain its lion's share by 2023. However, the residential segment is expected to grow at the highest CAGR from 16.5% from 2017 to 2023, owing to increasing awareness on energy conservation.
Home EMS segment to grow the fastest by 2023
The home EMS segment would grow at the fastest CAGR of 16.5% from 2017 to 2023, owing to increase in electricity bills, which led to adoption of energy conservation and energy optimization strategies among home owners. However, the industrial EMS segment contributed nearly half of the total market share in 2017, owing to the measures taken to reduce the overall costs and reduce greenhouse gas emissions. This segment would maintain its lead position by 2023. The report also discusses the building EMS segment.
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Power & energy segment to remain dominant throughout forecast period
Power & energy segment contributed nearly one-third of the total market share in 2017, owing to the increase in need for power optimization and monitoring. This segment would remain dominant throughout the forecast period. The other verticals, which include education & residential sectors, would register the fastest CAGR of 16.7% from 2017 to 2023, owing to measures taken to reduce greenhouse gas emissions and rise in energy consumption. The report also analyzes the telecom & IT, enterprise, manufacturing, and healthcare sectors.
North America to generate highest revenue by 2023
North America accounted for more than one-third of the total market share in 2017, owing to rapid technological developments, innovations, and favorable economic conditions. It will continue to dominate the market throughout the forecast period. However, Asia-Pacific region would grow at the fastest CAGR of 17.9% from 2017 to 2023, owing to supportive government policies, low cost of ownership, and less energy consumption.
Leading market players
The key market players analyzed in the research include C3 Energy, DEXMA, Delta Electronics Inc., GrindPoint Inc., General Electric Company, Johnson Controls International PLC, Honeywell International Inc., Siemens AG, Schneider Electric S.E., and Yokogawa Electric Corporation. They have adopted different strategies such as expansion, joint ventures, collaborations, partnerships, mergers & acquisitions, and others to gain a leadership position in the industry.
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