Energy Management Systems Market To Reach USD 68730 million by 2027 at a CAGR of 10.6% | Valuates Reports
BANGALORE, India, Nov. 7, 2022 /PRNewswire/ -- Energy Management Systems Market is Segmented by Type (Software, Service, Hardware), By Application (Power and Energy, Telecom and IT, Building, Enterprise, Healthcare, Others): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Energy & Utilities Category.
Energy Management Systems Market size is projected to reach USD 68730 million by 2027, from USD 33930 million in 2020, at a CAGR of 10.6% during 2021-2027.
Major Factors Driving the Growth of Energy Management Systems Market
The demand in the Energy Management Systems market has increased as a result of rising government requirements worldwide for installing energy management systems across various industries and growing demand for sustainable and green management of energy resources.
Solutions for energy management are more common now than ever before since they give businesses a competitive edge, boost output, and lower energy costs.
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TRENDS INFLUENCING THE GROWTH OF THE ENERGY MANAGEMENT SYSTEM MARKET
Prices for electricity have been steadily rising in recent years. The cost of electricity will continue to rise during the ensuing years. Rising energy prices lower a company's profit margin. Weak points in energy use can be found and eliminated with the use of the proper measures with the help of effective energy management. It improves energy efficiency, which aids in long-term energy cost reduction. As a result, it also lowers production costs, which could give businesses a competitive edge. This factor is expected to drive the growth of the Energy Management Systems market.
Furthermore, a certified energy management system is increasingly required in order to be eligible for subsidies and other types of statutory relief. Additionally, ecological standards that also touch on the energy sector are becoming more common in public tenders. This trend will increase the growth of the energy management systems market.
A business that has a certified energy management system will help improve its public image as a responsible company. A corporation can show that it consistently and sustainably uses energy by becoming certified. In addition, the corporation demonstrates in its external presentation that it is working hard with the aid of proof. higher credibility in the eyes of the outside world as a result. Additionally, prospective clients are aware that a corporation supports environmental conservation. This in turn is expected to fuel the Energy Management Systems market growth.
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ENERGY MANAGEMENT SYSTEM MARKET SHARE ANALYSIS:
The largest market is North America, with a share of over 35%, followed by Asia Pacific and Europe, both of which have a share of over 50%. The region has seen a noticeable increase in the need for smart energy, which has prompted stakeholders to fund EMS. The building, residential, and commercial sectors are expected to show the strongest demand for IoT-based solutions.
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Key Companies:
- GE
- Honeywell
- Johnson Controls
- Schneider Electric
- Siemens
- ABB Group
- Cisco Systems
- IBM
- Eaton Corporation
- Emerson Electric
- Rockwell Automation
- Delta Electronics, Inc.
- DEXMA
- Yokogawa Electric Corporation
- GridPoint
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