New York, NY, March 05, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Energy Management Systems Market by Software (Utility, Industrial, Residential and Enterprises Energy Management): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016–2022”. According to the report, global energy management systems market was valued at around USD 35.17 billion in 2016 and is expected to reach approximately USD 70.93 billion in 2022, growing at a CAGR of above 12.4% between 2017 and 2022.
Energy management system (EMS) is a system of computer-aided tools used by operators of electric utility grids to monitor, control, and optimize the performance of the generation and transmission asset in real time. Energy management system plays the key role in helping the businesses, industries, and individuals to become more energy efficient. In addition, this system will help them to lower the electricity expenses considerably. Factors like the rising in energy crisis and growth in industries in emerging economies help to impel demand of energy management system.
Browse through 10 Tables & 17 Figures spread over 110 Pages and in-depth TOC on "Global Energy Management Systems Market: By Software Type, Size, Share, Industry Trends, Analysis and Forecast 2016 – 2022”.
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The key factors which are mainly driving the energy management system market are escalating energy consumption and price volatility. Furthermore, increasing awareness in industrial sectors for the efficient utilization of energy consumption is also fueling the growth of this market. In addition, stringent government policies and guidelines or government intervention over misuse of energy consumption spur the growth of this market. However, lack of financial resources for new entrant enterprises serve as a major restraining factor which hampers the growth of energy management system market. A long period of return on investment for energy-intensive industries is the posing challenge to the growth of energy management system market. Nonetheless, upcoming smart city project in developing countries and technological advancement such as integration of energy management system with smart devices are offering new avenues to this market.
Energy management system is segmented on the basis of utility EMS software, industrial EMS software, enterprise energy management software, residential EMS, and others. Utility EMS software is projected to dominate energy management system market over the forecast period. Due to the high penetration of cloud services, declining cost of IoT components, regional government initiatives for smart grid roll-out are driving the demand for utility EMS software on the global scale. However, adopting the utility EMS software is still a challenge in some regions due to poor infrastructure and cyber attacks. Lack of technological awareness regarding privacy & security has raised a number of concerns for the retailers which is hindering the adoption of energy management system solution in the utility industry.
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North America held the largest share of energy management system and expected to continue its dominance in the market over the forecast period. The major restraining factors for energy management system in North America are lack of consumer knowledge about EMS and intense competition. High initial investment and confusion due to the availability of multiple solutions to facility owner have become a major hurdle to the energy management system owner. Nonetheless, adoption of cloud infrastructure and its services such as software-as-a-service are expected to fuel the growth of energy management system market in the forecast period.
In Europe, the energy management system is used for building energy management system, home energy management system and factory energy management systems. The demand for this system is increasing due to incentives being provided by governments of Europe as well as the benefits associated with the deployment of such solutions. The protection of the environment, energy saving, global heating, and the use of alternative energies are some major issues at global level. Therefore European energy centers are using all resources to reduce energy spending and to improve the application of renewable energies in their projects. Further European countries are trying to develop a new strategy to enable all member states to further decouple their energy use from economic growth.
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The Asia Pacific is projected to witness incredible growth in the near future. Office and commercial buildings segment are expected to witness strong growth in the energy management system market in coming years due to increasing worldwide demand for energy efficiency. The Asia Pacific and Latin America together generated around 27% of total demand in 2015 due to emerging markets in countries like India, China, and Brazil. The Asia Pacific region is expected to witness strong rise during the forecast period. China is the biggest consumer followed by India in the Asia Pacific region. The demand for energy management system in Asia Pacific market is anticipated to record strong growth in term revenue owing to increasing demand for industrialization. This is likely to open growth opportunities for the energy management system market.
Key participants in the energy management systems market are General Electric Company, ABB Ltd, Eaton Corporation PLC Cisco Systems, Inc., Honeywell International, Inc., International Business Machine Corporation, Schneider Electric SE, Siemens AG, Emerson Process Management and CA Technologies among others.
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The report segments global energy management systems market as follows:
Global Energy Management Systems Market: Software Segment Analysis
- Utility EMS Software
- Industrial EMS Software
- Enterprise Energy Management Software
- Residential EMS
- Others
Global Energy Management Systems Market: Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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