Selbyville, Delaware, Nov. 02, 2020 (GLOBE NEWSWIRE) --
According to latest report “Energy Management System Market by Service (IEMS, BEMS, HEMS), Component (Metering and Field Equipment, Hardware, Software, Networking Device, Control Systems, Sensors), End-User (Power and Energy, IT, Manufacturing, Enterprise, Healthcare), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of energy management system will cross $45 billion by 2026.
Rising consumer awareness toward adoption of energy efficient units coupled with stringent norms focused at optimizing electricity usage is set to drive the product adoption. Shifting industry preference toward systems integrated with high-end technology in conjunction with government mandates encouraging electricity conservation will further enhance the market growth.
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Escalating environment safety concerns and inclination toward sustainable development coupled with availability of alternate and eco-friendly energy sources has resulted in surging demand for energy saving units. Increasing deployment of SCADA systems in line with declining cost of IoT sensors is estimated to stimulate the demand for control systems.
Healthcare application in the energy management system market is projected to reach USD 3 billion by 2026 on account of increasing industry inclination toward sustainable development. Rising electricity cost along with ongoing budget crisis across COVID-19 affected economies will further encourage the market value. Moreover, prevailing competitive environment in the sector coupled with cost pressure relating to industry restructuring is expected to enhance the market revenue.
Growing consumer awareness toward climate change and intensifying carbon emissions coupled with availability of suitable incentives schemes on adoption of sustainable systems is poised to positively impact the energy management system market demand. In addition, broadening gap between energy demand and supply statistics coupled with robust expansion of industries will continue to strengthen the system’s implementation across the manufacturing sector.
Saudi Arabia energy management system market is anticipated to witness a substantial growth till 2026 owing to increasing project funding by local and global institutions aimed at driving the development. For instance, Saudi Arabia launched its Vision 2030, in accordance with which the nation aims to develop public sectors comprising infrastructure, recreation, education, health, and tourism. Fluctuating oil prices has led the corresponding governments to reduce dependency on oil and encourage sustainable energy generation is predicted to enhance product acceptance during the forecast timeline.
Some of the prominent players operating in the energy management system market are NX Technologies, Toshiba, Eaton, Mitsubishi, Ingersoll Rand, Johnson Controls, Siemens, General Electric, ABB, ENGIE Impact, C3.ai, IBM, Honeywell, Schneider Electric, Optimum Energy, Rockwell Automation, GridPoint, Telkonet, Dexma Sensors, and Emerson Electric. Leading industry participants are focusing at product differentiation guided by improved aesthetics, technological updates and economical product pricing. Increasing R&D funding coupled with technological associations by prominent manufacturers will positively impact the industry growth. Furthermore, key players are implementing strategies including new product launches, capacity expansions and forward & backward integration in order to maintain competitive advantage.
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Table of Contents (ToC) of the report:
Chapter 3 Energy Management System Market Insights
3.1 Industry segmentation
3.2 Industry ecosystems analysis
3.2.1 Vendor matrix
3.3 Innovation & sustainability
3.4 COVID- 19 impact on the overall industry outlook
3.4.1 Optimistic View
3.4.2 Realistic View
3.4.3 Pessimistic View
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers.
3.6.2 Industry pitfalls & challenges
3.7 Key customer requirements
3.8 Porter’s Analysis
3.9 Growth potential analysis
3.10 Competitive Landscape
3.10.1 Strategy dashboard
3.11 PESTEL Analysis
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https://www.gminsights.com/toc/detail/energy-management-system-EMS-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.