New York, USA, July 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global energy management system market is anticipated to gather a revenue of $83,784.3 million by 2026 and grow at a CAGR of 12.8% over the forecast period from 2019-2026. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Energy Management System Market:
Drivers: The rising awareness about optimizing electricity utility grid operator or energy management to minimize electricity consumption is the prime factor estimated to drive the growth of the global energy management system market during the analysis timeframe.
Opportunities: The increasing demand for energy management systems in the retail and healthcare sectors to minimize electricity utility and optimize the production’s performance is the main factor expected to create abundant growth opportunities for the global energy management system market by 2026.
Restraints: High installation cost of energy management systems is the prime factor predicted to hamper the market growth.
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Segments of the Energy Management System Market:
According to the report, the market is fragmented into multiple segments based on type, end-use, end-use vertical, and regional analysis.
Type: Industrial Energy Management Sub-segment to be Highly Dominant
The industrial energy management sub-segment is projected to have the highest market share and grow at 12.2% CAGR during the forecast years due to the constant need of energy management systems to monitor professionals’ work in industrial sectors on a daily basis. These systems reduce the company’s overall operating expense and energy cost, thus bolstering the sub-segment’s growth by 2026.
End-use: Commercial Sub-segment to be Highly Beneficial
The commercial sub-segment of the global energy management system market is estimated to have a dominant market share and grow at 12.5% CAGR during the analysis timeframe. This growth rate is attributed to the growing utilization of energy management systems to monitor work, maintain the organization’s requirements, and identify any troubles with security. Moreover, these systems are also used to control a company’s lighting schedule as well as HVACR, thus propelling the sub-segment’s growth by 2026.
End-use Vertical: Manufacturing Sub-segment to be Highly Lucrative
The manufacturing sub-segment is anticipated to have the highest growth rate of 12.6% CAGR during the forecast period. The energy management systems in the manufacturing sector can easily capture energy fluctuations and act as a monitoring system to enhance the overall energy efficiency. These systems also provide a visualization of the energy consumed in building and manufacturing operations, therefore uplifting the sub-segment’s growth by 2026.
Region: Market in the North America to Relish Abundant Growth Opportunities
According to the report, the energy management system market in the North America is expected to relish abundant growth opportunities by 2026 and grow at 13.0% CAGR. This growth rate is attributed to the growing economy in the region along with huge investments by tech companies to utilize energy management systems.
Prominent Market Players:
Some prominent energy management system market players include
- Tata Power
- General Electric Company
- Emerson Process Management
- C3 Energy
- Toshiba Corporation
- IBM
- DEXMA
- Schneider Electric S.E
- Honeywell International Inc.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in June 2022, Schneider Electric, a leading provider of digital transformation of energy automation and management, announced its collaboration with Hitachi Energy, a renowned market and tech leader in distribution, transmission, and grid automation solutions, to offer better customer value and boost the energy transition.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Energy Management System Market:
- 6 Amazing Benefits of installing Energy Management System Software in workplace
- Energy Management System: A Brilliant Solution for Cost-Reduction and Power Preservation
