Kenneth Research has recently added a report titled Energy Management System market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Energy Management System market is further anticipated to grow with a CAGR of 17.9% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Energy Management System Market is estimated to reach $134 billion by 2024; growing at a CAGR of 17.9% from 2016 to 2024. Energy management systems are mainly used to measure, monitor, and control the transmission system and generation. Various applications of energy management systems such as power and energy, manufacturing, retail and offices, telecom and IT, strict government guidelines and policies, rising awareness about reducing carbon footprints, government energy incentive plans for industrial sector, and high adoption for home energy management & building energy management are mainly driving the energy management system market. Technical improvements like development of small signal analysis & CRAS in EMS, which lead to improved energy-efficiency, low cost and low carbon foot print are expected to offer immense potential for the growth of the market over the forecasted period.
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Major factors driving the energy management system market are increasing energy usage and price instability, growing responsiveness regarding carbon footprint management, and rising inclination to effective energy management. However, scarce financial resources, and huge initial cost may hamper the market growth. Furthermore, renewal of old infrastructure, and increasing number of smart cities ventures in developing countries would unfold with numerous growth opportunities in the forecasted years.
Major segments of the global energy management system market are type, vertical, end user, components, and geography. The energy management system market is categorized by type as industrial energy management system (IEMS), building energy management system (BEMS), and home energy management system (HEMS). Furthermore, market is segmented based on vertical as power and energy, manufacturing, retail and offices, telecom and IT, healthcare, and other verticals. Further, end user comprises commercial and residential. The market is segmented by components into sensors, controllers, software, and other components.
Based on geography, global energy management system market is segmented into North America, Europe, Asia Pacific, Rest of the World (RoW) North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of UK, Russia, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key market players operating in the market are General Electric Company, Cisco Systems, Inc., Honeywell International, Inc., Asea Brown Boveri (ABB) Ltd., Schneider Electric SE, Siemens AG, International Business Machine Corporation, Eaton Corporation PLC, CA Technologies, and Emerson Electric Company, among others.
The key takeaways from the report
The report will provide detailed analysis of Energy Management System Market with respect to major segments such as type, vertical, end user, and components
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Energy Management System Market has been included in the report
Profile of the key players in the Energy Management System Market will be provided, which include key financials, product & services, new developments and business strategies
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Scope of the Global Energy Management System Market
Industrial Energy Management System (IEMS)
Building Energy Management System (BEMS)
Home Energy Management System (HEMS)
Power and Energy
Retail and offices
Telecom and IT
End User Segments
Rest of Europe
Rest of Asia-Pacific
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