“Energy Management System Market: Global Demand Analysis & Opportunity Outlook 2021”
The global energy management system market is segmented into application such as industrial energy management, home energy management system and building energy management system. Among these segments, industrial energy management system segment is expected to occupy the top position in the market. Increasing adoption of energy management system in utilities is expected to foster the growth of the industrial energy management system market. Moreover, presence of standardized guidelines such as ISO 50001:2011 Energy Management System, with an aim to optimize efficiency is anticipated to encourage the adoption of energy management system in industrial sector in the upcoming years.
Global energy management system market is expected to flourish at a robust CAGR of 21.4% over the forecast period. Moreover, the global energy management system market is projected to garner USD 56.5 Billion by the end of 2021. Rapid urbanization and increasing population coupled with rising demand for electricity is expected to garner the growth of the Energy Management System Market. Further, rising use of smart grids and favorable government policies are expected to trigger the growth of the energy management system market.
North America is believed to account for the largest market share in overall energy management system market during the forecast period. Further, growing awareness among consumers is driving the growth of the energy management system market in the region. Further, favorable government measures to conserve energy are anticipated to fuel the growth of the energy management system market in North America. Asia Pacific energy management system market is poised to record the fastest growth over the forecast period.
Spiralling Cost of Electricity to Augment the Adoption of Energy Management System
Increasing global population has also escalated the demand for electricity. Moreover, increasing energy cost in several nations across the world is expected to increase the adoption of the energy management system products and software’s for the effective utilization of electricity.
Favourable Government Policies
Government policies and measures to encourage the adoption of energy management system are anticipated to foster the growth of the energy management system market. Moreover, increasing awareness among population is believed to impel the growth of the energy management system market during the forecast period. Although, high initial investment is likely to inhibit the growth of the energy management system market in the near future.
The report titled “Energy Management System Market: Global Demand Analysis & Opportunity Outlook 2021” delivers detailed overview of the global energy management system market in terms of market segmentation by product, by component, by vertical outlook, by end user, by solutions, by devices, by area of management and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global energy management system market which includes company profiling of Schneider Electric SE, Johnson Controls Inc., Siemens AG, Elster Group GmbH, C3 Energy, Grid point, Inc., GE’s Grid Solutions, Eaton Corporation, ABB Group and Cisco Systems, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global energy management system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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