Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 pandemic on the Energy Management System Market is included in the present report. The influence of the novel coronavirus pandemic on the growth of the Energy Management System Market is analyzed and depicted in the report.
Based on careful analysis, the report by Market Research Future (MRFR) states that the energy management system market is set to be highly profitable with the market value of USD 89 Billion by 2023, recording a healthy CAGR of 18% during the forecast period (2017-2023).
Energy Management Systems (EMS) refers to a solution that includes software and associated hardware as well as communication systems for improvement of energy efficiency. EMS find applications in a large number of verticals like telecom and information technology (IT), commercial and office buildings, power and energy, hospital, manufacturing, school and university Systems. Moreover, the energy management systems market is highly fragmented, offering simple to complex energy monitoring dashboards along with software such as analytics of high degree.
In addition, the growing use of smart grid services, increasing competition among industrial enterprises, and supporting government policies as well as incentives associated with energy efficiency will lead to a strong growth of the energy management market in the future.
The market for energy management system is segmented into software, solution and vertical.
The software segment includes utility EMS, industrial EMS, residential EMS and enterprise carbon & energy management.
Whereas, the solution segment consists of demand response management, carbon energy management, utility billing and customer information system.
The vertical-based segments in the global market are power & energy, telecom & IT, manufacturing, enterprise, healthcare and others. The manufacturing centers consist of equipment that need to run continuously, a factor highly critical to the plant operations. Thus, various manufacturing plants are making efforts to optimize their carbon footprint by making use of energy management systems, which has driven the growth of the manufacturing industry in the energy management system market.
The regional analysis of the energy management system market has been done for the regions of Asia Pacific, Europe, North America, and Rest of the World.
Among these, North America has been estimated to be the largest market in the global market, owing to the increasing demand for adoption of building energy management systems (BEMS), resulting in a healthy environment across the building.
Europe is set to acquire the second position in the global energy management system market, on account of government initiatives for the implementation of energy saving plans along with promotion of renewable energy resources. For instance, the Italian government introduced the Energy Efficiency Certificate trading scheme, targeting energy service company entities along with Conto Termico, which mainly focusses on the building sector.
Increasing industrialization and advancements in technologies supplement the growth of energy management systems market in the Asia Pacific region. Korea has been the highest revenue generating country till now, followed by China and Japan. Moreover, energy management system for residential end users is expected to rise in the region, with the increasing per capita disposable income, coupled with growing awareness, and strict environmental regulation policies.
The key vendors in the energy management system market include Enernoc Inc. (U.S.), Cisco Systems Inc. (U.S.), Daikin Industries Ltd. (Japan), Honeywell International Inc. (U.S.), Siemens AG Ltd. (Germany), Eaton Corporation PLC (Ireland), Emerson Electric Company (U.S.), CA Technologies (U.S.), Carma Industries Inc. (Canada), International Business Machines Corporation (U.S.), among others.
January 2019 – Toshiba Energy Systems & Solutions Corporation will be supplying Micro Grid Energy Management System to Republic of Maldives from Nishizawa Limited. The operation will start in Hithadhoo Island of Addu Atoll in the year 2020. The system comprises of an energy management system along with a battery energy storage system (BESS), and provides the ability to predict the amount of power demand and supply by making use of weather forecasts.
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