Global Energy Management System Market Inferred to be Worth $ 89 BN by 2023 Due to Increasing Demand for Clean Environment
Energy Management System Market Size
Energy management system (EMS) is defined as a system that monitors and conserves energy in a building or an organization. As per the global energy management system market report published by Market Research Future (MRFR) infers increase for this market at 18% CAGR between 2017 and 2023. In terms of monetary value, the market can be worth USD 89 bn by the end of the forecast period.
Important factors pushing the global energy management system market growth include increasing demand for clean & green environment all around the world and rising awareness among people to improve environmental quality. The advantage of EMS includes cost reduction, improved performance, reduction of carbon emissions, and fuel saving. The factor that can slow down the market growth is the lack of awareness regarding EMS benefits among some organizations.
Market Segmentation
The global energy management system market segmentation covers software, solution, and verticals.
The software-based segmentation of this market covers enterprise carbon & energy management, industrial EMS, residential EMS, and utility EMS. Industrial EMS is useful for factories and manufacturing units. Residential EMS is useful in residential areas and housing societies. Utility EMS is used by organizations that
Based on the solution, the market has been segmented into carbon energy management, customer information system, demand response management, and utility billing.
In the context of verticals, the market has been segmented into energy & power, healthcare, manufacturing, information technology (IT) & telecommunication, office & commercial buildings, and others.
Regional Segmentation
The regional segmentation of the global energy management system market covers North America, Asia Pacific, Europe, and Rest of the World (RoW).
During the forecast period, North America has been anticipated to acquire the largest market share due to the increasing demand for the adoption of building energy management systems (BEMS). Technological advancement and the presence of important market players in the USA is also boosting the market growth. Canada is the second-largest country-specific market.
During the forecast period, Europe is expected to be second-largest regional market due to the government initiatives for the implementation of energy-saving plans. Governments in European countries have also taken initiatives for the promotion of renewable energy resources. The crucial country-specific markets in this region include France, Germany, and the UK. Other countries of Europe also contribute revenue to push up the market growth. Many market-friendly schemes are there in Italy, making it another potential country-specific market.
In the Asia Pacific region, the market growth can be expected in the due to increasing urbanization, high density of population in China & India, and increasing industrialization. Other factors enhancing the market growth include developing infrastructure, increasing power consumption, increasing disposable income, growing awareness about benefits of energy management, strict environmental policies, growing power production, and demand for systems to facilitate better power management. Among all country-specific markets, South Korea holds the largest market share in this region. Due to technological advancement, Japan also holds the potential of being an important country-specific market in the Asia Pacific region.
More Information@
Energy Management System Market Research Report- Forecast 2023 | MRFR
Energy Management System Market is expected to grow at USD ~89 Billion by 2023, at ~18% of CAGR…
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