Global Energy Management System (EMS) Market Is Set for a Rapid Growth and is Expected to Reach USD 63,161.5 million by 2021
Deerfield Beach, FL -- (SBWIRE) -- 05/26/2017 -- According to the report, the global energy management system (EMS) market accounted for USD 31,294.6 million in 2015 and is expected to reach USD 63,161.4 million by 2021, growing at a CAGR of around 12.4% between 2016 and 2021. Key market player of the energy management system market is Asea Brown Boveri (ABB) Ltd, Cisco Systems, Inc., General Electric Company, Honeywell International, Inc., International Business Machine Corporation, Schneider Electric SE, Siemens AG, Emerson Process Management, CA Technologies and Eaton Corporation PLC.
Zion Market Research has published a new report titled "Energy Management System Market (EMS) by Software (Utility, Industrial, Residential, Enterprises Energy Management) - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021"
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Energy efficiency means to consume less energy with an increased output. Energy management system is gradually being recognized as one of the most significant and cost-effective solutions for reducing greenhouse gas emissions. Greenhouse gasses produced as part of industrial processes, including in the utility, enterprises and residential sector. In fact, energy management system has the technically capable to reduce industrial energy use by approximately 18%. The importance energy management system made it clear that today's industry is responsible for approximately 22% of global CO2 emissions. In the global arena, energy management system creates an active role in reducing the energy consumption in industrial, enterprises and residential sector.
Globally, markets of the energy management system are driven by increasing awareness in industrial sectors for the efficient utilization of energy consumption. Moreover, increasing alertness about carbon emission management serves as a major factor which may fuel the growth of energy management system market within forecast periods. In addition, stringent government policies and guidelines or government intervention over misuse of energy consumption can accelerate the growth of energy management system market. However, lack of financial resources in new entrant enterprises serves as a major restraining factor which hindered the growth of energy management system market. In addition, high operational costs in initial stage coupled with a late return on investment are most likely to slow down the growth of energy management system market.
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Based on software, energy management system market is segmented into five types: utility energy management software, industrial energy management software, enterprise energy management software, residential energy management, and others. Energy management system market is dominated by the industrial energy management software market due to wide extension of industrial hub across the world. Moreover, energy use in industries is much more related to operational practices than in the commercial and residential sectors. The energy-using systems in industries are designed to support the production practices which may are relatively energy efficient under an initial production scenario. In 2015, industry management software accounts for over 55% of global energy management system market share.
Based on geography, energy management system market segmented into five regions: North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. North America was the largest market share in 2015. North America held approximately above 40% of market share in 2015 in terms of revenue. In addition, growing tendency towards efficient utilization of energy in Asia Pacific region coupled with a rise in industrialization are likely to expect the growth of energy management system market in coming years.
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