The global Energy Management Systems Market size is expected to reach $62.3 billion by 2023, from $25.9 billion in 2016, growing at a CAGR of 13.5% during the forecast period.

Portland, OR -- (SBWire) -- 07/03/2018 --On the basis of offerings, it is classified into services and systems. Based on components, the global energy management systems market is classified into sensor, controller, software, and others. The end-user industry is divided into residential and commercial segment. The global energy management systems market is analyzed across North America (U.S., Canada & Mexico), Europe (UK, Germany, France, and others), Asia-Pacific (China, India, Japan, & others), and LAMEA (Latin America, Middle East & Africa). In 2016, North America was the highest contributor to the energy management systems market and is anticipated to secure the leading position during the forecast period, owing to rapid technological development, innovation, and economic conditions.

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The global Energy Management Systems Market size is expected to reach $62.3 billion by 2023, from $25.9 billion in 2016, growing at a CAGR of 13.5% during the forecast period. Energy management systems allow organizations to collect information related to energy consumption through monitoring, assessing, and visualizing energy consumption. Honeywell International Inc., Johnson Controls International PLC, Schneider Electric S.E., Siemens AG, and Yokogawa Electric Corporation, and General Electric Company are some of the leading key players of the global energy management systems market.

The demand for energy management systems is on a rapid increase, as these systems help reduce energy cost and increase productivity. Moreover, the government regulations toward energy efficiency have raised the demand for energy management products. Further, the development of public utilities, infrastructure through application of smart solution under the Smart Cities projects is also expected to drive the growth of EMS market in the coming years. However, financial barriers, limited expertise, and fragmented stakeholders are some of the key challenges which hinder the growth of the energy management systems market.

The key players profiled in this report C3 Energy, Delta Electronics Inc., DEXMA, General Electric Company, GrindPoint Inc., Honeywell International Inc., Johnson Controls International PLC, Schneider Electric S.E., Siemens AG, and Yokogawa Electric Corporation.

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