The Energy Conservation Movement Is Heightening the Demand for Global Energy Management System Market to Evolve Around 16.28 % of Cagr by 2027
“According to the new market research report published by Inkwood Research, the global energy management system market is growing at a CAGR of 16.28% throughout the forecasting years of 2019-2027.”
“Browse 44 market Data Tables and 54 Figures spread over 270 Pages, along with an in-depth TOC on global energy management system market forecast 2019-2027.”
Energy Management System (EMS) is a technology that gathers real-time information on the usage of energy via visualizing, analyzing and monitoring energy consumption. Limited sources of fossils and energy conservation movement are drawing the attention of companies to EMS technology. Various governments have been raising concerns over the high rate of carbon emission and carbon footprint per product. These factors have been driving the demand for EMS to manage energy consumption and their efficient generation.
Rapid urbanization, economic growth, increased standard of living and growing population will increase the electricity consumption rate over the coming years. To manage the huge demand for electricity, energy management systems need to be adopted to manage electricity consumption. EMS will collect, analyze and monitor real time consumption of power. EMS will be of utmost help to track down electricity wastage and further reduce transmission losses.
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The industrial energy management system has significant adoption in the global market
Industrial EMS enhances energy deployment per unit, minimizes risks and minimizes costs. Industries like oil and gas, steel, automotive, chemical, aluminium, etc. are undergoing speedy adaptation of EMS to enhance their energy production output. Notable environmental regulations have been laid out to minimize industrial emissions and eventually act on energy waste management. To comply with the regulators, improve overall energy efficiency and minimize overall operation cost, industrial EMS has been on the up surging end of market growth.
North America: crucial region of the global energy management systems market
The North America region was the highest contributor to the global EMS market in 2018. The United States and Canada are the major markets in this region. Rising energy prices and the gap in demand and supply has raised awareness for adopting EMS. Government regulations and awareness initiatives for energy efficiency and environmental concerns have driven the adoption of EMS in North America. Construction buildings, hospital facilities, industries and government institutions are utilizing energy management systems for efficient energy consumption.
The top players operating in the global energy management system market are Siemens AG, Emerson, Jones Lang Lassalle Inc., Honeywell International, Toshiba Corporation, General Electric, Daikin Industries, Schneider Electric, C3 Energy, Johnson Controls Inc., CA Technologies (acquired by Broadcom), ABB Ltd, Rockwell Automation Inc., Grindpoint Inc. (acquired by twenty-first century utilities LLC), Cisco Systems Inc. These players are focusing on various strategies for development such as mergers, acquisitions, partnerships, joint ventures, collaboration, product launch and business expansions. However, the market is at its nascent stage, opening doors for new entrants and also striviing toward efficient energy consumption.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.