$25.88 Billion Energy Management Systems Market, 2018-2019 - Global Forecasts to 2024
DUBLIN, April 2, 2019 /PRNewswire/ -- The "Energy Management Systems Market - Growth, Trends and Forecasts (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global energy management systems market was valued at USD 25.88 billion in 2018 and is expected to register a CAGR of 13.78% over the forecast period, 2019 to 2024.
The increasing focus on managing energy consumption, optimizing the use of renewable energy sources, reducing the carbon footprint and greenhouse gas emissions are creating demands for EMS.
The increasing usage of smart grid services, growing competition among industrial enterprises, cost efficiency increasing the demand from emerging economies and government policies and incentives are some of the factors augmenting the growth of the market.
Rapid advancements in technology have further led to greater insights into energy procurement and energy usage globally and help in gaining competitive advantage, increase productivity at a reduced energy cost.
However, lack of skilled personnel, lack of awareness among stakeholders, lack of finance and non-standardized guidelines have served as a key impediment hindering the growth of the market.
Scope of the Report
An energy management system is a combination of various computer-aided tools used by the operators of electric utility grids in order to monitor, control and optimize the performance of an energy generation, transmission, and distribution system. Energy management system (EMS) is not only limited to energy saving efforts that are adopted to save the available energy, but is also a wider concept to deal with the process of controlling, monitoring, and conserving energy in public or government sector, businesses, organizations and even in residential buildings.
Key Market Trends
Power And Energy to Hold Highest Share
The power and energy sector including generation, distribution, and transmission of energy caters to diverse industries. The process of electricity generation undergoes various transformations due to the little presence of primary energy, which is directly convertible into electricity. This requires a high amount of energy that ascends the consumption, thereby increasing the need for EMS. The demand for electricity in the non-residential sector has been rising over the last few years owing to new entrants in the manufacturing industry, increasing production activity from various industries including chemical, electronics, and automotive, which is expected to fuel the market. The increasing power generation through the renewable source of energy is expected to witness exponential growth owing to the growing awareness regarding the environmental impact of fossil fuels, further propelling the growth of the market.
United States to Hold Major Share
The energy management System market in the United States remains a major market as residential, commercial and industrial consumers continue to drive adoption in order to realize energy savings. The US is currently ranked as the second largest consumer of electricity after China. Several key federal policy directives, rising energy costs, stringent regulations concerning greenhouse gas emissions, and growing awareness about the benefits of automation, are major factors driving the market in the United States. Furthermore, the presence of major energy management System companies like Siemens, coupled with the evolution of new concepts and major technological contributions, are further fueling the demand for these solutions in North America.
The growing trend of real-time monitoring of energy consumption and the integration with cloud-based System coupled with high automation level in smart factories across the region has permitted real-time monitoring of energy consuming equipment including HVAC is anticipated to aid the market growth over the forecast period.
Competitive Landscape
The energy management system market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Usage Of Smart Grids and Smart Meters
4.3.2 Rising Investments in Energy Efficiency
4.4 Market Restraints
4.4.1 High Initial Installation Costs
4.4.2 Lack of Skilled Workforce
4.5 Value Chain Analysis
4.6 Industry Attractiveness Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By EMS
5.1.1 BEMS
5.1.2 IEMS
5.1.3 HEMS
5.2 By End User
5.2.1 Manufacturing
5.2.2 Power & Energy
5.2.3 IT & Telecommunications
5.2.4 Healthcare
5.2.5 Others
5.3 By Application
5.3.1 Energy Generation
5.3.2 Energy Transmission
5.3.3 Energy Monitoring
5.4 By Component
5.4.1 Hardware
5.4.2 Software
5.4.3 Services
5.5 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Rockwell Automation Inc.
6.1.3 General Electric Co.
6.1.4 Schneider Electric SE
6.1.5 Cisco Systems Inc.
6.1.6 Tendril Networks Inc.
6.1.7 Eaton Corporation
6.1.8 EnerNOC Inc.
6.1.9 Elster Group GMBH
6.1.10 SAP SE
6.1.11 Siemens AG
6.1.12 Honeywell International Inc.
6.1.13 CA Technologies
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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