The new report by Expert Market Research titled, 'Global Energy Management Systems Market Report and Forecast 2021-2026', gives an in-depth analysis of the global energy management systems market, assessing the market based on its segments like type, component, solution, service, industry, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 14%
- Forecast Market Size (2026): USD 94 billion
The rapid advancements in technology and favorable government policies are driving the market growth of energy management systems. The market is further aided by the rising emphasis on issues, such as optimizing the utilization for renewable energy sources, managing energy consumption, and reducing carbon footprint and greenhouse emission emissions, which, in turn, is resulting in an increased demand for energy management systems. The growing demand from various end use industries is fostering the market growth. In addition, several governments are undertaking a modernization drive to upgrade their power system, which is expected to increase the demand for energy management systems.
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Industry Definition and Major Segments
An energy management system refers to a system of computer aided tools used by operators of electrical utility grids to control, monitor, and optimize the performance of the generation or transmission system.
By type, the market is divided into:
- Home EMS
- Building EMS
- Industrial EMS
On the basis of component, the market is divided into:
- Display Devices
Based on solutions, the market is segmented into:
- Demand Response Management
- Carbon Energy Management
- Utility Billing and Customer Information System
By services, the market is divided into:
- Monitoring and Control
- Implementation and Integration
- Consulting and Training
On the basis of industry, the market is categorised into:
- Power and Energy
- Telecom and IT
The regional markets for the product include:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
The market drivers for the expansion of the industry size include increasing adoption of smart grids, stringent government regulations to conserve energy, and technological developments that help collect and monitor data usage. The increasing use of smart grids and smart meters is driving the market growth. With the rise in energy demand and ageing electricity infrastructure, governments across the world are specializing in the modernisation of energy grids by adopting smart grid solutions. Further, various governments are undertaking modernisation drive to upgrade their power grid. this is facilitating the demand for energy efficiency solutions, and consequently boosting the market growth of energy management systems.
Key Market Players
The major players in the market are Mitsubishi Electric Corporation, Delta Electronics, Inc., General Electric Company, Schneider Electric SE, ABB Ltd., Honeywell International Inc., and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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