Energy Management Systems Market Experiences Boost as New Products hit the Market
PORTLAND, Oregon and PUNE, India, July 2, 2018 /PRNewswire/ --
Energy management systems (EMS) is among one of the innovative technologies emerging over the past few years. It enables organizations to gather real-time information on the usage of energy through tracking, assessment, and visualization. EMS is gaining prominence owing to effective management of the energy which resulted in increased productivity and reduction of costs. Small as well as mid-level enterprises have determined the importance of these systems and begun deploying them. Moreover, the government initiatives for energy consumption have enforced organizations to implement these systems in their plants. According to the report published by Allied Market Research, the global energy management systems market garnered $25.9 billion in 2016 and is estimated to garner $62.3 billion by 2023, registering a CAGR of 13.5% from 2017 to 2023.
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The report segments the global energy management systems market based on offerings, services, component, type, end user, market verticals, and regions. Offerings by EMS include systems and services. The services segment contributed the highest share in the industry and expected to remain dominant during the forecast period. Based on components, the report segments the market into sensors, software, controllers, and others. Services segment is further classified into implementation & integration, monitoring & control, maintenance, and consulting & training. Monitoring & control segment contributed to a market share of 39.1% in 2016 and expected to maintain its dominance during the forecast period.
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The research segments type into building energy management systems, home energy management systems, and industrial energy management systems (IEMS). The IEMS segment is expected to grow at a CAGR of 12.0% during the forecast period. The end users analyzed in the report include residential and commercial. The commercial segment would register a CAGR of 15.6% from 2017 to 2023. Depending on market vertical, the industry is classified into power & energy, manufacturing, telecom & IT, healthcare, enterprise, and others. The power & energy segment would register a CAGR of 12.2% during the forecast period after dominating the global market in 2016. Based on region, the industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2016, North America contributed to the highest share of the global market based on revenue and contributed to about 42.24% of the global market. Asia-Pacific region would register a CAGR of 17.9% during the forecast period.
The global energy management systems market is driven by factors such as an increase in inclination toward energy efficiencies, volatility in energy prices, and supportive regulatory mandate and incentive programs by governments. However, high initial cost and a long time required for returns would restrain growth in the market. Market players have been trying to implement new technologies into their product offerings and launching new products with innovative features.
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Recently, GoodWe launched its smart energy management system (SEMS) for monitoring and visualizing different kinds of power plants. The prime objective of the SEMS is to enhance O&M efficiency through implementation of an intelligent warning system. This system would offer a rapid troubleshooting solution to power plants that are not performing as per expectations. In addition, SEMS creates customized charts and tables to help with data analysis. This system would enable customers to determine how their power plants are performing through the web or smartphone application. This data analysis would help in efficient management of their systems.
The new product launches have provided the boost to the global energy management systems market. Industry players have been trying to gain major market share through the launch of new features in those products. Facility Solutions Group (FSG) launched Clarity, its energy management system at the 2018 Southwest Fuel and Convenience Expo. This system enables real-time analysis and monitoring of enterprise-level building systems. The energy in these buildings systems can be managed with the help of Clarity's console and accessed through desktop or mobile phone. FSG's around the clock support team would monitor and troubleshoot systems remotely as the need arises.
The other major players operating in the market include C3 Energy, DEXMA, Delta Electronics Inc., GrindPoint Inc., General Electric Company, Johnson Controls International PLC, Honeywell International Inc., Siemens AG, Schneider Electric S.E., and Yokogawa Electric Corporation.
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