Energy Management System Market size worth over $45 Bn by 2026
Published Date: November 2, 2020 Authors: Ankit Gupta, Asmita Semwal
Energy Management System Market size is set to exceed USD 45 Billion by 2026, according to a new research report by Global Market Insights, Inc.
Energy management system market growth is owing to rising industry inclination toward sustainable development and energy conservation. Escalating electricity demand driven by exponential population growth across developing and developed nations coupled with availability of incentives comprising duty drawback and energy credits will fuel the market share. Adoption of stringent regulations and norms focused at limiting GHG emissions and driving the overall energy efficiency is anticipated to complement the business landscape.
Industrial Energy Management System (IEMS) segment is projected to witness high demand due to shifting industry focus toward deployment of energy efficient units in order to curb the total operating cost
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IEMS will observe substantial growth till 2026 on account of increasing demand led by wider applicability across majority of industry operations. Ongoing industrialization in conjunction with growing infrastructure expansion impelled by escalating project funding is predicted to encourage the market value. Availability of incentives coupled with favorable government initiatives aimed at development of smart establishments integrated with building controls will further augment the market revenue.
IT application is expected to grow at a steady pace in consequence of Industrial Revolution 4.0
IT application in the energy management system market will showcase significant growth during the forecast timeframe propelled by ongoing industrial revolution 4.0 which facilitates intelligent networking of processes and machines with an aid of Information and Communication Technology (ICT). The advent of newer digital industrial technologies has made it possible to collect and interrogate data across machines thereby enabling more flexible, faster and efficient processes. Increasing cost pressure owing to highly competitive business environment and ability of these units to offer minimum operation cost will positively influence the product implementation.
Browse key industry insights spread across 308 pages with 366 market data tables & 48 figures & charts from the report, “Energy Management System Market Size By Service (IEMS, BEMS, HEMS), By Component (Metering and Field Equipment, Hardware, Software, Networking Device, Control Systems, Sensors), By End-User (Power and Energy, IT, Manufacturing, Enterprise, Healthcare) Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Ongoing digitalization across emerging economies on account of increasing investments
Brazil energy management system market is poised to experience significant gains between 2020 and 2026 due to shifting end user inclination toward adoption of energy efficient systems. Ongoing digitalization following the escalating electricity consumption has forced the respective governments to encourage power conservation thereby strengthening the business landscape.
Australia region will be estimated to register growth through 2026led by booming renewable sector and large-scale adoption of solar plants. Technological system upgradations along with favorable government incentives aimed at achieving energy procurement and independency from fossil fuels will further boost the product adoption.
Prominent companies operating in the market include NX Technologies, Toshiba, Eaton, Mitsubishi, Ingersoll Rand, Johnson Controls, Siemens, General Electric, ABB, ENGIE Impact, C3.ai, IBM, Honeywell, Schneider Electric, Optimum Energy, Rockwell Automation, GridPoint, Telkonet, Dexma Sensors, and Emerson Electric amongst others. The key manufacturers are focused at providing updated and technology integrated units to their customers in order to sustain their competitive advantage.
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