ENERGY MANAGEMENT SYSTEM MARKET TO REACH USD 110.4 BILLION BY 2024 | CAGR 18.8% – FORENCIS RESEARCH

Global Energy Management System Market: Key Highlights

• According to the new market research report “Energy Management System Market by Type (Building and Energy Management System (BEMS), Cluster Energy Management System (CEMS), Home Energy Management System (HEMS), Retail Energy Management System (REMS), Factory Energy Management System (FEMS)), by Material (Metallic, Non-metallic), by Component (Hardware, Software, Service),by Solution (Demand Response Management System, Carbon Management System, Utility Billing and Customer Information System), by End-User (Energy and Power, IT & Telecom, Manufacturing, Chemical, Transportation, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2024)”, the global Energy Management System market is estimated to reach USD 110.4 Billion by 2024 at a CAGR of around 18.8% during the review period.
• Energy Management system helps to keep track on energy consumption and monitor the areas and helps to improve the energy efficiency.
• Increasing manufacturing activities, rising population, increasing disposable income and structural shift in industrial sectors in emerging economies has increased the energy consumption which has led to the increase in usage of energy management system.
• Increase productivity, helps to gain competitive advantage, reduce energy cost are some of the factors gaining the popularity of energy management system.

Global Energy Management System Market: Key Market Dynamics

• Growing investment in industrial sectors and inclination towards advanced technology along with volatile energy prices has expected to boost the demand for energy management systems
• Stringent regulations imposed by government for players operating in various sectors to manage the energy efficiently and growing environmental concerns with industrialization has anticipated to surge the market growth
• Lack of skilled expertise, longer payback period for developing projects, and financial barriers are some of the key challenging factors for the energy management system market

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Global Energy Management System Market: Regional Overview

• North America

The Energy Management System market in the North American region is projected to witness high demand owing to the well established infrastructure network and adoption of energy management systems in various industrial sectors. According to USAFacts, in 2019 the federal government of United States spent USD 29 billion on infrastructure and transferred additional USD 67 billion for infrastructure development spending to states. However, increasing infrastructure activities in the regions is expected to boost the product market growth.

• Europe

Europe is expected to witness steady growth in energy management system during the forecasted period due to expected to witness decent growth owing to favorable government projects such as Neighborhood Oriented Brokerage and Electricity and monitoring systems. Additionally, high demand to curtail power losses in countries such as France, Germany, and the U.K. is further expected to propel the market growth in the region.

Global Energy Management System Market: Key Players Overview

• ABB:

ABB is one of the leading global engineering company and has operates through business like Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation. The company holds approximately 33,500 patent applications and registrations. In November 6, ABB partnered with Verdigris Technologies and has developed artificial intelligence (AI) to help commercial and industrial buildings revolutionize their energy management and tackle rising electricity tariffs. The company has added two new AI applications namely Energy Forecasting and Intelligent Alerts.

• Honeywell International Inc.:

Honeywell International Inc. is a US-based company engaged in the invention and commercialization of technologies for overcoming the challenges across energy, safety, security, productivity, and global urbanization. It operates through major business segments, i.e., aerospace, Honeywell building technologies, performance materials and technologies, and safety and productivity solutions.

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