Pune, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The global energy management system market is likely to gain momentum from numerous benefits, namely, profitability, less operation cost, and improved productivity. Fortune Business Insights, in a published report titled “Energy Management System Market, Size, Share, and Global Trend By Type (System, Services), By End-User (Oil and Gas, Manufacturing, Building Automation, Energy and Utilities, Automotive, Pharmaceutical, and Others) and Geography Forecast till 2026,” states that the global market is anticipated to reach US$ 48,901.1 Mn by the end of 2026, thereby exhibiting an impressive CAGR of 13.7% during the forecast period (2019 – 2026). Fortune Business Insights further mentions that the global market was valued at US$ 18,269.6 Mn in 2018.
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The Report Consists of the Following:
- In-depth analysis of all the regions to examine the upcoming opportunities in these areas.
- Profiles of companies and the analysis of their strategies to aid the clients in understanding the competitive landscape of the market.
- Accurate monitoring of the top enterprises operating in the market.
- Elaborate analysis of the dynamics and trends of the market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Drivers & Restraints-
Rising Usage for Sustainable & Green Energy to Drive Growth
Energy management systems aid the companies in reducing cost as the prices of energy are inflating at a fast pace. It also helps in lowering the emission of carbon in the atmosphere, as well as in promoting the usage of sustainable green energy. It further results in the reduction of risks by controlling the usage of energy with the help of advanced energy management systems. Apart from that, the utilization of smart grids has proven to be beneficial as they detect fraud, reduce balancing costs, lower energy losses, optimize utility bills, and enhance customer service. Apart from that, the rising focus of the companies on the digitization of infrastructure, as well as advancements in cloud computing platforms would propel the energy management systems market growth in the coming years.
Oil & Gas Segment to Grow Rapidly Stoked by Need for Reducing Emission of Carbon
In terms of end user, the market is fragmented into pharmaceutical, automotive, energy & utilities, building automation, manufacturing, and oil & gas. Out of these, the oil & gas segment procured 16.8% energy management systems market in 2018. This sector mainly consists of activities, such as marketing, processing, and extracting fuels. The prominent companies present in this sector are investing hefty amounts of money in implementing unique technologies in their processes. They are also planning to invest more in state-of-the-art energy management systems in the near future as these systems help in lowering the intensity of carbon.
North America to Lead Backed by Introduction of Energy Efficiency Goals
North America held USD 6952.41 million in terms of revenue in 2018 and is set to lead the market throughout the forthcoming years. This growth is attributable to the emergence of energy efficiency goals, as well as energy efficiency resource standards in various states. The U.S. possesses a well-developed market for energy certifications and energy analytics. Some of the industries based in North America are pressurized by the regulatory bodies to curb the environmental issues. These factors would drive growth of the market in this region. Europe is anticipated to remain in the second position owing to the implementation of stringent measures by the European Union to promote energy efficiency.
Key Players Focus on Innovative Product Development to Strengthen Position
The market is highly competitive with the presence of a large number of enterprises. Companies, such as Eaton and Honeywell are focusing on developing unique energy management systems for the organizations for maintaining an efficient workflow. Below are two of the recent industry developments:
- May 2019: Eaton unveiled its new frequency response energy management solution called ‘Energy-Aware.’ It is equipped with the company’s state-of-the-art reserve power technology. The new product is meant for those organizations that use large amounts of electricity. It would help in stabilizing the grid and thus, provide renewable power.
- June 2019: Enel X and Panasonic Solar teamed up to commercialize the solutions for corporate and domestic generation from highly efficient renewable sources at an affordable rate.
List Of Key Companies Profiled In Energy Management Systems market Are:
- Cisco Systems Inc.
- IBM Corporation
- Rockwell Automation Inc.
- General Electric Co.
- Honeywell International Inc.
- Tendril Networks Inc.
- Mitsubishi Electric Corporation
- Schneider Electric SE
- SAP SE
- Enel X
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Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Energy Management System Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Type (Value)
- Home Energy Management System (HEMS)
- Building Energy Management System (BEMS)
- Industrial Energy Management System (IEMS)
- Monitoring & Control
- Implementation & Integration
- Consulting & Training
- By End-User (Value)
- Oil and Gas
- Building Automation
- Energy and Utilities
- By Geography (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Type (Value)
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