Energy management system is a combination of computer-aided tools, which consists of software and hardware control systems designed to monitor or manage energy consumption and usage in buildings. Its main aim to optimize the whole energy consumption process in buildings, reduce utility costs and improve the utilization of electrical system and. It includes power, security systems and fire.
According to study, “Global Energy management system Market Size study, by device (Smart thermostats, In-house display , load control switches and smart plugs) Software (Industrial energy management system, Utility Energy management system , Residential energy management system , Enterprise carbon and energy management and others) Application (Building Energy Management system and home energy management system) Vertical (Telecom and IT, Power & Energy, Manufacturing, Office and commercial building and Municipal, University, school and hospital system) Solution (demand response management , carbon management system and utility billing and customer information system) and Regional Forecasts 2018-2025” the key companies operating in the global energy management system market are Siemens AG, General Electric Company, International Business Machine Corporation, Emerson Electric Company, Tendrill Networks Inc., Asea Brown Boveri (ABB) Ltd., Cisco Systems, Inc., Schneider Electric SE, CA Technologies, Honeywell International, Inc., Eaton Corporation PLC,
Based on components, energy management system market is segmented into display devices, software, controllers, sensors, batteries and others. Based on devices, market is segmented into in-house display, smart thermostats, smart plugs and load control switches. Based on product type, market is segmented into Building Energy Management Systems (BEMS), Industrial Energy Management Systems (IEMS), Home Energy Management Systems (HEMS) and others. Based on solution, market is segmented into demand response management, carbon energy management and utility billing & customer information system. Based on services, market is segmented into consulting & training, monitoring & control, maintenance and implementation & integration. Based on end-use industry, market is segmented into healthcare industry, office & commercial building, telecom & IT industry, enterprise industry, manufacturing industry, power & energy industry and others.
The energy management system market is driven by rise in demand for energy efficiency, followed by growth in adoption of Internet of Things (IoT), rise in policy as well as regulatory mandate & incentive program and cloud-based platforms, rapid developments in the wireless sensor network platform & cloud computing, increase in price volatility and growth in installation of renewable in industry. However, high cost of initial investment & longer payback period and risk to data security may impact the market. Moreover, growth in oil & gas sector, rise in offshore support vessels and increase in distributed power generation are key opportunities for market.
Based on geography, the North-American region dominates the energy management system market owing to high adoption of energy management system in various verticals including retail & manufacturing in the region. Whereas, Asian-Pacific region is estimated to exhibit highest growth rate due to rapid urbanization and favorable government initiatives in terms of tax incentives & rebates to promote the deployment of energy management system over the forecast period. In upcoming years, it is predicted that future of the market will be bright as a result of rise in modernization of aging infrastructure along with smart cities projects during the forecast period. It is expected that the market will be reached at US $152.8 billion by 2025.
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Ankur Gupta, Head Marketing & Communications