The “Global Energy Management System (EMS) Market, by Deployment (Cloud Based, and On Premise), by Vertical (Automotive, Building Automation, Oil & Gas, Manufacturing, Pharmaceutical, Power and Energy, and Others (F&B, Government etc.)), by Software (Utility Energy Management, Industrial Energy Management, Enterprise Carbon and Energy Management, and Residential Energy Management) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Forecast to 2027”, is expected to exhibit a CAGR of 14.8% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights
An energy management system is a database of information that deals with energy usage, resources, financial data, and other essential factors that assist organizations in monitoring, analyzing, and controlling applications. The data analyzed in this process can be historical or can be real-time. EMS is typically used by large enterprises to track and monitor the energy usage in their facilities. The constant monitoring and optimization of equipment energy use and predictive maintenance scheduling facilitate organizations to reduce maintenance costs and extend the life of energy-consuming assets. Currently, enterprises are required to monitor and analyze their performance in a number of ways
The global energy management system (EMS) market was valued at US$ 9,224.6 Mn in 2019 and is expected grow at a CAGR of 14.8% during the forecast period (2019-2027).
Strengthening of company and brand value is expected to drive growth of the global energy management system (EMS) market during the forecast period
Maintaining environmental sustainability has become a worldwide concern, which has compelled investors, customers, and suppliers to take decisive steps regarding environmental sustainability. Many organizations are involved in developing sustainability goals are investing significantly in sustainability management solutions, in order to enhance their brand value and reputation. Furthermore, enterprises try to avoid failing to resonate with what their major stakeholders feel is important, as this will adversely impact their brands and ultimately their business. According to International Standardization Organization (ISO), companies seeking certification such as international standard ISO 50001 for Energy Management System has been increasing globally. Considering 2017 as the base year, certifications increased by 77%. The demand for certification is increasing because market players are focusing on establishing a good brand image and also to sustain in a highly competitive scenario.
Providing compressive and end-to-end solutions to customers is expected to pose lucrative business opportunity for market players
With SMEs demanding software solutions that are simple, convenient, and offer value for money, delivering choices in buying options can create potential revenue opportunities for Energy Management System vendors. Offering an end-to-end customer experience in line with industry standards and showing progressive elaboration with the service with respect to technology, processes, and service levels can help vendors to expand SME customer base.
Lack of awareness regarding environmental programs are expected to restrain growth of the global energy management system market over the forecast period
Although large organizations often implement energy management system in their facilities, small and mid-sized organizations show passive attitude towards these initiatives. This trend is majorly observed emerging economies where there is lack of awareness among small enterprises. Moreover, in these economies, regulatory policies regarding environmental protection are unique from the economic planning processes and incorporation of environmental initiatives into economic planning is not achieved yet. Hence, these factors are expected hider the global energy management system market growth over the forecast period.
Smart meter is a type of electricity and gas meter, which can automatically send the meter readings to energy suppliers. Smart meters also facilitate users to understand their energy consumption pattern and also displays related data in the display. For instance, In November 2016, (DCC) the Data and Communications launched a consultation on proposals for enrolling the first generation of smart meters (SMETS1) into its systems. According to the U.K. Government, in September 2016, 4.9 Mn smart and advanced meters were operating in businesses and homes across Great Britain, and the country.
Previously, IT applications in the market for environmental use, safety, risk, and product stewardship were relatively limited. However, increasing complexity and strict regulatory policies regarding environments, homegrown IT infrastructure, and various solutions that were initially developed for sustainability and energy management tasks, were unable to provide the desired results. Furthermore, organizations use sustainability and energy management data to transform processes, products, and related practices and integrate sustainability into each stage of their business operations. Vendors are seeking to capitalize on the adoption of these advanced technologies to offer visibility of environmental and sustainability related data, which in turn is driving growth of the global market for energy management solutions.
Key companies operating in the global energy management system (EMS) market are Schneider Electric SE, Asea Brown Boveri (ABB) Ltd., Eaton Corporation PLC, Cisco Systems, Inc., CA Technologies, General Electric Company, Emerson Process Management, Honeywell International, Inc., Siemens AG, and International Business Machine Corporation.
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.