In a recent published report, Kenneth Research has updated the market report for Energy Management System Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Energy Management System Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Energy Management System Market is estimated to reach $134 billion by 2024; growing at a CAGR of 17.9% from 2016 to 2024. Energy management systems are mainly used to measure, monitor, and control the transmission system and generation. Various applications of energy management systems such as power and energy, manufacturing, retail and offices, telecom and IT, strict government guidelines and policies, rising awareness about reducing carbon footprints, government energy incentive plans for industrial sector, and high adoption for home energy management & building energy management are mainly driving the energy management system market. Technical improvements like development of small signal analysis & CRAS in EMS, which lead to improved energy-efficiency, low cost and low carbon foot print are expected to offer immense potential for the growth of the market over the forecasted period.
Major factors driving the energy management system market are increasing energy usage and price instability, growing responsiveness regarding carbon footprint management, and rising inclination to effective energy management. However, scarce financial resources, and huge initial cost may hamper the market growth. Furthermore, renewal of old infrastructure, and increasing number of smart cities ventures in developing countries would unfold with numerous growth opportunities in the forecasted years.
Major segments of the global energy management system market are type, vertical, end user, components, and geography. The energy management system market is categorized by type as industrial energy management system (IEMS), building energy management system (BEMS), and home energy management system (HEMS). Furthermore, market is segmented based on vertical as power and energy, manufacturing, retail and offices, telecom and IT, healthcare, and other verticals. Further, end user comprises commercial and residential. The market is segmented by components into sensors, controllers, software, and other components.
Based on geography, global energy management system market is segmented into North America, Europe, Asia Pacific, Rest of the World (RoW) North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of UK, Russia, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key market players operating in the market are General Electric Company, Cisco Systems, Inc., Honeywell International, Inc., Asea Brown Boveri (ABB) Ltd., Schneider Electric SE, Siemens AG, International Business Machine Corporation, Eaton Corporation PLC, CA Technologies, and Emerson Electric Company, among others.
The key takeaways from the report
The report will provide detailed analysis of Energy Management System Market with respect to major segments such as type, vertical, end user, and components
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
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Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Energy Management System Market has been included in the report
Profile of the key players in the Energy Management System Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Energy Management System Market
Industrial Energy Management System (IEMS)
Building Energy Management System (BEMS)
Home Energy Management System (HEMS)
Power and Energy
Retail and offices
Telecom and IT
End User Segments
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Rest of Europe
Rest of Asia-Pacific
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