Global Energy Management System Market Predicted to Gain Revenue of $83,784.3 Million by 2026 at a Steady CAGR of 12.8% - Exclusive Report [Pages-250] by Research Dive
23 June 2021
New York, USA, June 23, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global energy management system market is expected to observe an increase in revenue from $31,966.1 million in 2018 to over $83,784.3 million by 2026 at a stable CAGR of 12.8% from 2019-2026.
Recently, there has been a rise in awareness about the energy management systems owing to various benefits associated with it. In addition, the swift growth of well-organized healthcare and retail sector has resulted in the growing demand and usage of energy management systems. These factors are expected to drive the growth of the global energy management systems market during the analysis period.
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On the other hand, the higher cost of installation along with a varying price range of the renewable energy management system is expected limit the growth of the market. To add further, many organizations are making the switch to commercialized energy for the completion of their operations. The unavailability of stakeholders along with the basic level of expertise in handling the energy management systems further expected to be a hindrance to the growth rate of the market.
Industrial Energy Management Sub-segment to Hold Highest Market Share
By type, the industrial energy management sub-segment garnered revenue of over $15,343.7 million in 2018 and is expected to rise further at a stable CAGR OF 12.2% in the analysis period. The industrial sector requires observation of every minute process that the workers are involved in each day. But, by implementing energy management systems, an organization can help in cutting the operating cost while also lowering the energy cost.
Manufacturing Sub-segment to Dominate the Market
By end use vertical, the manufacturing sub-segment garnered revenue of $9,430.0 million in 2018 and is predicted to witness a steady rise at a CAGR of 12.6% in the forecast period. The manufacturing sector is one of those industries that works overtime and hence requires constant observation for any energy fluctuation that may occur. The energy management system works on the monitoring process while also giving the user an idea of how much energy is being used to ensure that it is utilized in an optimized manner. This is further expected to propel the growth rate of the global energy management system market.
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Commercial Sub-segment to Propel the Growth of the Market
By end use, the commercial sub-segment garnered revenue of $23,143.5 million in 2018 and is predicted to rise further at a CAGR of 12.5%. In most instances, the security, scheduling of lights, working on monitoring and more of these tasks are done using the energy management systems. This is expected to help in the rapid growth of the market.
The North America region garnered a revenue of $8,630.8 million in 2018 and is expected to rise further at a CAGR of 13.0% in the analysis period. One of the primary factors for the region’s contribution to the market growth is the multiple investments from notable tech organizations along with the presence of a booming economy. This is expected to further add to the growth of the market.
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Key Players of the Market
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
- C3 Energy
- Honeywell International Inc
- Tata Power
- Emerson Process Management
- Schneider Electric S.E.
- General Electric Company
- Toshiba Corporation
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. For instance, in February 2021, C3 AI or C3 Energy, a provider of enterprise AI solutions, partnered with Shell, a producer and manufacturer of renewable energy resources; Baker Hughes, a pioneer in energy technology; and Microsoft, a global leader in technology. This partnership resulted in the launch of the Open AI Energy Initiative, which is expected to provide energy solutions using artificial intelligence. It is also expected to function as a framework for all resources in energy services such as energy operators and equipment providers and uses the BHC3 AI Suite and Microsoft Azure for its functioning.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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