(Wireless-NewsWire.Com, December 19, 2019 ) According to research report "Energy Management System Market by Software (Utility, Industrial, Residential, ECEM), Device (In-House Display, Smart Thermostat, Smart Plug, and Load Control Switches), Application, Solution, Vertical - Global Forecast to 2021", The EMS market size is expected to grow from USD 32.41 Billion in 2016 to USD 76.75 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.8% during 2016–2021.
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The major drivers for the upsurge in demand for EMS technology are mandatory regulations and policies, energy incentive programs, increasing concern for reducing carbon footprints, smart grid technology adoption, digitization of energy infrastructure, and need for centralized gird distribution management and control.
Utility EMS software estimated to dominate the EMS software market share during the forecast period”
The utility segment is estimated to have the largest market share among EMS software. The emergence of cloud platform, declining cost of IoT components, regional government initiatives for smart grid roll-out, necessity of operational efficiency for utilities are driving the demand for utility EMS software across the globe. However, adopting the utility software is still a challenge in some regions due to poor infrastructure and cyber threats. Lack of technological awareness and apprehensions regarding privacy & security have raised a number of concerns for the retailers, thereby hindering the adoption of smart solution in the utility industry.
“Increasing consumer’s interest in efficient energy management and increasing need to improvise the utility sector are driving the growth of home energy management system application”
According to MarketsandMarkets analysis, although today the Home Energy Management System (HEMS) market shows slow Year-Over-Year (Y-o-Y)growth potential, the market will most likely achieve a winning imperative towards the end of the forecast period as new and more efficient technological solutions will be introduced in the market. Moreover, the winning imperatives will be more beneficial for vendors that offer open architecture and user-friendly products. The increasing energy demand, price volatility, government mandates, and increased spending over EMS are considered as the influential growth drivers for the HEMS market.
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“North America is the leading region in terms of market share in the EMS market space”
North America is expected to hold the largest market share and dominate the smart grid market from 2016 to 2021. The government has been actively involved with the energy efficiency and management standards for the residential sector, while the public and investor-owned utilities are also considering reducing the energy cost and consumption as a major priority factor in their management strategies. This has pushed the residential energy management market toward the growth phase.
The leading players in this market are ABB Group, Cisco Systems, Inc., General Electric Company, Honeywell International, IBM Corporation, Schneider Electric SE, Siemens AG, CA Technologies, Eaton Corporation, and Emerson Electric Company.
Mr. Shelly Singh