August 21, 2018 - 4:24 AM EDT
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Global Energy Management Systems Market to 2023: Analysis by Type of Energy, Component, Industry Vertical, and Geography - ResearchAndMarkets.com

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The "Global Energy Management Systems Market - Segmented by Type of Energy (HEMS, BEMS), Components (Hardware, Software, Services), Industry Vertical and Geography - Growth, Trends and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

The global energy management systems market was valued at USD 37.26 billion in 2017 and is projected to reach a value of USD 105.86 billion by 2023, at a CAGR of 19.01% over the forecast period, 2018-2023.

Owing to the increasing use of smart grid services, growing competition among industrial enterprises, and supporting government policies and incentives associated with energy efficiency, the market is expected to witness considerable growth in the future.

Currently, the world faces the problem of energy security and inefficient access to electricity because of which various initiatives are being taken to effectively manage the energy sources. Due to the increasing environmental concerns regarding extinction of conventional energy sources, it is necessary to shift toward the use of renewable energy sources. These concerns call for efficient energy management, which has prompted many countries to generate electricity through renewable sources.

China emerged as the leader in the installed renewable energy capacity industry in 2016, with a combined capacity of 545.21 gigawatt. However, lack of skilled personnel challenges the market from growing exponentially.

Key Highlights

  • Increasing Usage of Smart Grids Will Drive the Market Growth
  • Manufacturing Industry Will Account for a Significant Share
  • North America is Expected to Lead the Market with the Largest Share

Developments in the Market

  • Aclara, which is a leading supplier of smart infrastructure solutions to electric, gas and water utilities, had acquired GE's majority equity position in General Electric Philippines Meter and Instrument Co.
  • ABB and IBM collaborated in industrial artificial intelligence solutions.
  • Schneider Electric collaborated with ENGIE, to digitize the energy sector.

Companies Featured

  • IBM Corporation
  • Rockwell Automation Inc.
  • Siemens AG
  • Schneider Electric Co.
  • Cisco Systems
  • Eaton Corporation
  • Honeywell International Inc.
  • CA Technologies SAP
  • General Electric Co.
  • Tendril
  • Utilities Direct
  • EnergyCAP
  • EnerNOC Inc.

For more information about this report visit https://www.researchandmarkets.com/research/dh82xx/global_energy?w=4

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Related Topics: Utilities, Electricity


Source: Business Wire (August 21, 2018 - 4:24 AM EDT)

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