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(Hosting-NewsWire.com, October 23, 2019 ) Market Overview:
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The l Energy Management Systems Market expected to reach $XX billion by 2026, at a CAGR of over 10% during the forecast period. Factors such as increased investments for smart cities globally and modernization of aging infrastructure will further result in for double-digit growth in the global market over the forecast period.
The Energy Management Systems Market growth is primarily driven by the growing need for rapid advancements in technology for efficient energy procurement and energy usage. Therefore, helping in gaining competitive advantage and increasing productivity at a reduced energy cost. Moreover, strict government mandates and regulations with the objective to reduce carbon footprint along with increasing demand for electricity will stimulate the product installation.
Based on services, the Energy Management Systems Market can be classified into Monitoring & Control, Implementation & Integration, Maintenance, and Consulting & Training. In 2018, Monitoring & Control segment accounted for the majority share in the market and was expected to retain its dominant position over the forecast period.
Based on application, the
Energy Management Systems Market can be classified into Building EMS, Home EMS, and Industrial EMS. In 2018, Building EMS accounted for the major share in the market. EMS helps office spaces and other commercial buildings for reduction of their operating costs. In addition, growing focus toward monitoring and controlling load fluctuation, and equipment performance coupled with rapid urbanization is expected to drive the segment growth over the forecast period.
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Geographically, the market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
In 2018, North America accounted for the majority share in the market. 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.
APAC is expected to post higher CAGR over the forecast period. The growth in the industry is mainly due to rapid industrialization, highly flourishing residential and commercial building sectors and growing middle-class population and spending power coupled with rising awareness for EMS, that leads to the increasing demand for EMS in the region.
Some major players in the market are ABB Group, Cisco Systems, Inc., General Electric Company, Honeywell International, IBM Corporation, Schneider Electric SE, Siemens AG, CA Technologies, Eaton Corporation, Emerson Electric Company, and among others.
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