In 2017, the energy management system (EMS) market generated a revenue of $39,520.0 million and is projected to advance at a 19.3% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the stringent government regulations and government incentives, electrical energy price volatility, and growing adoption of EMS in building automation. An integrated system which is designed for enabling automated monitoring and control of the energy devices in a building, such as lighting, heating, and ventilation, is referred to as EMS.
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On the basis of component, the EMS market is divided into field equipment, communication systems, software, control systems, other hardware, and sensors. Out of these, the software category dominated the market during the historical period (2013–2017) and is predicted to retain its position during the forecast period. The category is further classified into enterprise carbon & energy management, utility EMS, residential EMS, industrial EMS, and others (including energy trading & risk management software and energy modeling software).
The utility EMS classification accounted for the major share of the market during the historical period. When vertical is taken into consideration, the EMS market is categorized into manufacturing, telecom & IT, retail, healthcare, power & energy, office & commercial buildings, education, residential, and others (which include government, banking, financial services & insurance, and hospitality).
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Among all these, the power & energy industry held the largest share of the market during the historical period and is further expected to dominate the market during the forecast period. This is due to the abundant generation of energy and sale of electricity for different applications, such as mining and manufacturing.
A primary driving factor of the EMS market is the growing adoption of EMS in building automation. Consumers are increasingly becoming concerned regarding the soaring energy cost and thus are adopting EMS solutions. EMS aids organizations in optimizing the performance of the building by gaining full control over the building energy consumption and its cost. In addition to this, the governments in different regions, such as Middle East and Africa and Asia-Pacific, are focusing on showcasing the benefits of EMS through social media in order to increase their adoption.
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