Energy Management Software Market Analysis, Challenges, and Growth Opportunities
12 June 2019, Global energy management software market is anticipated to grow at a significant CAGR of 10.01% in the forecast period due to the increase in demand for reduction in operational prices. Energy management software refers to a system that is designed specifically for the automation, control, and monitoring of different activities of all types of infrastructures. The software is designed to reduce energy consumption, enhance the system utilization, improve reliability, forecast electrical system performance and manage energy use to curb expenses.
The market is witnessing growth due to their features like help in increasing productivity, obtain competitive advantage, and lessen energy prices. Moreover, government regulations regarding conservation of energy and low availability of fossils are attracting the attention of market players. Every industry requires energy management system and hence, owing to the increasing number of industries, the demand for EMS also increases, thereby affecting energy management software market.
However, lack of skilled labor, fragmented stakeholders, and monetary barriers are hampering the growth of the market. Nevertheless, the trend affecting energy management software market is the increasing acceptance of cloud-based solutions by the emerging economies as well as developed nations. The cloud-based solutions are highly flexible with intensifying capacity possess greater scalability, which are beneficial to the manufacturing units and the SMEs in terms of cost-effectiveness.
The market is categorized on the basis of type, components, offerings, services, application, end user and geography. On the basis of type, market is divided into building energy management systems, home energy management systems and industrial energy management systems. Industrial energy management software market is predicted to hold larger share of the market owing to government funding.
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On the basis of services, market is divided into implementation & integration, monitoring & control, maintenance, and consulting & training. Monitor and control segment leads the market due to its efficiency and potential opportunities. Based on application, market is divided into enterprise, manufacturing, telecom & IT, healthcare, power & energy and others. Power & energy segment is expected to lead the market in the years to come owing to increasing application.
In terms of end user, market is bifurcated into commercial and residential segment. Commercial segment is anticipated to register significant growth in the near future owing to increasing industrialization and focus on achieving efficiencies by reducing energy consumption prices that proliferates demand for energy management software in the segment.
Geographically, market is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America followed by the developing economies from Asia Pacific region are expected to dominate energy management software market owing to the government initiatives, growing urbanization and progressing industrial segment.
The major players in energy management software market are General Electric, IBM, Cisco, Honeywell International, Schneider Electric Co., Siemens AG, Eaton Corporation, CA Technologies, SAP, Tendril, Utilities Direct, Elster Group., EnergyCAP, EnerNOC Inc., among others.
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