27 May 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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