The global energy management system market is likely to gain momentum from numerous benefits, namely, profitability, less operation cost, and improved productivity. Fortune Business Insights, in a published report titled “Energy Management System Market, Size, Share, and Global Trend By Type (System, Services), By End-User (Oil and Gas, Manufacturing, Building Automation, Energy and Utilities, Automotive, Pharmaceutical, and Others) and Geography Forecast till 2026,” states that the global market is anticipated to reach US$ 48,901.1 Mn by the end of 2026, thereby exhibiting an impressive CAGR of 13.7% during the forecast period (2019 – 2026). Fortune Business Insights further mentions that the global market was valued at US$ 18,269.6 Mn in 2018.
As per the report, extreme completion amongst the energy suppliers, increasing awareness regarding the environmental concerns, such as global warming, and surge in the prices of oil are few of the major factors that have attracted numerous public and private enterprises as well as the governments of several countries to invest huge sums to increase the global energy management system market sales. Additionally, the newly developed energy management solutions would aid in the wise use of renewable and non-renewable energy resources across the world. Enterprises would also be able to identify and improve the excessive wastage of energy through an enhanced energy management process.
Valued at US$ 6952.4 Mn, North America Energy Management System Market to Exhibit Notable Growth
The global energy management system market is geographically divided into Asia Pacific, the Middle East and Africa, Latin America, North America, and Europe. Amongst these, North America energy management system market revenue stood at US$ 6952.4 Mn in 2018. Fortune Business Insights predicts that the region will retain its position throughout the forecast period. It is likely to occur as numerous states in this region have begun introducing the latest energy efficiency goals. They have also started proposing energy efficiency resources standards. The energy management system market in the U.S. will witness persistent growth during the forecast period owing to the growth of energy certifications and energy analytics. Moreover, several industries have started facing social pressures due to environmental hazards. They are hence, preserving a certain amount of energy for business and building practices. For all these activities, energy management is vital.
Enel X Collaborates with Panasonic Solar to Engage in the Commercialization of Solutions
Eaton, a multinational power management company, based in Ireland, announced the launch of Energy Aware, its latest frequency response energy solution in May 2019. The solution aids in enhancing energy-intensive industries to support the stabilization of grids that would further generate more renewable power. The solution is specially meant for those organizations that use a large amount of electricity, namely industrial and commercial facilities that include manufacturers, airports, data centers, etc. The company’s technologically advanced Energy Aware solution will support low carbon future through energy market participation. Innovative solutions developed by leading companies will bode well for the overall energy management system market growth.
Recently, in June 2019, Enel X, one of the largest providers of demand response worldwide, based in the U.S., announced its partnership with Panasonic Solar, a prominent developer of high-efficiency solar panels. The main aim of this collaboration is to commercialize the solutions for corporate and domestic generation at an affordable rate from proficient renewable energy sources.
Fortune Business Insights has profiled some of the leading companies operating in the global energy management system market. They are Tendril Networks Inc., Mitsubishi Electric Corporation, IBM Corporation, Eaton, Siemens, Rockwell Automation Inc., Cisco Systems Inc., Honeywell International Inc., SAP SE, General Electric Co., Enel X, Schneider Electric SE, and other key market players.
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