Energy Management System Market Anticipated to Garner $83,784.3 Million by 2026

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Energy management system market is predicted to grow by generating a revenue of $83,784.3 million by 2026 with a CAGR of 12.8% over the forecast period

Energy management systems are the systems of computerized tools which are used by the electric utility grid operators to monitor, control, and enhance the production of companies. Energy management system is a solution that puts users or customers to control and monitor their energy consumption through the energy flow with the help of a software. In order to take corrective and preventive steps, energy management system helps to track the energy utilization of different departments. The energy management system is also capable of gathering, processing and analyzing data gathered by various remote monitoring tools and handles the electrical cost associated with electrical system.

Increasing use of renewable energy is predicted to be the major driving factor for the energy management system market. Increased use of solar panels in commercial as well as residential sectors is expected to boost the growth of theenergy management system market during the forecast period. Moreover, rapid industrialization and rise in the government initiatives is predicted to drive the energy management systems market during the forecast period.

High cost involved for the initial investment is predicted to be the major restraint for the energy management systems market. Moreover, price fluctuations of raw material andorganizations turning their focus on commercial resources to complete organizational research in industrial processesare predicted to hamper to the growth of the market.

Industrial type segment is estimated to have the maximum market share in the estimated period. Industrial type is predicted to grow by generating a revenue of $38,430.2 million by 2026 with a CAGR of 12.2% over the forecast period. Increasing awareness of power consumption and reducing operating cost in small and large industries is predicted to drive the industrial type segment in the estimated period.

Commercial end use segment is estimated to have maximum market share in the projected period.Commercial end use segmentis predicted to grow by generating a revenue of $59,550.5 million by 2026 with a CAGR of 12.5% over the forecast period. Advancement in technologies has resulted in an increased adoption of energy efficient systems in the commercial sector, which is predicted to boost the Commercial end use segment in the market during the forecast period.

Manufacturingend use vertical is estimated to have maximum market share in the projected period.Manufacturingend use verticalis predicted to grow by generating a revenue of $24,297.4 million by 2026 with a CAGR of 12.6% over the forecast period. The rise in the use of assessing real time power consumption pattern due to its cost effectivenessis predicted to grow the manufacturing end use vertical over the forecast period.

North America region market is expected to be the fastest growing across the globe during the forecast period.North America region marketis predicted to grow by generating a revenue of $22,873.1 million by 2026 with a CAGR of 13.0% in the forecast period. The market in this region is predicted to grow due to the presence of large number of manufacturing companies and use of energy management system to a large extent is predicted to boost the overall market in the forecast period.Asia-Pacific is predicted to grow by generating a revenue of $26,811.0 million with a CAGR of 12.6% in the forecast period. The market in the region is predicted to grow due to the initiatives taken by the government to reduce energy consumption,and growth in the urbanization is predicted to boost the overall market in the forecast period.

The major key players in the energy management system market areIBM, Toshiba Corporation,Tata Consultancy Services Limited, General Electric Company, Schneider Electric S.E, Honeywell International Inc.DEXMA, Emerson Process Management and C3 Energy among others.