The global energy management system market is forecast to grow at a compound annual growth rate (CAGR) of around 20 percent from 2015 to 2020 due to highly volatile electricity prices, government regulations, and growing awareness among consumers, according to a new report from Research and Markets.
The latest technology developments are allowing greater insight into energy procurement and energy usage. With the rising power consumption demand along with a growing demand and supply gap, energy management systems are gaining popularity by identifying energy-saving opportunities. These systems realize long-term benefits by continually managing energy performance. With the continuous increase in power costs, there is a rise in demand for a more efficient electricity distribution and management platform.
The report, “Global Energy Management Systems Market Outlook 2020,” identifies and describes the market dynamics in important segments of energy management, highlighting the areas offering promising growth potential. The report notes that trends like increasing usage of smart grid services, regulatory initiatives to control energy consumption, and price fluctuations in the global energy market are propelling the demand for energy management systems worldwide.
In the report, the market has been studied by segment and by application. The analysis looks at various hardware (smart meter, sensor, smart thermostat) and software as the main components of energy management systems. The report also discusses the growth potential of application markets that include home energy management, building energy management, and industrial energy management systems.
In addition, the report includes an in-depth regional analysis. The study states that although North America and Europe hold the most market share, increasing demand in the Asia-Pacific, Latin America, and Middle-East regions is driving added growth.