The energy management systems market is set to grow at a 13.5% CAGR, driven by smart systems and competitive pricing, reaching $62.3 billion by 2023.
Rising utilization of smart building & home energy systems coupled with the presence of highly competitive market scenario resulting in economical product pricing will drive the industry growth.
The global energy management systems market was pegged at $29.19 billion in 2017 and is expected to hit $62.3 billion by 2023, registering a CAGR of 13.5% from 2017 to 2023. The report provides a detailed analysis of the top investment pockets, top winning stratagems, drivers & opportunities, market size & estimations, competitive landscape, and fluctuating market trends.
Rise in demand for energy efficiency, unpredictability in energy prices, and supportive government policies & incentive programs fuel the growth of the global energy management systems market. On the other hand, high initial investment curbs the growth to some extent. Nevertheless, the increase in need to lessen down energy emissions and the presence of untapped markets are expected to usher in lucrative opportunities in the industry.
By end-user, the commercial segment contributed to more than 90% of the global market share in 2017 and is projected to retain its dominance during the study period. At the same time, the residential segment is projected to register the fastest CAGR of 16.5% from 2017 to 2023.
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By offering, the services segment accounted for nearly two-thirds of the total market revenue in 2017, and is expected to rule the roost by 2023. This segment would also grow at the highest CAGR of 14.1% throughout the forecast period. The system segment is also discussed in the report.
By geography, North America generated the highest share in 2017, pegging at more than one-third of the global market. At the same time, the region across Asia-Pacific would portray the fastest CAGR of 17.9% by 2023. The other regions assessed through the report include Europe and LAMEA.
Profiling Key Players: C3 Energy, Delta Electronics Inc., DEXMA, General Electric Company, GrindPoint Inc., Honeywell International Inc., Johnson Controls International PLC, Schneider Electric S.E., Siemens AG, and Yokogawa Electric Corporation
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Thanks for reading this article; you can also get an individual chapter-wise section or region wise report versions like North America, Europe, or Asia.
Thanks for reading this article; you can also get an individual chapter-wise section or region wise report versions like North America, Europe, or Asia.
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The article discusses the growth of the energy management systems market, projected to expand at a 13.5% CAGR.
Growth is driven by smart building systems, competitive pricing, and supportive government policies.
The Asia-Pacific region is expected to portray the fastest growth with a 17.9% CAGR by 2023.
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