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.
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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.
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.
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Market Segment:
This report focuses on the global top
players, covered
•
CA
•
Cisco
•
General Electric
•
Honeywell International
•
IBM
Market segment by Regions/Countries,
this report covers
•
United States
•
Europe
•
China
•
Japan
•
Southeast Asia
•
India
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