SAN FRANCISCO, December 12, 2018
SAN FRANCISCO, December 12, 2018 /PRNewswire/ --
The global Energy Management Software Market is expected to display higher growth over the next five years. The energy management software market is subject to witness a substantial growth due to the growing energy demands to satisfy needs of ever-growing population. Rapid digitalization of energy & power generation sector is expected boost market demand for advanced energy management software solutions in the upcoming years. Globally, the energy management software market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the energy management software market. Increasing adoption of efficient and reliable information technology (IT) platform that helps organization to monitor, control and optimize available resources, is anticipated to play vital role in future market growth. Energy management software solutions offers departmental as well as section-wise electrical energy and data consumption by undergoing corrective actions. Energy management software are gaining traction among various sector such as power and manufacturing enterprises, telecom & IT sector and retail & offices sector thus offering numerous growth opportunities for industry participates over the forecast period. Energy management software solutions provide real-time monitoring and assessment of energy consumption pattern. Increasing commercialization and development of innovative products alongside incorporation of SCADA systems are anticipated to steer market growth over the coming years. Development of advanced technologies such as small signal analysis and CRAS, which are capable of enhancing overall energy efficiency of the systems is anticipated to boost market demand over the next seven years. Use of small signal analysis and CRAS helps to decrease carbon footprint, thus offer immense potential for market growth in the near future.
Incorporation of technologies such as big data and data analytics onto the current energy management software systems is predicted to amplify market value of energy management software systems in the upcoming years. Energy management software systems with big data and data analytics helps organization to determine and suggest optimized efficient solutions, thereby propelling industry expansion across the globe.
Energy management software (EMS) is a combination of number of energy-saving software's that offer utility bill tracking, and real-time metering. Other feature of energy management software (EMS) include building HVAC and lighting control systems, simulation and modeling solutions, and carbon emission & sustainability reporting.
The energy management software market is broadly categorized into three major segments based on the product type such as Industrial Energy Management System (IEMS), Building Energy Management System (BEMS) and Home Energy Management System (HEMS). The Industrial Energy Management System (IEMS) is considered as one of the fastest growing segment in the energy management software market with substantial revenue generation in the last few years. Growing popularity of the Industrial Energy Management System (IEMS) segment is attributed to the growing demand for energy management software from industrial sector to assess and analyze real-time monitoring of consumption pattern to achieve cost reduction.
The Building Energy Management System (BEMS) segment has also witnessed substantial growth owing to the rise in adoption of energy management software in shopping complexes, telecom parks, business parks, hospitals, and IT establishments. The energy management software market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in power generation sector, increase in the number of research & development activities in the region, substantial need to limit power losses, and existence of well-established industrial infrastructure. Asia-Pacific region is predicted to hold major market share in the energy management software market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rapid urbanization, strong economic growth in the region, rising energy demands, favorable government policies such as rebates and tax incentives, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the energy management software market are Honeywell International, Inc., Siemens Co., Schneider Electrical, Inc., General Electric, Inc., C3 Energy Co., GridPoint, Inc., and Johnson Controls, Inc.
Access 109 page research report with TOC on "Energy Management Software Market" available with Radiant Insights, Inc. @ https://www.radiantinsights.com/research/global-energy-management-software-market-2018-2022
Energy management software refers to a variety of energy-related software applications that offer utility bill tracking, real-time metering, building simulation and modeling, carbon footprint calculation and reporting, IT equipment management, and energy audits.
The report covers the present scenario and the growth prospects of the global energy management software market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Global Energy Management Software Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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