The global energy management systems (EMS) market was valued at USD 25.48 billion in the year 2014 and is anticipated to reach USD 56.59 billion by 2022, expanding at a compound annual growth rate (CAGR) of 21.46%. An energy management system (EMS) also benefits to make the decision of data driven and supplements organization level operation and fiscal decisions.
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“Energy Management System Market: Global Demand Analysis & Opportunity Outlook 2021”
Energy Management System Market Overview
An energy management system (EMS) is a computer supported tools used by machinists of electric efficacy networks to supervise, regulate and enhance the performance of the transmission or generation system. An energy management system (EMS) also benefits to make the decision of data driven and supplements organization level operation and fiscal decisions.
Market Size and Forecast
The Global Energy Management Systems Market was valued at USD 25.48 billion in the year 2014 and is anticipated to reach USD 56.59 billion by 2022, expanding at a compound annual growth rate (CAGR) of 21.46%. North America accounted for 42% of total market income in the year 2014 and the region’s EMS market is projected to grow at a CAGR of 22.12% to reach $19.24 billion in the year 2021.
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Europe Energy Management Systems market is anticipated to grow at a CAGR of 22.58% to reach $18.36 billion in the year 2021. Asia Pacific Energy Management System market is projected to grow at a CAGR of 29.81% to reach $15.54 billion in the year 2021.
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Growth Drivers and challenges
Factors like increased productivity, looking for ways to minimize the operational cost, up-surged acceptance. have helped the Global Energy Management Systems (EMS) to expand its horizon.
In addition to that, increased concerns over energy availability, limitations on access to energy in remote areas have drawn the business houses’ and governments’ attention to formulate strict policies on the efficient use of energy. Limited expertise, High switching cost, slow process in government approvals and paper works are some of the major challenges for the global Energy Management System market.
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