Energy Management System Market Trends, Share, Industry Analysis 2019-2025
With the rapid implementation of industrial energy management systems (IEMS) using software and hardware, the industrial end users are able to conserve energy on applications such as heating, ventilation, and air conditioning (HVAC), load switching, equipment monitoring, and lighting systems. The industrial energy management system notifies the condition when there is an overload on the consumer facilities, thereby preventing the heavy industrial equipment from getting fused.
The trends in the energy management system market vary across different regions. The energy management system market holds a prominent share in various countries of North America, South America, Europe, Asia- Pacific and Japan, and the Middle East and Africa. In 2020, North America is expected to be at the forefront of the market, with a large market concentration in the U.S. The market for energy management system is evolving at a constant pace owing to the government initiatives and policies to reduce energy consumption and greenhouse gases emission which contributed toward the increasing use of energy management systems in the region.
The competitive landscape of the energy management system market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by the energy management system providers are partnerships, and collaborations, new product launches, and business expansions. Among all the strategies adopted, partnerships and collaborations have been the most prominent strategy adopted by the energy management system providers. For instance, in June 2020, Zen Ecosystems and Ferguson HVAC partnered to provide intelligent energy management solution for solving commercial challenges of energy management. Additionally, in August 2020 Schneider Electric and Cisco collaborated on developing, testing and validating designs that help connect building management systems to an IP network which is easier to manage and is more scalable.
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Most of the energy management system providers have numerous tie-ups with various power utilities and other technology providers. The industry landscape is quite competitive because of the market dominance of the few players in the market. Therefore, innovation and development have been the key factors for large scale growth in this market. In order to increase their overall global footprint, the energy management system providers are entering into strategic partnerships and expanding their businesses to increase their customer base.