Energy management system (EMS) is one of the emerging technology that enable an organization to collect real-time information on the energy use through monitoring, assessing, and visualizing energy consumption. This concept not only monitors energy consumption but also helps make data driven decisions and enhances enterprise-level operation and financial decisions.
Energy Management Systems are gaining popularity since they help gain competitive advantage, increase productivity and reduce energy cost. In addition, the government policies towards energy conservation & the limited availability of fossils is drawing attention of the corporates. Every industry small or big is running with the help of energy, so it is essential to deploy Energy Management systems for better use and management of energy. Although technology is advancing at a brisk pace, the end-use clients may not be adopting the same as quickly. Most of the potential buyers of energy management systems are at a stage where they are aware about the benefits of implementing such system, but prefer to use traditional technology and applications, primarily due to high switching costs. Financial barriers, limited expertise and fragmented stakeholders are some of the key challenges for the Energy Management System market.
The Energy Management System market is segmented on the basis of Type, Verticals, End users, Components and Geography. The component segment includes Sensors, Display Units, Smart Meter, Smart Plug, Thermostats and Others. On the basis of Vertical, the market is segmented as Power & Energy, Telecom & IT, Manufacturing, Enterprise, Healthcare and Others. The market is also bifurcated with respect to the type of Energy Management Systems as Home Energy Management System (HEMS), Building Energy Management System (BEMS), and Industrial Energy Management System (IEMS). The key players discussed in Energy Management system market are Schneider Electric, Siemens AG,...