Global demand for energy is increasing rapidly due to growing population and economic growth in emerging market economies. Rising demand creates new challenges such as energy security concerns can occur as more consumers require more energy resources ever, and higher usage of fossil fuels leads to higher carbon emissions, which contribute to global warming. At the same time, in rural areas access to electricity remains unacceptably high. But such challenges can create opportunities.
A sustainable energy future will require innovative developments and new practices – essentially transforming the energy management system to produce, deliver and consume energy. If we aim to raise living standards and electricity access for all, we need to adopt modern energy services solutions, use energy more efficiently and ensure reliable energy supplies. Energy management software system is designed to reduce energy consumption, improve the utilization of the system, increase reliability, predict electrical system performance, and optimize energy usage to reduce cost.
On the basis of software, the market is segmented into cloud-based and on-premise, out of which the cloud-based segment is anticipated to grab the most significant share by the end of 2021 on account of reduced hosting cost, and efficiency & availability of computing resources.
On the basis of solution, the carbon management system segment in the energy management software market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that human activity increased the concentration of carbon emission in the atmosphere; thus, this system needs to be managed efficiently. CLICK TO DOWNLOAD SAMPLE REPORT
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing demand for energy and awareness about the carbon management system in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the adoption of software and systems that reduce energy consumption, improve the utilization of the system, increase reliability, increase electrical system performance, and optimize energy usage to reduce cost. The market in Europe is also anticipated to occupy a significant share in the energy management software market on account of its policies and regulatory norms that mandated the use of energy management software, to lower the carbon emission rate. The most important driver for energy management software is digital transformation and automation.
The global energy management software market is further classified on the basis of region as follows:
Our in-depth analysis of the global energy management software market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising Demand for Energy Efficiency and Rising Adoption of Digital Transformation and Automation are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Mitigating the Risk of Data Security is the major challenge that is estimated to hamper the market growth.
The market in the Asia Pacific region will provide ample growth opportunities owing to the increasing demand for energy and awareness about the carbon management system.
The major players dominating the energy management software market are General Electric, Honeywell International Inc., IBM, Cisco Systems, Inc., SAP SE, Schneider Electric, ICONICS, among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by software, solution, end-use application, and region.
With respect to end-use application, the power & utilities segment is anticipated to hold the largest market share owing to a large number of applications in the power industry in the world.
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