The report, now available on ASDReports, recognizes the following companies as the key players in the global energy management systems market: GE-Alstom Grid, Honeywell, Johnson Controls, Schneider Electric, and Siemens.
Other Prominent Vendors in the market are: ABB, Alarm, Ameresco, Azbil, C3 Energy, CBRE, CISCO System, Cylon Control, Daikin Industries, DEXMA, Duke Energy, Eaton, Echelon, Ecova, Elster, Energy System Technologies, EnergyIQ, EnerNOC, Envizi, eSight Energy, General Electric Industrial Solutions, GridPoint, Hermetic Rush Services, International Business Machines, Lennox International, Lucid, One Sight Solutions, Oracle, Panasonic, Tendril, Trane, United Technologies, Verdant, Veris, and Wipro EcoEnergy.
Commenting on the report, an analyst said: “Increasing need for energy efficiency will be a key trend for market growth. With the growth in global economy, there is also a rise in energy demand, global demand for energy is likely to increase by 75% by 2030. Energy shortages are becoming a challenge for organizations. Thus, each organization is striving to solve the energy shortage crisis. Energy efficiency is the most efficient way to reduce energy consumption, as it is much economical than buying additional power from reserve plants. Thus, the need for energy efficiency has increased as its cheaper and cleaner. As of 2015, there were more than 120 countries that has some level of energy efficiency targets in place and more than 140 countries had some kind of energy efficiency framework in place.”
According to the report, one of the key drivers for market growth will be the reducing impact of energy costs on business. There is a continuous surge in electricity generation worldwide due to growing population and urbanization. Thus, utilities are running the plants at full capacity to generate more power from the existing infrastructure. Power companies are trying to make power generation efficient by adding new technological developments like substation automation, demand response system for power supply, and energy management systems to conserve energy in conventional plants. The addition of these technologies enables them to have greater visibility of the grid’s function, which allows them to find areas of inefficiencies and correct them for producing power more efficiently. The technological developments also minimize the waste without affecting the power quality, leading to lesser carbon emissions.
Further, the report states that with the rise of interest in the energy management market by start-ups and blue chip companies, vendors in the energy management systems market are facing competition from several local and regional vendors due to the lack of product differentiation. Products offered by many businesses have microscopic differences in terms of both quality and performance. This increases the bargaining power of customers. With minimal technological innovation in this market, vendors are facing the challenge of product differentiation.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.