According to a new report published by Allied Market Research, titled, India Energy Management Systems Market by Offering, Component, Service, Type, End User, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2016-2023, the India energy management systems market accounted for $6,35.0 million in 2016, and is expected to reach $2,145.1 million by 2023, growing at a CAGR of 19.1% from 2016 to 2023. In 2016, industrial EMS sector dominated the Indian market, in terms of revenue, accounting for about 62.5% share of the Indian market.
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Energy management systems allow organization to collect information on the energy use through monitoring, assessing, and visualizing energy consumption. Growth in need of energy efficiency, energy price volatility, and policy and regulatory mandates primarily drive the growth of energy management system. However, low of awareness among the small and medium enterprise owners and lack of stringent energy consumption policies in the country hinders the growth of the market. Subsequently, providing opportunities such as consulting, training, and implementation services for the market players.
Smart Cities Mission in India is expected to be game changer for EMS market in India . Through public and private partnership, the government of India is set to develop 100 cities under its Smart Cities Mission by 2020. One of the goals of this mission is to integrate smart solutions for efficient energy management in infrastructure as well as energy management in all selected smart cities. Thus, providing substantial business opportunities for energy efficient solutions, green buildings, and effective energy management of the infrastructure and utilities.
Home energy management system (HEMS), building energy management system (BEMS) and industrial energy management system (IEMS) are the three kinds of energy management systems studied in this report. Among these, the IEMS accounts for the highest market size by value due to the demand from power & energy and manufacturing sector. The Indian IEMS market should reach to about $1,180.0 million by 2023, growing at CAGR of 16.9% from 2017 to 2023. The HEMS market is projected to grow rapidly at a CAGR of 26.9% during the forecast period. This rapid growth is due to the increase in awareness and growth in adoption of HEMS in the developed as well as emerging economies. Energy management systems are further segmented with respect to the end users into commercial and residential. The commercial segment exhibits the highest market share compared with the residential segment and it is anticipated to dominate the India energy management systems market during the forecast period, owing increase in need for energy efficiency, urbanization and industrialization.
Key Findings of the India Energy Management Market:
- In 2016, the power & energy segment dominated the India energy management systems market, in terms of revenue, and is projected to grow at a CAGR of 17.6% during the forecast period.
- The industrial EMS segment is anticipated to grow at a CAGR of 16.9% during the forecast period.
- The increasing emphasis on achieving operational efficiencies by reducing the energy consumption costs is projected to drive the growth of commercial end-user segment with a CAGR of 18.8% from 2017 to 2023
The major players, such as Atandra Energy Private Limited, Computer Maintenance and Services Company, DELTA ELECTRONICS, INC., DEXMA Energy Management, Elconn Energy (India) Pvt. Ltd., Energy Management Solution of India (EMIS), Graphite Technologies Pvt. Ltd., Johnson Control Inc., Schneider Electric, Honeywell International Inc, Neptune India, Nikom InfraSolutions Pvt. Ltd., and Yokogawa India Ltd., have adopted various development strategies such as merger, acquisition, and product launch to expand their market foothold.