India Energy Management Market 2023 Navigating Trends and Growth | Allied Market Research

Lack of awareness of the long-term benefits of EMS solutions as well as tough efficient energy policies hinders growth of the energy management systems market.

PORTLAND, PORTLAND, OR, UNITED STATES, September 13, 2023/EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, India Energy Management 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, the 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 organizations to collect information on energy use through monitoring, assessing, and visualizing energy consumption. Growth in the need for energy efficiency, energy price volatility, and policy and regulatory mandates primarily drive the growth of energy management systems. However, low awareness among small and medium enterprise owners and the lack of stringent energy consumption policies in the country hinders the growth of the market. Subsequently, it provides opportunities such as consulting, training, and implementation services for the market players.

The government's push for effective power distribution and transmission of power for its emerging manufacturing industry is expected to provide lucrative opportunities for the market players. Moreover, the recent increase in FDI ratios by the Indian government for the power sector is further expected to fuel the demand for efficient energy management solutions in the Indian market in the forecast period. Leading EMS players in the country are opting for strategic business expansion, mergers and acquisitions to capitalize on the potential profitable opportunities emerging in the Indian EMS market.

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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.

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.

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