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According to a new report Global Energy Tracking & Monitoring System market published by KBV research, the Global Energy Tracking & Monitoring System market is expected to attain a market value of USD 57,602.8 million by 2022, at a CAGR of 13.3% during the forecast period (2016-2022). Energy is considered as the main fuel for social and economic development. Industrial sectors require electric energy for their daily operations; hence, the rise in industrial production and expansion has given rise to a steady demand for energy worldwide. As a result of the demand and supply dynamics, the fluctuation in the price of electricity is often witnessed. The global Energy tracking and monitoring system market is segmented based upon system types into industrial, building and home energy tracking and monitoring system market. In 2014, industrial type segment dominated the market, with a market share of approximately 61% in terms of revenue. Rising demand for energy management system in the industrial sector has contributed to the long standing market domination.
Factors such as extreme weather conditions, economic development and lack of energy supply trigger the price fluctuations for electricity. According to the global Energy Outlook, over the next 25 years' time, energy consumption around the globe would increase by almost 55%, developing countries being the major consumers. To fulfill the Kyoto Protocol and other similar targets set by international standards and government bodies, energy efficiency measures have been included in the building codes and standards of most of the developed and developing economies.
The global energy tracking and monitoring system market is segmented based on end-users into commercial and residential, wherein commercial sector dominated the market in 2014. Energy tracking and monitoring system finds its major applications in industrial verticals including power and energy, manufacturing, retail, IT and telecom, healthcare and others such as educational institutions and residential societies. In 2014, Power and Energy sector dominated the global energy tracking and monitoring market. Retail sector on the other hand is expected to register fastest CAGR of 16.9% during the forecast period.
Further, for better analysis and understanding the market penetration of Energy Tracking & Monitoring system market, the market is divided into different geographies and countries including North America (U.S., Canada, Mexico and Others), Europe (Germany, U.K., France, Russia, Spain, Italy and Others), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Others) and LAMEA (UAE, Saudi Arabia, Brazil, Argentina, South Africa, Nigeria and Others). In 2014, North America dominated the global energy tracking and monitoring system market. Asia-Pacific region, owing to increasing industrialization and urban population, would witness highest growth during the forecast period.
Some of the prominent companies profiled in the global Energy Tracking & Monitoring System market are Schneider Electric SE, Honeywell International, Inc., Siemens AG, Johnson Controls, Inc., General Electric Company, C3 IoT, Eaton Corporation Plc., Cisco Systems, Inc. and GridPoint, Inc.