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Generation Management System Market Segmented By type such as Building Energy Management Systems (BEMS), Industrial Energy Management Systems (IEMS) and Home Energy Management Systems (HEMS) in Software, Hardware and Services component
Generation management system is a computer-aided system of tools used in electricity utility grids by asset managers to optimize, control and monitor the performance of an energy transmission and generation systems. The software system of generation management system is usually connected to the energy management system and SCADA network.
It is not only used as energy-saving means, but is also used to control, monitor and conserve energy by improving the performance of the energy generation system. High energy consumption is a vital necessity in many industrial and commercial operations and with the growing efforts to curb global warming and energy conservation, the demand for generation management systems is set to witness a healthy demand in the coming years.
Growing focus towards energy conservation and the rapid commercialization of multi-network integration of SCADA are some of the factors expected to drive the growth of generation management system market. Energy and power industries are expected to dominate the generation management system market given the large energy consumption requirements in these industries.
Developing countries have been witnessing a growing adoption of generation management system across end use verticals like retail, manufacturing, healthcare and power, among other industries. This coupled with the growing reliance on renewable sources of energy among developed and developing countries alike, is expected to further propel the growth of generation management system market.
With manufacturers trying to capitalize on the growing adoption of generation management systems, the have been increasing R&D investments to develop latest technologies like small signal analysis and integrating data analytics software on the existing system modules (IBM, Honeywell) for efficient data monitoring.
Key factors like lower penetration in residential sector due to lack of awareness, high cost and lack of skilled personnel are expected to hinder the growth of generation management system market. However, with the increasing use of smart grid devices, growing government initiatives for energy conservation and growing adoption of generation management systems is expected to drive the market growth at a healthy pace.
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North America and Europe are expected to dominate the generation management system market, owing to well established infrastructure and the pervasive adoption of generation management system across power, energy, manufacturing, healthcare and retail sectors.
The generation management system market is expected to witness a steady growth in Europe given government supported initiatives like Neighborhood Oriented Brokerage and Electricity and monitoring systems. In addition, the growing efforts to curtail power losses in countries like Germany, U.K., and France is further anticipated to drive the generation management system market growth in the region.
East Asia and South Asia regions are expected to witness robust growth in the generation management system market owing to rapid industrialization, supported by huge tax rebates from governments of India and China. Rising environmental concerns have led to initiatives like Energy Strategy 2030 by Dubai government to manage energy consumption and carbon emissions.
Such projects are anticipated to drive the demand for generation management system market in the Middle East & Africa region.
A list of key manufacturers in the generation management system market are:
The research report presents a comprehensive assessment of the Generation management system market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Generation management system market segments such as geographies, application and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with Generation management system market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on Generation management system market segments and geographies.