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The Global Energy Tracking and Monitoring System Market Size is expected to attain a value of $57.6 Billion by 2022, rising at a growth rate of 13.3% CAGR during the forecast period.
Energy efficiency, price volatility, stringent government regulations and reduction in production cost are the major factors that drive and provide growth opportunities for the global energy tracking and monitoring market. Energy tracking and monitoring is an important system that helps the industries and businesses to get energy efficient. Energy tracking and monitoring also helps in monitoring energy consumption, reducing the overall electricity expenses. Energy tracking and monitoring, along with its components, provides the organizations with historical as well as real time data analysis, which helps them to plan their operations and reduce energy wastage. In context to the Power & Energy industry, Energy tracking and monitoring helps power transmission & distribution companies to set up their operations in much more informed fashion.
National and local governments, along with various associations such as Energy Management Association in the U.S. and Energy Service and Technology Association in the U.K. have set up new rules & regulations for different energy related aspects. The report segments the Global Energy tracking and monitoring market by type, application, end-user and region. By type, the market is segmented into home energy tracking and monitoring, building energy tracking and monitoring and industrial energy tracking and monitoring systems. Industrial Energy tracking and monitoring system dominated the market with 62% share in 2014. Home Energy tracking and monitoring segment however is expected to register the highest CAGR during the forecast period. Power and energy, manufacturing, IT and telecom, retail, healthcare and others such as educational institutions and residential buildings are the major application areas of Energy tracking and monitoring. Power and energy was the highest revenue generating application segment in the market.
Based on end-user, the study analyses the global market into residential and commercial sector. The report also highlights the market of energy tracking and monitoring systems across different geographies which include North America, Europe, Asia-Pacific and LAMEA (Latin America, Middle East and Africa). The report covers the analysis of key stake holders of the energy tracking and monitoring system market. Key companies profiled in the report include Schneider Electric SE, Honeywell International, Inc., Johnson Controls, Inc., Siemens AG, C3 IoT, General Electric Company and others.