According to a report published by Grand View Research, Inc.; the energy management systems market is expected to reach a valuation of around USD 72.73 billion by 2024.
Increasing need for efficient and reliable information technology (IT) platforms to monitor, control, and optimize available resources can drive the market during the forecast period (2014 to 2024). Additionally, increasing commercialization of innovative products along with advancements in technologies such as integration of SCADA is likely to create positive outlook for the market.
Development of advanced technologies such as small signal analysis and CRAS in EMS can play a crucial role in improving energy-efficiency and decreasing carbon foot print and cost. This is expected to provide immense opportunities in the market. Additionally, integration of SCADA and integration of bigdata analytics to the existing EMS units are also expected to fuel the market growth in the coming years.
Full Research Report On Energy Management Systems (EMS) Market Analysis: www.grandviewresearch.com/industry-analysis/energy-management-systems-market
U.S. energy management systems (EMS) market revenue by product, 2014 - 2024 (USD Million)
Worldwide energy management systems market can be segmented on the basis of product, component, vertical, end-use, and region.
Based on product, the market can be categorized into building energy management system (BEMS), industrial energy management system (IEMS), and home energy management system (HEMS).
As per component, the market can be bifurcated into sensors, controllers, software, batteries, display devices, and others.
In 2015, the sensors segment was the leading segment and estimated for over 35% of the overall market. Capability of realtime tracking and development of technologically advanced sensors with better efficiency are likely to drive the segment in the coming years.
Based on vertical, the market can be bifurcated into power and energy, telecom and IT, manufacturing, retail and Offices, healthcare, and others.
The retail and offices segment is anticipated to grow rapidly during the forecast period. Growing number of enterprises along with rising awareness regarding efficient use of energy is expected to fuel high growth in the future. The segment in the U.S. is projected to expand at a CAGR of 12.6% during the forecast period.
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As per end-use, the market can be classified into residential and commercial.
In 2015, the commercial sector estimated for around 95% of the overall market and expected to lead the market during the forecast period. Growing energy prices and increasing government efforts for reducing utilization of power in industries and commercial buildings are likely to drive the demand for EMS systems in this sector. The healthcare segment is likely to increase the demand for these systems in the coming years. The segment is likely to gain over 7% of the overall revenue share by 2024.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central and South America, Middle East and Africa.
In 2015, North America conquered the market and estimated for over 42% of the overall revenue. High adoption of EMS in several sectors including manufacturing, retail, and power can support the market growth in this region.
Europe EMS market generated revenue worth of USD 6.87 billion in 2015. Favorable government initiatives coupled with high requirement to curtail power losses in various economies including Germany, UK, and France is expected to drive growth in this region over next few years.
Asia Pacific is likely to grow at a CAGR of over 16% during 2016 to 2024. Rise in energy prices along with supportive government initiatives related to refunds and tax incentives and rapid industrialization in this region specifically, in China and India is projected to drive the regional growth. growing demand for electronics products including cellular phones, computers, laptops, washing machine, and microwave oven along with rise in concern about high cost of electricity is expected to increase demand for EMS systems in the region.
Some of the leading companies operating in the market include Johnson Controls, Inc.; GridPoint, Inc.; Schneider Electric SE; ABB Group; and Industries and Services Catered.
The market comprises established players as well as large number of local players. Development and launch of new products, partnerships and acquisitions are the major strategies adopted by the major players in the market.
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