Energy Management System Market to surpass $38bn by 2024
April 20, 2017 --
Climatic changes worldwide are acting as a major growth accelerant for the global energy management system(EMS) market. To curb the catastrophic environmental impacts, a noticeable twin strategy is being pursued worldwide, relying more on renewable energy sources and using energy more efficiently. Government backed favorable acts implemented across emerging lands to encourage energy conservation is further propelling the industry demand. For instance, European union has introduced EPBD 2002/91/EC (Energy Performance of Buildings) directive that mainly focuses on enhancing energy efficiency of buildings.
According to Global Market Insights Inc., “Energy management system market is anticipated to cross over a revenue of USD 38 billion down the coming seven years, with a striking double digit annual growth projection of 13% over the period 2016-2024.”
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The implementation of these energy management systems, have resulted in a significant reduction in greenhouse gas emissions and energy cost, thereby leading to a strategic use of dwindling energy resources. The three most prominent energy consumption sectors that drive energy management system market include industrial, residential, and construction sector. Driven by the surge in energy consumption in the domestic sector, HEMS (home energy management system) market is anticipated to grow lucratively in the coming time frame at a tremendous CAGR of 16% over 2016-2024. In 2015, U.S. government introduced the REEVA Act (REEVA), with a prime objective to limit energy depletion in the residential sector to optimize energy utilization.
Energy management system industry from buildings accounted for one-fourth of the revenue share in 2015 and is set to be one of the promising area thriving the application landscape in the years ahead. Increasing adoption of IoT for monitoring the energy consumption as well as introduction of smart meters to optimize the real-time data, will leave a positive impact on the market outlook. Industrial energy management system market is also expected to contribute substantially in terms of revenue toward the overall industry in the coming time frame.
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Geographically, China and Japan are the two major revenue pockets of APAC energy management system market. China market is expected to surpass USD 2 billion by 2024. Growing consumer claim for reliable power supply along with rapid industrialization across these regions will be driving forces behind the regional growth of the industry. Japan EMS market having held 20% of the regional market, will also hold a considerable share over the coming seven years. U.S. energy management system industry will grow substantially at an annual growth rate of 11%, owing to the increasing number of government measures in U.S. for energy conservation and efficiency.
Improving the energy performance will prove to be pivotal for security of electricity, competitiveness, and for addressing the environmental challenges that the world is continuously facing today. Some of the prominent industry players in energy management system market include ABB, Schneider Electric, CA Technology, Eaton Corporation, and Honeywell International.
Browse key industry insights spread across 110 pages with 169 market data tables & 10 figures & charts from this 2017 report Energy Management System (EMS) Market in detail along with the table of contents:
Energy management system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2013 to 2024, for the following segments:
Global Energy Management System Market, By Service
Global Energy Management System Market, By Component
- Metering and field equipment
- Networking device
- Control systems
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- South and Central America
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