San Francisco, 27 November
2018: 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.
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).
Access
Research Report of EMS Market@
www.grandviewresearch.com/industry-analysis/energy-management-systems-market
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.
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.
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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.
Access
Press Release of EMS Market@ www.grandviewresearch.com/press-release/global-energy-management-systems-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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