PORTLAND, Ore. — The global energy management systems (EMS) market is expected to reach $44.4 billion by 2020, registering a compound annual growth rate (CAGR) of 13.75 percent from 2014 to 2020, according to a new report by Allied Market Research.
Building energy management systems (BEMS) are expected to grow swiftly and drive the market significantly by the year 2020. In certain economies like Europe, governments provide support and subsidies to encourage adoption of home energy management systems (HEMS), thus its demand is expected grow, thereby contributing to the total market size.
Among all types of energy management systems, which include HEMS, BEMS, and industrial energy management systems (IEMS), the adoption of BEMS is expected to increase rapidly due to its varied application in verticals, namely healthcare, telecom and IT, educational institutions and universities, and commercial building like shopping malls, offices, etc. Presently, IEMS is the largest revenue generating segment of the EMS market and is expected to continue to be the same in 2020, given its high product, installation, and maintenance cost. The incorporation of big data and analytics has opened the scope of technological advancements in better management and allocation of energy. This has transformed the market and is expected to be a crucial component of EMS in the coming years.
Other key findings of the study are:
• The need for energy efficiency and government regulations will continue to drive the global EMS market over the analysis period.
• IEMS is expected to grow at the fastest CAGR during 2014-2020, contributing over half of the total market revenue by 2020.
• Asia-Pacific is forecasted to be one of the most lucrative markets, in terms of growth, given the economy is evolving rapidly.
To view the energy management systems market report, click here.
Publication date: 3/30/2015