Energy Management System Market to Reach $44 Billion
Allied Research Market Study Examines EMS Market Trends for 2013-2020
PORTLAND, Ore. — According to a report by Allied Market Research, “Energy Management Systems Market (Components, Type, Vertical, End-User and Geography) Size, Share, Global Trends, Company Profiles, Demand, Insights, Analysis, Research, Report, Opportunities, Segmentation, and Forecast, 2013-2020,” the global energy management system (EMS) market is expected to reach $44.4 billion by 2020, registering a CAGR of 13.75 percent during 2014-2020.
The building energy management system (BEMS) sector is expected to grow swiftly and would drive the market significantly by the year 2020. In certain economies, like Europe, government provides support and subsidies to encourage the adoption of home energy management systems (HEMS), hence its demand is expected to grow, thereby contributing to the total market size.
Among all types of EMS — including HEMS, BEMS, industrial energy management system (IEMS), and more — the adoption of BEMS is expected to increase rapidly due to its varied application in verticals, namely health care, telecom, information technology (IT), educational institutions, universities, and commercial buildings like shopping malls, offices, and etc. Presently, IEMS is the largest revenue-generating segment of the EMS market and would continue to be the same by 2020, given its high product, installation, and maintenance cost, stated the report.
The incorporation of big data and analytics has opened the scope of technological advancements in better management and the allocation of energy. This has transformed the market and is expected to be a crucial component of EMS in the coming years.
Key findings of the study include: IEMS would grow at the fastest CAGR during 2014-2020, contributing over half of the total market revenue by 2020; the need for energy efficiency and government regulations would continue to drive the global EMS market over the analysis period; and Asia-Pacific is forecasted to be one of the most lucrative markets in terms of growth, given the economy is evolving rapidly.
Publication date: 4/13/2015