LONDON — The global energy management systems market is forecast to grow at a compound annual growth rate (CAGR) of almost 17 percent from 2015 to 2019, according to a new report published by Technavio.
The report analyzes the solutions and products offered by market vendors and presents a breakdown in terms of market segmentation for applications, including home energy management systems (HEMS), building energy management systems (BEMS), industrial energy management systems (IEMS), and demand response (DR).
Additionally, analysts have segmented market projections by key geography, focusing on the Americas; Europe, the Middle East, and Africa (EMEA); and the Asia-Pacific (APAC) regions.
“Technological advances are improving the product quality and leading to more user-friendly designs, which do not require any programming experience. These designs require less labor and time to operate, thus reducing maintenance and service costs,” said Faisal Ghaus, vice president of Technavio.
Market growth drivers include the need to minimize energy consumption. Market challenges include high initial investment and long payback period as well as a lack of consumer awareness.
Market trends identified include the development of user-friendly programming platforms and the increased need for energy management.
For more information on this report, click here.
Publication date: 7/13/2015