Global Energy Management Systems Market to Reach $35.92 Billion by 2024
Growing use expected in various applications including the building, home, and industrial sectors
PUNE, India — Global market revenue for energy management systems stood at $9.87 billion in 2014 and is forecast to reach $35.92 billion by 2024, increasing at a compound annual growth rate (CAGR) of 13.4 percent from 2016 to 2024, according to a report from Transparency Market Research.
The global energy management systems (EMS) market is predicted to expand at this rapid pace due to the capacity of EMS to increase efficiency and reduce operational costs as well as the rise of stringent standards to reduce the global carbon footprint.
At present, the report notes, the world lacks widespread access to electricity and energy security. Over the past few years, EMS have been used frequently to better manage energy usage and distribution efficiently across various industries. Going forward, the world is expected to witness growing use of energy management systems in various applications including the building, home, and industrial sectors.
Energy management systems combine process optimization and energy consumption metrics to reduce energy waste. EMS include a variety of hardware linked with software tools to control HVAC, lighting, equipment, appliances, and more. Primarily, EMS are applied by companies to reduce utility consumption and create a sustainable long-term energy consumption model. Additionally, EMS are used to integrate numerous business functions within an organization. Control systems within an EMS allow physical components to interact with various software systems, thus facilitating management of business systems.
By component, the global EMS market is classified into software, hardware, control systems, communication networks, sensors, and others. In 2014, the EMS market was dominated by the hardware segment.
Based on region, the global EMS market is divided into North America, Asia Pacific, Europe, the Middle East and Africa, and South and Central America (SCA). The growing utilization of EMS across North America makes it the leading regional segment of the market. Going forward, the North American market is predicted to be boosted by the increasing number of green infrastructure projects.
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Publication date: 4/5/2016