Energy Management Market to Witness Substantial Growth
Increasing number of industries, buildings, and residences will install energy management systems
ALBANY, N.Y. — The global energy management systems market is forecast to see a compound annual growth rate (CAGR) of 13.4 percent between 2016 and 2024, growing from a valuation of $9.9 billion in 2014 to $35.9 billion by 2024, according to a report from Transparency Market Research.
The report projects that the market will experience an increasing number of industries, buildings, and residences installing energy management systems to make utility consumption more efficient.
Energy management systems include a combination of hardware interfaced with software tools to control HVAC, lighting, appliances, and other equipment. The hardware component consists of physical devices such as monitoring and metering devices. Energy management software analyzes and optimizes power consumption. Communication networks provide connectivity and facilitate transmission of data and information.
Growing environmental concerns and various policy initiatives taken by government institutions coupled with growing numbers of smart buildings have provided a boost to the energy management systems market in North America, primarily in the U.S. and Canada. Rising number of green infrastructure projects coupled with huge government investments to increase energy efficiency in various sectors are expected to make energy management systems a lucrative business in the European Union in the near future. Increase in demand for electricity due to high population growth has resulted in more energy efficient solutions across the emerging economies in the Asia-Pacific region. Increased environmental awareness is expected to provide significant opportunities for growth in the Middle East for adoption of energy optimization, energy saving systems, and development of sustainable energy technologies. Financial institutions in South and Central America are focusing on clean energy projects. Through these projects, energy management systems would integrate energy efficiency with business processes.
Some of the major vendors operating in the global energy management systems market, according to the report, are Eaton Corp. Plc, Emerson Process Management, General Electric Co., Honeywell International Inc., Johnson Controls Inc., Mitsubishi Electric Automation, Pacific Controls, Rockwell Automation Inc., Schneider Electric SE, and Siemens AG.
More information is available here.
Publication date: 7/29/2016