Energy Management System Market to Grow at 12.4% CAGR to 2021
Market is being driven by increasing awareness in industrial sector for more efficient utilization of energy
DEERFIELD BEACH, Fla. — The global energy management system (EMS) market was valued at $31.29 billion in 2015 and is forecast to reach $63.16 billion by 2021, increasing at a compound annual growth rate (CAGR) of 12.4 percent between 2016 and 2021, according to a report from Zion Research.
The energy management system market is being driven by increasing awareness in the industrial sector for more efficient utilization of energy. Rising energy consumption and price volatility are the major factors propelling growth. Government regulations and policies regarding energy conservation are also expected to fuel the growth of energy management systems. In addition, fulfilling corporate responsibility and maintaining brand image are also factors pushing the growth of the market. However, high initial cost can restrict growth.
Based on software, the energy management system market is segmented into five types: utility energy management software, industrial energy management software, enterprise energy management software, residential energy management software, and others. The industrial segment held the largest market share in 2015 followed by enterprise energy management software. Energy efficiency is playing an important role in industry. And in the enterprise sector, energy management provides a platform for tools to easily access energy data and obtain actionable information. Enterprise energy management software had approximately 18 percent market share in 2015 in terms of revenue.
Based on geography, the energy management system market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. The global energy management system market was dominated by North America in 2015, accounting for more than 40 percent of the market. Asia-Pacific is the fastest growing region, owing to its large population and booming industrial sector, especially in China. Emerging economies like Brazil are expected to fuel growth in the Latin America region.
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Publication date: 9/15/2016
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