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.