Energy Management Market to Reach $72.73 Billion by 2024
Cloud computing and big data are now changing the world of technology
SAN FRANCISCO — The global energy management system (EMS) market is forecast to reach $72.73 billion by 2024, according to a new report published by Grand View Research Inc.
Industries have primarily been using conventional energy monitoring systems, says the report. However, cloud computing and big data are now changing the world of technology with their economic applications and better results. These technologies provide real-time data analytics that are expected to positively influence the growth of the energy management market. Technological advancement regarding the integration of cloud-based software platforms with building energy management system (BEMS) modules has enabled companies to control and monitor energy utilization in a sustainable manner.
The BEMS market is projected to grow at a compound annual growth rate (CAGR) of 14.7 percent over the forecast period. Improving infrastructure and increasing green building, particularly in economies such as China, Japan, India, the United Arab Emirates (UAE), the U.S., and Germany, are anticipated to drive growth in the BEMS sector over the next seven years.
Additional key findings from the report are:
• Sensors were the largest component segment and accounted for over 35 percent of the global EMS market in 2015. Real-time data tracking and technological advancements with better efficiency of sensors are expected to drive demand in next seven years.
• Retail and office buildings are expected to witness the fastest growth over the forecast period. The rising number of enterprises coupled with increasing awareness regarding energy efficiency is seen as contributing to high growth. The U.S. segment is expected to grow at a CAGR of 12.6 percent over the forecast period.
• The commercial sector accounted for around 95 percent of the global market in 2015 and is anticipated to remain the leading end-use segment over the forecast period. Rising primary energy prices along with growing government initiatives to reduce power usage in commercial buildings are expected to remain a major factor responsible for high market penetration in the sector.
• The Asia-Pacific region is anticipated to witness the highest growth of 15.6 percent over the forecast period. Rising demand for electronic products such as computers, laptops, cellular phones, microwave ovens, etc., coupled with increasing concern about high electricity costs is expected to drive the energy management systems market in the region.
More information is available here.
Publication date: 11/1/2016