NEW YORK, Sept. 22, 2016 /PRNewswire/ -- The U.S. energy management systems (EMS) market is expected to reach USD 23.49 billion by 2024, according to a new report by Grand View Research, Inc. The growing interest towards efficient energy optimization coupled with stringent environmental regulations and strict international standards have fueled industry growth.
Integration of data analytics and big data to the existing EMS modules has become a major achievement in the industry growth over the past few years.Major companies such as Building IQ, C3 Energy, and Ecova have developed sector-specific software platforms that enable organizations to determine analytically and suggest optimized energy efficient solutions. Aforementioned factors are anticipated to urge the new and established industry players to increase R&D investments and enhance their position in the U.S. market.
Sensors component consumption was the highest and accounted for 35.1% of the U.S. EMS market in 2015 and is expected to reach revenue of USD 7,731.0 million by 2024. Battery components demand was valued USD 349.5 million in 2015. EMS operates the battery to increase self-consumption while it is grid-connected, or can take advantage of variable electricity prices.
Further key findings from the report suggest:
IEMS was the largest product segment accounting for 58.4% of total revenue in 2015 and is expected to grow at a CAGR of 11.4% from 2016 to 2024
The display devices market was valued at USD 108.9 million in 2015 and is anticipated to reach USD 250.1 million by 2024, growing at an estimated CAGR of 9.6% from 2016 to 2024
Power & energy segment acquired the largest market in terms of application and accounted for 40.8% of the U.S. revenue in 2015. This segment is anticipated to lose share to high growth verticals including retail & offices and healthcare.
EMS demand in commercial sector is expected to reach total revenue exceeding USD 20 billion by 2024 and is expected to remain the largest end-use for energy management systems industry over the forecast period
Key players operating in the industry include Veris, Lutron, Verdant, and NT Network Thermostat and the companies such as Siemens GE, Honeywell, Schneider Electric are integrating the energy management systems for various applications.
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