Energy Management Systems (EMS) Market Analysis By Product (IEMS, BEMS, HEMS), By Component (Sensors, Controllers, Software, Batteries, Display Devices), By Vertical, By End-Use (Residential, Commercial) And Segment Forecasts To 2024
LONDON, April 18, 2017 /PRNewswire/ -- The global energy management system (EMS) market is expected to reach USD 72.73 billion by 2024, according to a new report by Grand View Research, Inc. Industries have primarily been using conventional energy monitoring systems. 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 will positively influence the growth of the market in future. Technological advancement regarding the integration of cloud-based software platforms with BEMS modules has enabled companies to control and monitor the energy utilization in a sustainable manner.
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The BEMS market is anticipated to grow at a CAGR of 14.7% over the forecast period. Improving infrastructure and increasing green building particularly in economies such as China, Japan, India, the UAE, the U.S., and Germany are anticipated to drive growth in the BEMS sector over the next seven years.
Further key findings from the report suggest:
Sensors were the largest component segment and accounted for over 35% of the global EMS market in 2015. Real-time data tracking and technological advancements with better efficiency of sensors are anticipated to drive demand in next seven years.
Retail & offices are expected to witness the fastest growth over the forecast period.The rising number of enterprises coupled with increasing awareness about efficient utilization of energy may be attributed to high growth in the future. The segment in the U.S. is expected to grow at a CAGR of 12.6% over the forecast period.
Commercial sector accounted for around 95% 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 industries and commercial buildings are expected to remain a major factor responsible for high market penetration in the sector.
Asia Pacific is anticipated to witness the highest growth of 15.6% over the forecast period. Rising demand for electronic products such as computers, laptops, cellular phones, microwave oven and washing machine coupled with increasing concern towards high electricity costs is expected to drive energy management systems market in the region.
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