ALBANY, New York, March 7, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report titled Energy Management Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024. According to this report, the global market revenue for energy management systems stood at US$9.87 billion in 2014 and is expected to reach US$ 35.92 billion by 2024 at a CAGR of 13.4% from 2016 to 2024.
Energy management is a systematic process for improving energy performance. Energy management systems facilitate efficient energy management by reducing losses and costs associated with energy consumption through advanced equipment and software products, thus optimizing consumption levels at economical rates. Typical energy management systems include a combination of hardware interfaced with software tools such as thermostats, lightening, HVAC, appliances and large equipment. Energy management systems are primarily employed by companies for improving utility consumption and for creating long term sustainable energy model.
The application of energy management systems is wide and extends from heating, ventilation, air conditioning and infrastructure to supply chain. Growth potential for the energy management systems market is provided by these energy consumption avenues. With the development of software, and equipment technologies, the market for energy management systems is expected to expand substantially in the future. Growth in the market for energy management systems can be attributed to increased focus on higher energy efficiency and achieving operational targets at a low cost. The market has received further impetus from rising environmental concerns to reduce carbon footprints. Energy management systems eco system is evolving with availability of several technologies and solutions, however, users of energy management systems have been selective in terms of implementation. Regulations related to energy consumption and environmental concerns are building the next wave of the energy management systems. These regulations would have a significant impact on the energy management systems market in terms of implementing energy management plan as a part of company's sustainability strategy.
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Energy management systems integrates with various business function inside an organization. Optimization of energy consumption along with integration of communication with smart grids would be critical for the energy management systems market. Energy management systems integrate software and hardware technologies through combination of digital electronics, communication and network technology, sensors, etc., thereby providing high flexibility in terms of design and installation for different functions within same organization. Energy management software is highly critical to analyze and optimize power consumption and gauge the optimal design required for different industries. Hardware components consist of physical devices for integrating systems such as server field equipment, monitoring devices and metering equipment. Communication networks provide connectivity and facilitates transmission of data and information throughout the energy management system. Control systems are used for interfacing the physical components with software systems, this facilitates management of communication systems providing an interface for the operators. Sensors are critical components connected to the energy consuming equipment for monitoring and controlling energy consumption. Sensors can be integrated with these equipment including ventilating systems, chillers and water heaters.
High energy losses have resulted in energy poverty. The world currently lacks energy security and efficient access to electricity. Use of energy management systems usage in various applications such as industrial, building and home can make the world more energy efficient in line with the environmental and climate norms. Research and development activity, focusing on more efficient energy management solutions would overcome the challenge of energy poverty. Environmental and climate norms are focusing more on clean energy solutions. Reduction of energy usage is among the top priorities of corporate environmental management programs. Energy waste can be reduced through implementation of energy management systems.
Browse Research Report with Free Analysis & ToC: http://www.transparencymarketresearch.com/energy-management-systems-market.html
The energy management systems market has been segmented in terms of component, application and geography. By component, the energy management systems market has been segmented into hardware components, software, communication networks, control system and sensors and other equipment. By application, the market has been segmented into industrial, building and home. Hardware components held the largest share, followed by communication networks in 2014. By application, industrial held the largest share in 2014.The global energy management systems market is witnessing an influx of investments. Demand for energy management systems is projected to increase significantly in the near future as EMS would be utilized for the efficient energy management of industrial, building and home industries coupled with strict government regulations of minimizing carbon footprints globally. The energy management systems market has been segmented as follows:
Energy Management Systems Market: By Component
- Hardware Component
- Communications Networks
- Control System
- Sensors and Equipment
Energy Management Systems Market: By Application
Energy Management Systems Market: By Region
- Rest of Europe
- Japan & South Korea
- Rest of Asia Pacific
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
South & Central America
- Rest of South & Central America
Browse In detail regional analysis: http://www.europlat.org/north-america-leads-global-energy-management-systems-market-to-exhibit-9-6-cagr-from-2016-to-2024.htm
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