Energy Management Systems Market To Propel Growth Based on Increasing Number of Green Infrastructures, Smart Buildings And Rising Energy Demands Till 2024 | Million Insights
Global Energy Management Systems (EMS) Market is anticipated to reach USD 72.73 billion by 2024. Energy Management Systems (EMS) involves embedded technology. The factors that propel the growth of the market include rising consciousness in industrial segments for the effective utilization of energy consumption, strict guidelines and policies on the part of government with regards to energy management, and shortage of energy.
On the other hand, there are factors that may hamper the growth of the market including absence of funds for new initiatives. Energy Management Systems (EMS) industry is anticipated to grow at a significant CAGR of 14.7% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Energy Management Systems (EMS) Market may be explored by software, device, application, solution, vertical, and geography. The market may be explored by software as Enterprise Carbon and Energy Management, Utility EMS, Residential EMS, Industrial EMS, and Others ICT Power Management, Energy Trading & Risk Management, and Energy Modeling). The “Utility EMS” segment led the Energy Management Systems (EMS) industry in 2017 and is anticipated to maintain its dominance by 2024.
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The key applications that could be explored in the Energy Management Systems (EMS) Market include Building Energy Management, and Home Energy Management. The industry could be explored based on device as Smart Thermostats, In-House Display, Load Control Switches, and Smart Plugs.
Energy Management Systems (EMS) industry may be analyzed by solution as Utility Billing and Customer Information System, Demand Response Management, Carbon Energy Management. The market may be analyzed by vertical as Telecom and IT, Power and Energy, Manufacturing, Municipal, University, Schools and Hospital, and Office and Commercial Buildings
North America accounted for the major share of the Energy Management Systems (EMS) Market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include rising number of green infrastructures, smart buildings, rising energy demands, and acceptance of EMS across numerous verticals, such as energy & power, manufacturing, and construction, mainly in the Canada and United States. North America is a giant manufacturing center, and the usage of energy rises, particularly in verticals like paper, chemical, automotive, and steel manufacturing.
Some of the key players that fuel the growth of the Energy Management Systems (EMS) industry comprise Honeywell, Schneider Electric SE, Siemens AG, C3 Energy, Johnson Controls, Inc, Elster Group GmbH, Grid Point, Inc., General Electric, International Business Machines Corporation, ABB Group, Toshiba Corp, Daintree Networks, Emerson Process Management, Daikin Industries Ltd, and Jones Lang LaSalle. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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Market Segment:
Product Outlook (Revenue, USD Million, 2014 – 2024)
• Industrial Energy Management System (IEMS)
• Building Energy Management System (BEMS)
• Home Energy Management System (HEMS)
Component Outlook (Revenue, USD Million, 2014 – 2024)
• Sensors
• Controllers
• Software
• Batteries
• Display Devices
• Others
Vertical Outlook (Revenue, USD Million, 2014 – 2024)
• Power & Energy
• Telecom & IT
• Manufacturing
• Retail & Offices
• Healthcare
• Others
End-Use Outlook (Revenue, USD Million, 2014 – 2024)
• Residential
• Commercial
Regional Outlook (Revenue, USD Million, 2014 – 2024)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• Asia Pacific
• China
• India
• Japan
• South Korea
• Singapore
• Thailand
• Malaysia
• Indonesia
• Central & South America
• Middle East & Africa
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