ALBANY, New York, July 14, 2016 /PRNewswire/ --
Transparency Market Research has recently announced the publication of a new market research report that examines the global energy management systems market and presents forecasts about the future growth prospects of key elements and segments of the market over the period between 2016 and 2024.The report is titled "Energy Management Systems (EMS) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024"
The report projects that the market will exhibit exponential growth over the forecast period as an increasing number of industries, buildings, and domestic setups are installing energy management systems for making utility consumption more efficient. The report projects that the market will exhibit a 13.4% CAGR between 2016 and 2024. If the projections hold true, the market, which stood at a valuation of US$9.9 bn in 2014, will rise to US$35.9 bn by 2024.
The world currently lacks energy security and improved and efficient access to electricity. Use of energy management systems in various applications such as industrial, building and home can make the world more energy efficient in line with the environmental and climate norms. Carbon emission reduction is among the top priorities of corporate environmental management programs. Energy waste can be reduced through implementation of energy management systems. An energy management system combines energy and process optimization. Energy management systems include a combination of hardware interfaced with software tools such as thermostats, lighting, 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. Energy management system is a systematic process for improving energy performance.
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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. Energy management software is highly critical to analyze and optimize power consumption and gauge the optimal design required for different industries. Hardware component consists of physical devices for integrating the 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 systems. 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 very critical component 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.
Energy management systems are used for integration of 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., providing high flexibility in terms of design and installation for different functions within the same organization.
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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 has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America (SCA). North America held the largest market share followed by Europe in 2014.
Growing environmental concerns and various policy initiatives taken by the government institutions coupled with growing numbers of smart buildings have provided a boost to the energy management systems market in North America, primarily in the U.S. and Canada. Rising number of green infrastructure projects coupled with huge government investments to increase energy efficiency in various sectors would make energy management systems a lucrative business in the EU in the near future. Increase in demand for electricity due to high population growth has resulted in more energy efficient solutions across the emerging economies in Asia Pacific. This has spurred investments in energy management systems for the industrial, commercial and applications segment. Increased environmental awareness would provide significant opportunities for growth in Middle East for adoption of energy optimization, energy saving systems and development of sustainable energy technologies. Financial institutions in SCA are focusing on clean energy projects. Through these projects, energy management systems would integrate energy efficiency with business processes, management and operations
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.
From a geographical viewpoint, the major regional markets for energy management systems analyzed in the report include North America, South and Central America, the Middle East and Africa, Europe, and Asia Pacific. Of these, North America led the market, followed by Europe, in 2014.
Browse In Detail Regional Market Research: http://www.europlat.org/north-america-leads-global-energy-management-systems-market-to-exhibit-9-6-cagr-from-2016-to-2024.htm
Some of the major vendors operating in the global energy management systems market are Eaton Corporation Plc, Pacific Controls, Emerson Process Management, Johnson Controls, Inc., General Electric Company, Mitsubishi Electric Automation, Honeywell International, Inc., Siemens AG, Schneider Electric SE, and Rockwell Automation, Inc.
The 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
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