ALBANY, New York, July 18, 2017 /PRNewswire/ --
The global energy management systems (EMS) market has been prognosticated in a publication by Transparency Market Research (TMR) to witness Honeywell International and Emerson Process Management boast of a convincing portfolio and global-scale operation. Their EMS services and products could hold the potential to serve a wide scope of consumers.
In the past, three players, i.e. Schneider Electric SE, Johnson Controls, Inc., and Siemens AG, had gathered a collective substantial share for EMS. India and China have been projected to attract the focus of top players to leverage aggressive industrialization rates for creating a strong environment for the application of modern EMS services.
The global EMS market has been envisaged to attain a revenue of US$36.0 bn by 2024 at a 13.4% CAGR during the forecast period of 2015-2023. According to application, the industrial market for EMS could continue achieving a larger but decreasing share until the end of the final forecast year. North America could take a leading position in the market with the U.S. exhibiting a 40.0% annual energy consumption share secured by commercial buildings alone.
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EMS Prove Critical to Trim Energy Expenses and Carbon Footprint
The application of technologically sophisticated equipment such as EMS could allow manufacturing firms to cut back on their energy spending and hold a well-accelerated and continuous manufacturing process. With energy being a leading expense for manufacturing industries, the demand in the international EMS market has been expected to rise at a significant rate. EMS also allow substantial feasibility in manufacturing processes.
The iron and steel sector, for instance, incurs a nearly 20% to 25% of energy consumption expense in its total production cost. However, this could be reduced with the implementation of EMS facilitating enormous power consumption savings and eventually, manufacturing cost reduction. EMS has also been predicted to assist commercial structures to control their annual energy expenses, which could amount to an almost US$40.0 bn in the U.S.
One of the largest energy consumers on the globe, China is a fine example of a country employing EMS to decrease its national carbon footprint. Energy management software have been implemented in China to monitor energy consumption.
Longer Wait for Return on Investment and High Cost of Deployment Stain Growth
The world EMS market has been foreseen to be negatively impacted by a dearth of skilled and specialized workforce. Other factors such as longer phases of return of investment, exorbitant deployment cost, and absence of standardization could slow down the demand for EMS. However, the impact of these factors has been anticipated to be for a shorter period of time as companies could take to growth strategies such as product development, collaborations, and mergers and acquisitions for increasing their share of EMS in the market.
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The demand for renewable energy sources has been envisaged to bolster the growth in the world EMS market, where the U.S., Germany, China, and Japan could testify the dominance of renewables based on implementation, development, and research. The trend of government regulations supporting the implementation of EMS and its ability to curb operational costs have been envisioned to add to the growth of the market. Besides this, heavy investments for EMS from end users could raise the expectations of players in terms of share for the coming years.
The information presented in this review is based on a TMR report, titled, "Energy Management Systems (EMS) Market (Component - Hardware Component, Software, Communications Networks, Control System, and Sensors and Equipment; Application - Industrial, Building, and Home) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024."
The global EMS market has been segmented as presented below:
Global Energy Management Systems Market: By Component
- Hardware Component
- Communications Networks
- Control System
- Sensors and Equipment
Global Energy Management Systems Market: By Application
Global Energy Management Systems Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- Japan and South Korea
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
- South and Central America
- Rest of South and Central America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research