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” and is up for sale on the company’s website.
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.
Energy management refers to a systematic process aimed at improving energy consumption patterns and reducing energy loss and cuts associated with the overall consumption of electricity. A typical energy management system is a combination of hardware, software tools, sensors, control systems, and communication networks. Energy management systems are primarily installed at organizational levels to allow companies to develop a sustainable energy model. Nevertheless, the demand for energy management systems from domestic consumers has also increased owing to stringent government regulations pertaining to efficient consumption of energy.
Over the past few years, the global energy management market has been witnessing a huge rise in investment. Regional governments across the globe are actively working towards the minimization of the carbon footprint to achieve the global goal of tackling global warming and other environmental issues, which have worsened due to the mounting rise in the production of carbon over the past few decades. As the power generation industry is one of the largest sources of carbon emissions, efficient management of electricity consumption has become a dire necessity. The rising awareness among domestic and industrial consumers about this concern is one of the major factors that will drive the increase in demand for energy management systems in the next few years.
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The report segments the global energy management systems market on the basis of three criteria: application, component, and geography.
Major application areas of energy management systems analyzed in the report are the industrial sector, homes, and non-residential buildings. Of these, the industrial sector led the global market for energy management systems in 2014.
Major components of a typical energy management system analyzed in the report include sensors and control systems, communication networks, hardware, and software. Of these, the segment of hardware components held the largest share in the global market in 2014, followed by the segment of communication networks.
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.
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
- Software
- Communications Networks
- Control System
- Sensors and Equipment
Energy Management Systems Market: By Application
- Industrial
- Building
- Home
Energy Management Systems Market: By Region
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Rest of Europe
Asia Pacific
Japan & South Korea
China
Rest of Asia Pacific
Middle East & Africa
Saudi Arabia
A.E.
Rest of Middle East & Africa
South & Central America
Brazil
Argentina
Rest of South & Central America
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