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Energy Management Systems Market by Regional Trends, Growth and Forecast To 2024 | Emerson, Dexma Sensors Sl, Telkonet, Gridpoint Inc, Rockwell Automation, Inc., Skyfoundry LLC, Optimum Energy LLC, eSight Energy, Schneider Electric, Honeywell Internationa
Energy Management Systems Market
The U.S. government announced the Resident Energy Efficiency Valuation Act (REEVA) in 2015 to reduce wastage of energy across commercial and residential sectors. Stringent government measures such as the aforementioned, along with increased consumer awareness regarding energy saving will propel U.S. energy management systems market size, worth over USD 4 billion in 2015. This industry is slated to observe a y-o-y growth of 11% over 2016-2024.
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China EMS industry is expected to grow noticeably, surpassing a revenue of USD 2 billion by 2024. The attributing factor towards the regional market growth is surging demand for reliable electricity and escalating industrialization.
As per the study, Europe energy management systems market share will surge significantly, mainly contributed by Germany, UK, and Italy. The government initiatives regarding energy efficiency will boost Germany EMS market size over the coming years. UK accounted for more than 20% of the overall regional share in 2015 and will observe substantial growth, driven by the fuel scarcity.
Brazil EMS market worth over USD 300 million in 2015 and is expected to register eye-catching growth, which can be attributed to the growing adoption of smart technologies to conserve energy.
Qatar accounted for over 5% of the total regional revenue of the Middle East energy management systems market in 2015. The growing population and rapid industrialization will affect considerably on the regional growth.
The growing concerns about greenhouse gas emissions along with rapid industrialization will propel energy management systems market trends over the period of 2016 to 2024. As per the report "Global Energy management systems (EMS) industry will witness an annual growth rate of more than 13% over the coming seven years." The depleting non-renewable energy sources has threatened the environment sustainability. Governments across various countries are taking vigorous steps towards the use of renewable energy sources and are emphasizing on energy conservation, which will in turn boost the demand for energy management system.
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Industrial energy management systems market surpassed a revenue of USD 9 billion in 2015 and will grow notably over the coming years, owing to its mounting usage to monitor & analyze load fluctuation, real time consumption, and equipment performance.
Home EMS industry size will exhibit an annual growth of more than 16% over the period of 2016 to 2024. The growth can be attributed to government support in terms of financial subsidize to purchase trademark products.
The mounting demand for reliable electricity will generate heavy opportunities for market players over the coming years. Few notable industry participants include General Electric Corp., Honeywell International Inc., Schneider Electric, Eaton Corporation, ABB, Emerson Electric, Siemens AG, and Johnson Controls.
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