Global Industry Analysis Energy Management Systems (EMS) Market Forecast - 2024
The market is a highly competitive arena due to a large number of providers offering hardware and software integrated systems. “Major competition in the market exists in terms of performance, range of products and services, product quality, and price,” says TMR’s lead analyst.
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Hardware Components to Remain Most Valuable Component Segment through 2024
The opportunity in the global energy management systems market is expected to be worth US$35.92 bn by 2024. The valuation of market was US$11.72 bn in 2015 and is poised to rise at a CAGR of 13.4% from 2016 to 2024. On the basis of component, hardware components will continue to be the dominant segment until 2024. The software segment will exhibit a CAGR of 14.9% during the same period, which will be higher than any other segment.
The market will be led by North America throughout the forecast period, accounting for 27.6% of the overall market revenue by 2024. The increasing focus of governments on infrastructure modernization is propelling the demand for energy management systems in the region. Asia Pacific will progress at a noteworthy CAGR during the forecast period. The growth of the Asia Pacific region is supplemented by the rapid industrialization and increasing government initiatives for reducing carbon footprints.
Increasing Focus on Reduction of Energy Production Cost to Fuel Growth Prospects
Carbon emission reduction, realizing social responsibilities, and controlling climatic changes are among the key priorities of corporate environmental management programs. In order to reduce the wastage of energy, energy management systems are being increasingly implemented across various end-user sectors. “These systems are being increasingly acknowledged as they reduce the cost of waste management and improve the brand image and identity of a company,” says a TMR analyst.
Cost of energy is one of the primary concerns of the majority of organizations across the globe. With the abruptly changing energy requirements, it becomes imperative for infrastructure to be capable of meeting peak demand. These systems maintain energy demand, predict current load, and maintain the load precisely, thus minimizing the overall production cost. The rising awareness regarding these benefits of the system is augmenting the global energy management systems market. Technological advancements are also influencing the growth of the market positively.
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Low Levels of Consumer Awareness to Limit Widespread Adoption of Energy Management Systems
The lack of consumer awareness is limiting the global energy management systems market from realizing its full potential. Various organizations, particularly in developing countries, are not fully aware about the costing structure and long-term benefits of energy management systems. Other factors such as high initial investments and financing installations are restricting the widespread adoption of these systems. However, the future of the market looks bright as the investments in the renewable energy sector are increasing.
The above data is collated from a research report released by TMR, titled “Energy Management Systems (EMS) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.”
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