Energy Management Systems Industry Trends and key Insights by 2024
This 108 page report gives readers a comprehensive overview of the Energy Management Systems market.Browse through 32 data tables and 51 figures to unlock the hidden opportunities in this market@
Energy management services are expected to receive a major boost over the coming years in the form of heavy investments by end users. Two core factors responsible for the high end user interest in energy management systems are the strengthening government regulatory efforts to impose EMS and reduce carbon footprints, and the ability of EMS to significantly reduce operations costs.
Another globally concurrent effort that will benefit energy management systems companies is the increasing focus on renewable energy sources. This factor is especially visible in Japan, China, Germany, and the U.S., where renewables are taking the foreground in terms of research, development and implementation.
Energy Management Systems Highly Sought for Operations Cost Reduction
“The cost of raw materials and cost of energy are the two largest expenses in a manufacturing plant, and are also the two most variable ones,” states a TMR analyst. For the majority of manufacturing industries, energy consumption is a leading expense that has to be managed. As energy supply dwindles, it is no longer feasible to simply hold a manufacturing process in full speed. There has to be a schedule for the processes and the use of modern equipment and systems that allow a company to cut back on the money spent on energy.
“Take the iron and steel industry as an example,” continues the analyst, “From the total cost of the produced steel, nearly 20% to 25% arises from its consumption of energy. This can be reduced using EMS; in fact, the steel and iron manufacturers can achieve an energy consumption rate of up to 30%. In the long run, that can count for massive savings in power consumption and consequently, the cost of manufacturing.
A similar effect can be achieved on commercial structures. The annual energy consumption within the U.S. shows a 40% share taken up by commercial buildings. Currently, this amounts to about US$40 bn annually spent on energy alone. The energy management systems players need to provide optimal solutions to help reduce this energy consumption in order to gain a larger market share and demand.
Industrial Demand for EMS Will Continue to be the Largest
About 71% of the global energy management systems market was taken up by the industrial sector in 2014, based on applications. In that year, the global market was valued around US$9.8 bn. With a CAGR of 13.4% from 2015 to 2023, this market is expected to reach about US$36 bn by the end of 2024.
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Although the industrial segment is expected to lose some of its share to the segments of home and buildings, it still leads the energy management systems market by a wide margin. Buildings and industries are expected to reach shares of about 25% and 65% respectively by 2024.
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.”
Key Segments of the Global Energy Management Systems (EMS) Market
Energy Management Systems Market: By Component
Sensors and Equipment
Energy Management Systems Market: By Application
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.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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