Energy Management Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
Industries worldwide are strengthening their efforts to reduce their carbon footprint, whether it is through referring to environment protection activists or following regulatory protocol. Reducing the overall pollution in the world is a top priority in many countries, and the implementation of energy management systems is set to be a core requirement for that. Companies such as Siemens AG and Johnson Controls, Inc. have already pledged to invest over US$140 bn to improve energy management services and help reduce the global carbon footprint.
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Even outside of the pollution angle, energy management systems and services are in exceptionally high demand today owing to the increments they provide in process efficiency and the reduction in operational costs. Most manufacturing industries regard raw materials and operation cost as the two largest variables in overall expenses. While the manufacturing industry itself cannot do much over the supply of raw materials, the implementation of energy management systems can help them manage infrastructure costs that meet peak power demands.
The iron and steel industry is of particularly high interest for energy management systems players, as it is currently the largest consumer of energy. Energy management systems can help the iron and steel industry save 10% to 30% of its annual energy consumption.
Industries Across all Regions Strive to Reduce Costs and Carbon Footprint, Propelling EMS Services
Several regulations, policies, labeling programs, and incentives have been implemented by governments to urge industries to begin adopting EMS. This is more apparent in the developed regions of North America and Europe. The latter region in particular has a strict set of energy consumption and renewables goals that need to be achieved in the stipulated time. Both regions hold a key entry point for EMS companies: the rapid adoption of renewable energy resources. EMS can be easily integrated with the establishment of new energy sources and power generation points to improve the overall production and consumption of energy. North America is showing a rapidly growing demand for EMS in offices, new buildings, and retail buildings.
Asia-Pacific-based EMS providers also have major opportunities lined up for them over the coming years. Countries such as India and China are showing a massive scope of EMS implementation during their current phase of industrialization. Shifting focus from generating more power to an efficient consumption of energy is the need of the hour in this region, as energy consumption is already crossing record highs. China is the largest consumer of energy in the world and its government is rapidly adopting guidelines and regulations to reduce the national carbon footprint. This is being done through the use of energy management software connected to sensors that help monitor and control a location’s power consumption.
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EMS Companies Look to New Opportunities in Building and Home Applications
A major advantage held by EMS players is that the adoption of EMS in a building can hold similar effects in both commercial and residential locations. This allows the companies to cater to both application groups while being able to provide tweaks and customizations to enhance power savings. EMS solutions are valuable for saving energy consumption in a building through heating and temperature control, ventilation systems, humidity control, and lighting. These factors are applicable to both commercial and residential buildings.
From a global standpoint, most consumers, industrial or individual, are highly aware of the energy crisis and the overall solutions available to reduce power consumption. They are aware of the benefits over time of employing EMS solutions. Additionally, power crunch is expected to worsen over the next few years as the increasing urban population will demand a larger number of residential and commercial avenues. These factors need to be understood by EMS players to make the most of the situation and reduce power consumption across the world. Some of the key EMS players in the world include Siemens AG, Schneider Electric SE, Pacific Controls, Honeywell International, Inc., Rockwell Automation, Inc., and Eaton Corporation PLC.
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