Energy Management System Industry to witness massive growth (13% CAGR) over 2016-2024

Climatic changes worldwide are acting as a major growth accelerant for the global Energy Management Systems(EMS) market. To curb the catastrophic environmental impacts, a noticeable twin strategy is being pursued worldwide, relying more on renewable energy sources and using energy more efficiently. Government backed favorable acts implemented across emerging lands to encourage energy conservation is further propelling the industry demand. For instance, European union has introduced EPBD 2002/91/EC (Energy Performance of Buildings) directive that mainly focuses on enhancing energy efficiency of buildings.

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The implementation of these Energy Management Systemss, have resulted in a significant reduction in greenhouse gas emissions and energy cost, thereby leading to a strategic use of dwindling energy resources. The three most prominent energy consumption sectors that drive Energy Management Systems market include industrial, residential, and construction sector. Driven by the surge in energy consumption in the domestic sector, HEMS (home Energy Management Systems) market is anticipated to grow lucratively in the coming time frame at a tremendous CAGR of 16% over 2016-2024. In 2015, U.S. government introduced the REEVA Act (REEVA), with a prime objective to limit energy depletion in the residential sector to optimize energy utilization.

Energy Management Systems industry from buildings accounted for one-fourth of the revenue share in 2015 and is set to be one of the promising area thriving the application landscape in the years ahead. Increasing adoption of IoT for monitoring the energy consumption as well as introduction of smart meters to optimize the real-time data, will leave a positive impact on the market outlook. Industrial Energy Management Systems market is also expected to contribute substantially in terms of revenue toward the overall industry in the coming time frame.

Geographically, China and Japan are the two major revenue pockets of APAC Energy Management Systems market. China market is expected to surpass USD 2 billion by 2024. Growing consumer claim for reliable power supply along with rapid industrialization across these regions will be driving forces behind the regional growth of the industry. Japan EMS market having held 20% of the regional market, will also hold a considerable share over the coming seven years. U.S. Energy Management Systems industry will grow substantially at an annual growth rate of 11%, owing to the increasing number of government measures in U.S. for energy conservation and efficiency.

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Improving the energy performance will prove to be pivotal for security of electricity, competitiveness, and for addressing the environmental challenges that the world is continuously facing today. Some of the prominent industry players in Energy Management Systems market include ABB, Schneider Electric, CA Technology, Eaton Corporation, and Honeywell International.

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