Energy Management System Market Poised to Register 14.8% CAGR through 2025The recent report on global energy management system (EMS) market, which is currently procuring valuation of US$ 6,340 Mn and is estimated to hold valuation of almost US$ 21,627 Mn by the end of 2025. The market is anticipated to witness expansion at CAGR of 14.8% throughout the assessment period (2017-2025).
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Drivers and Restraints of Market
The report also reveals that rising demand for energy management solutions to decrease consumption of energy, combined with the increasing penetration to adopt maintainable energy solutions in commercial as well as industrial sectors is key driving factor that is influencing the growth of the market throughout the assessment period. In addition, increasing concerns regarding environment sustainability, augmented energy costs and latest regulatory guidelines associated with energy management are several other major factors that are fuelling growth of the market across the world.
The industries of today are intensive of resource and use a lot of raw materials, water and energy assets, which offers rise to critical levels of strong squanders, effluents and discharges. These industries are subject to different domestic and global regulations, alongside a few plant level geography compliances. Keeping in mind the end goal to conform to these strict regulations, businesses are embracing either manageability administration arrangements or utilizing energy management solutions to guarantee the decrease in their carbon and energy impression and control the misuse of resources. For instance, in the year 2012, the Europe Energy Efficiency Directive set rules to decrease energy wastages and to achieve 20% energy effectiveness focused by 2020. Such rules in different resource intensive industries are demanding the adoption of energy management systems around the world.
Preference for EMS deployment based on cloud, due to technological advancement is anticipated to expand higher pace, compared to on-premise EMS deployment over the assessment period.
EMS deployment in oil & gas industry procured nearly 30% revenue share of the global market, in 2016. The application of EMS in oil & gas sector is anticipated to remain largest in the year 2017 and beyond.
During the forecast period, the demand for EMS has increased exponentially in building automotive sector. The sector is anticipated to account considerable contribution to the growth of the global EMS market.
Geographically, the market in Asia-Pacific region is anticipated to witness high growth rate, compared to other regions, exhibiting high double digit CAGR throughout the assessment period. The region embraces several fastest developing countries in the world that include China and India along with developed countries such as Australia, South Korea and Japan. Also, Asia Pacific secure top position in the globe, when volume consumption of energy is taken into consideration and is anticipated to grow even higher for the foreseeable future. Europe and the North America are the 2 regions contributing to the overall growth of the market. Both these regions had collectively secured nearly two-third share of the global market in 2016. Additionally, in 2015, the market in North America secured more than US$ 2,428 Mn and procured nearly two-fifth revenue share of the global market. Further, the region is anticipated to retain its dominance through 2025, procuring one-third revenue share of the overall market.
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Rising applications of technology based on the cloud is anticipated to generate new business opportunities for EMS developers. Leading EMS developers are focusing on developing improved system, which can be upgraded and updated in real-time, thereby attracting users to use data more efficiently. Several leading market players operating in the market are profiled in the report include, Asea Brown Boveri (ABB) Ltd., Schneider Electric, IBM Corporation, Eaton Corporation PLC, Emerson Electric Co., Cisco Systems, Inc., Honeywell International Inc., Siemens AG, General Electric Company, and C.A Technologies. The report also reveals key strategies of these players to remain at the pole position as well as long term vision of these players.
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