Energy management market expected to grow, says Allied Market Research
October 1, 2015 - According to a new report by Allied Market Research, the global Energy Management System (EMS) market is expected to reach $44.4 billion by 2020, registering a CAGR of 13.75% during 2014-2020.
By Renée Francoeur
The report is titled: Energy Management Systems Market (Components, Type, Vertical, End-User and Geography) – Size, Share, Global Trends, Company profiles, Demand, Insights, Analysis, Research, Report, Opportunities, Segmentation and Forecast, 2013 – 2020.
Building Energy Management System (BEMS) is expected to grow swiftly and would drive the market significantly by the year 2020, the research stated. Among all types of EMS—which include Home Energy Management System (HEMS), BEMS, Industrial Energy Management System (IEMS)—the adoption of BEMS is expected to increase rapidly due to its varied application in verticals such as healthcare, telecom and IT, educational institutions and universities and commercial building like shopping malls, offices, etc.
Presently, Industrial Energy Management System (IEMS) is the largest revenue-generating segment of the EMS market and would continue to be the same by 2020, given its high product, installation and maintenance cost, Allied Market Research said. The incorporation of big data and analytics has opened scope of technological advancements in better management and allocation of energy, it added, noting that this has “transformed the market and is expected to be a crucial component of EMS in the coming years”.
The market growth is attributed to innovation in energy management and monitoring along with rising demand from manufacturing sector, power and energy and enterprise, according to Allied Market Research. In order to gain a higher market share, in addition to the production launches, the companies are adopting acquisition/ partnership as key strategies. The report found companies such as Schneider, GridPoint and Elster etc. have collaborated with different industry experts to get access to the market as well as technologies of each other.
For the full report, click HERE.