Energy management system market is expected to witness a CAGR of 17.7%, and is projected to reach USD 89,283.0 million by 2023. Factors propelling the growth of the EMS market include reduced pollution levels, increased profit margins, and helping in reducing nation’s energy cost. The report segments the Energy Management System (EMS) market by Components (Control Systems, Communication Networks, Software, Hardware, Field Equipment, Sensors and Others), by Application (IEMS, BEMS and HEMS), by End-User (Commercial and Residential), by Region (North America, Europe, Asia-Pacific, South America and Middle East and Africa (MEA)). The report studies the global EMS market over the forecast period (2017-2023).
Energy management systems are widely being used in corporations and industries to keep a check on energy usage, enabling them to reduce energy losses and cut possible costs incurring due to the losses thus leading to increase in profit margins. The energy management system helps in energy optimization, reduction in carbon footprint, making the environment safe and clean.
Browse full research report with TOC on “Global Energy Management System (EMS) Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2023” at: http://energiasmarketresearch.com/global-energy-management-system-market/
Key findings from EMS report
- The EMS market is expected to reach USD 89,283.0 million by 2023.
- On the basis of components, sensors are expected to be the fastest growing segment and would register the CAGR of 21.2%. The growth of aforementioned segment is owed to advanced capability to optimize the energy usage as there is a rising awareness among consumers towards energy consumption.
- On the basis of application, Industrial Energy Management System (IEMS) accounted to hold the largest market share of EMS. The dominance of IEMS is attributed to its application in large scale industries such as chemical and petrochemical plants, refinery, steel plants and cement plants.
- The commercial sector is forecasted to be the largest sector as a result of rise in small and large-scale industries which aims at reducing the cost and for energy optimization.
- Geographically, North America being the largest energy management systems market across the globe is expected to grow at the rate of 15.7% over the forecast period. The growth of the market in the region is governed by the growing awareness and increase in disposable income of people making it affordable to purchase.
- Asia-Pacific is expected to be the fastest growing region due to rapidly growing industries coupled with increasing per capita income.
- The key players operating in EMS market include Siemens, General Electric Company, ABB Group, Cisco Systems, Inc., Honeywell International, IBM Corporation, Emerson Electric Company, Eaton Corporation, CA Technologies, Schneider Electric among others.
EMS- Need for Plug and Play
The EMS consists of at most six sub-components, making it is essential for all the component manufacturers to develop plug and play components. This will enable the systems to be used interchangeably on all EMS, regardless of the manufacturer supplying them. This will potentially lead to avoidance of non-standardization issues and will lead to increased business opportunity for the EMS suppliers along with the component manufacturers.
EMS- Regional Insight
North America being the largest market for EMS has a high energy demand from most of the industries as well as from domestic consumers. Application of energy management system for industrial setups is necessary to reduce energy consumption along with the power bills. The region also holds a substantial demand for residential energy management systems owed to the high awareness levels among the population coupled with the affordability.
Asia-Pacific is anticipated to be the fastest growing market for EMS over the forecast period. Rapid industrialization in this region has stimulated the growth of energy management systems along with the migrating populations from rural to urban areas. The shifting population and the increase in spending capability have a positive impact on EMS.
The Middle East and Africa region is anticipated to grow at a moderate rate. The presence of large petro-chemical and oil and gas industries is augmenting the growth of energy management system in the region.