San Francisco, California, Dec. 16, 2015 (GLOBE NEWSWIRE) -- The global energy management system (EMS) market is expected to reach USD 58.59 billion by 2022, according to a new report by Grand View Research, Inc. Energy efficiency & optimization are the key essence that drives industries to adopt for energy management solutions. International standardization along with favorable government initiatives to promote energy management in industrial and commercial sectors are expected to remain major driving factors for the global market.
Technological advancements such as development of user-friendly programming platforms have enabled hassle free operation and maintenance of these systems. Additionally, development of innovative technologies to install remote sensors in HVAC and lighting system applications for real-time monitoring and control is expected to create new avenues for market participants. High capital along with long pay back period is are expected pose challenges for profitability.
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IEMS was the largest product segment and accounted for over 60% of total revenue in 2014. High installation and maintenance cost are expected to hinder growth over the forecast period. HEMS are anticipated to witness the highest growth over the forecast period. Increasing construction of smart homes and green buildings especially in developed economies of U.S., UK and Germany may be attributed for high growth in the segment over the forecast period.
Further key findings from the report suggest:
- Sensor EMS market components dominated the industry and generated revenue worth USD 7.24 billion in 2014. Software is expected to emerge as the fastest growing components at an estimated CAGR of 16.3% from 2015 to 2022.
- Power & energy sector contributed majority of the revenue generated in 2014 and is expected to maintain its dominance over the forecast period to reach a net worth of USD 22.57 million by 2022, at an estimated CAGR of over 13.5% from 2015 to 2022. EMS implementation in healthcare is anticipated to grow at an estimated CAGR of 15.5% over the next seven years.
- Commercial sector accounts for over 80% of the total installation and is expected to lose share to residential sector over next seven years. Implementation of various new government legislations to promote energy management and control and green building construction initiatives in the UK, Germany and U.S. are anticipated to create lucrative opportunities for industry participants to invest in the residential sector.
- North America was the leading regional market and accounted for over 40% of total market revenue in 2014. Favorable government initiatives such as Energy Star under the U.S. EPA offer wide range of resources and tools to aid organizations align the energy performance of their business operations and facilities, thereby promoting EMS implementation.
- Asia Pacific is expected to project highest growth potential with regional revenue expected to exceed USD 13.00 billion by 2022. Rapid industrialization and improving energy infrastructure in China, India and Indonesia is expected to drive the regional market over the next seven years.
- Key vendors and licensors operating in global energy management system industry include Siemens AG, Honeywell, Elster Energy, Schneider Electric, Gridpoint, IBM, Johnson Controls Inc., C3 Energy and Powerhouse Dynamics.
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Grand View Research has segmented the energy management system market on the basis of product, component, vertical, end-use and region:
Global Energy Management System (EMS) Product Outlook (Revenue, USD Million, 2012 - 2022)
- Industrial Energy Management System (IEMS)
- Building Energy Management System (BEMS)
- Home Energy Management System (HEMS)
Global Energy Management System (EMS) Component Outlook (Revenue, USD Million, 2012 - 2022)
Global Energy Management System (EMS) Vertical Outlook (Revenue, USD Million, 2012 - 2022)
- Power & Energy
- Telecom & IT
- Retail & offices
Global Energy Management System (EMS) End-Use Outlook (Revenue, USD Million, 2012 - 2022)
Global Energy Management System (EMS) Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Rest of the World (RoW)
More reports of this category by Grand View Research:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research