Report by Transparency Market Research,released last year, examines the global energy management systems market and presents forecasts about the future growth prospects of keyelements and segments of the market over the period between 2016 and 2024.The report is titled “Energy Management Systems (EMS) Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 – 2024”
The report projects that the market will exhibit exponential growth over the forecast period as an increasing number of industries, buildings, and domestic setups are installing energy management systems for making utility consumption more efficient. The report projects that the market will exhibit a 13.4% CAGR between 2016 and 2024. If the projections hold true, the market, which stood at a valuation of US$9.9 bn in 2014, will rise to US$35.9 bn by 2024.
Carbon emission reduction is among the top priorities of corporate environmental management programs. Energy waste can be reduced through implementation of EMS combines energy and process optimization. The systems include a combination of hardware interfaced with software tools such as thermostats, lighting, HVAC, appliances and large equipment. Energy management software is highly critical to analyze and optimize power consumption and gauge the optimal design required for different industries. Hardware component consists of physical devices for integrating the systems such as server field equipment, monitoring devices and metering equipment. Communication networks provide connectivity and facilitates transmission of data and information throughout the energy management systems. Control systems are used for interfacing the physical components with software systems, this facilitates management of communication systems providing an interface for the operators. Sensors can be integrated with these equipment including ventilating systems, chillers and water heaters.
From a geographical viewpoint, the major regional markets for EMS analyzed in the report include North America, South and Central America, the Middle East and Africa, Europe, and Asia Pacific. Of these, North America led the market, followed by Europe, in 2014.