Global Energy Management System Market Report, published by Variant Market Research, forecast that the global market is expected to reach$134 billion by 2024 from $35.9 billion in 2016; growing at a CAGR of 17.9% from 2016 to 2024.
Energy management system is used to control, monitor, and enhance the performance of the transmission system and generation, which is also known as EMS/SCADA or SCADA/EMS. Improved energy-efficiency, and decrease in carbon foot print and price are some of the benefits of EMS usage. Growing requirements in industrial sectors, such as in manufacturing and power for monitoring and evaluation of consumption pattern, is expected to boost growth of the market during the forecasted period.
"Energy Management System Market (By Type: IEMS, BEMS, and HEMS; By Vertical: Power and Energy, Manufacturing, Retail and Offices, Telecom and IT, Healthcare, and Other Verticals; By End User: Commercial, and Residential; By Components: Sensors, Controllers, Software, and Other Components; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Rising sensitivity about carbon footprint management to drive the growth of energy management system market
The factors supporting growth of the energy management system market are rising sensitivity about carbon footprint management, high energy usage and price uncertainty, strict instructions and guidelines, and rising importance regarding effective energy management. However, huge initial cost may act as a restraint for the growth of the market. Moreover, growing rate of smart cities schemes in emerging nations would provide several growth opportunities for the market in the future.
Type, end user, components, vertical, and geography are the major segments of energy management system market. The type segment is bifurcated into building energy management system (BEMS), home energy management system (HEMS), and industrial energy management system (IEMS). End user segment includes commercial and residential. Moreover, components contain software, sensors, controllers, and other components. By vertical, market is bifurcated as retail and offices, power and energy, healthcare, manufacturing, telecom and IT, and other verticals. Based on geography, the global energy management system market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
IEMSaccounted for the largest market share in the type segment
Global Energy Management System Market By Type
IEMS accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016–2024 owing to rapid industrial development with increasing construction spending globally followed by BEMS.
Sensors accounted for the largest market share in the components segment
Sensors accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016 – 2024 owing to high usage of sensors in thermal cameras, optical trip wires, optical cameras, and motion-detecting wires coupled with technological improvements and real-time data tracing with better effectiveness of sensors, followed by controllers.
North Americadominated the global market with highest market share over the forecast period
GLOBAL ENERGY MANAGEMENT SYSTEM MARKET SHARE BY GEOGRAPHY 2016
North America dominated the global energy management system market with largest market share of 41.4% in 2016, and expected to continue the trend during the forecasted period, owing to, government involvement for the residential sector with the energy effectiveness and management standards for decreasing the energy consumption and energy cost which is the main factor in their management policies. Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2016 – 2024.
The key players operating in the market are Schneider Electric SE, Cisco Systems, Inc., Honeywell International, Inc., Asea Brown Boveri (ABB) Ltd., General Electric Company, Siemens AG, International Business Machine Corporation, CA Technologies, Emerson Electric Company, and Eaton Corporation PLC, among others.