International.
The global energy management systems (EMS) market is projected to reach $72.73 billion by 2024, according to a new report released by Grand View Research Inc.
Technological advancement in relation to the integration of cloud-based software platforms with Building Energy Management System (BEMS) modules has enabled companies to control and monitor energy use in a sustainable manner.
The key findings of the report are:
Sensors were the largest component segment and accounted for more than 35% of the global EMS market in 2015. Real-time data tracking and technological advancements with improved sensor efficiency are expected to drive demand over the next seven years.
• Commercial and office buildings are expected to experience the fastest growth during the forecast period. The growing number of companies, coupled with a growing awareness of energy efficiency, is seen as contributing to high growth. The U.S. segment is expected to grow at a CAGR of 12.6% during the forecast period.
• The commercial sector accounted for around 95% of the global market in 2015 and is projected to remain the main end-use segment during the forecast period. Rising primary energy prices, coupled with increasing government initiatives to reduce energy consumption in commercial buildings, are expected to remain a major factor responsible for the high market penetration in the sector.
• The Asia-Pacific region is projected to experience the highest growth at 15.6 per cent during the forecast period. The increasing demand for electronic products such as computers, laptops, cell phones, microwave ovens, etc., coupled with the growing concern about high electricity costs, are expected to drive the energy management systems market in the region.
