The global energy management systems market is reasonably consolidated due to the presence of dominant shareholders such as Schneider Electric SE, Siemens AG, and Johnson Controls Inc. These three leading energy management systems manufacturers are likely to account for close to three-quarters of the global energy management systems market in the coming years. Emerson Process Management and Honeywell International, Inc. also hold a notable share in the global energy management systems market, with the two expected to collectively account for around 20% of the market in the coming years.
According to Transparency Market Research (TMR), the global energy management systems market’s revenue is expected to US$35.9 bn by 2024, exhibiting a robust 13.4% CAGR between 2015 and 2023.
Industrial Application of Energy Management Systems to Remain Dominant
By application, the global energy management systems market can be segmented into industrial, buildings, and residential use. The industrial sector is likely to account for the leading share in the demand from the global energy management systems market in the coming years. The booming industrial sector in emerging economies such as China, India, Thailand, Indonesia, Brazil, Argentina, Russia, Mexico, and South Africa holds significant promise for the global energy management systems market, as industrial entities in these countries are widely adopting comprehensive energy management solutions, which is likely to enable steady demand from the global energy management systems market.
Demand from the residential sector could also play a crucial role in the growth of the global energy management systems market in the coming years. “An increasing number of citizens, particularly in developed regions such as Western Europe, are acknowledging the importance of the residential sector in climate change and are thus starting to embrace solutions such as energy management systems,” a TMR analyst said. Smart homes, demand for which is set to rise in the coming years, are also likely to include energy management solutions in their design, leading to steady demand from the energy management systems market.
Regionally, North America and Europe are likely to be overtaken by the Asia Pacific market for energy management systems in the coming years. The latter accounted for around 20% of the market in 2016, but its share in the revenue of the global energy management systems market is expected to rise to 28.9% by 2024.
Rising Acknowledgment of Human Carbon Footprint Crucial for Sustained Growth
The importance of energy conservation in the context of mankind’s impact on the earth’s climate is being acknowledged by governments across the world. This has led to solid government support to the adoption of energy management solutions in the industrial sector in several countries, leading to rising demand from the global energy management systems market. Industries such as iron and steel, which are among the leading consumers of energy in the world, are thus becoming vital to the global energy management systems market.
The utilization of energy management systems is relevant not only in terms of environmental protection, but also in terms of the economic benefits it provides to industries. The use of energy management systems can help companies make significant savings, as energy counts as one of the leading expenditures for industrial entities.
Lack of Awareness among Industries could Restrain Energy Management Systems Market
The key restraint on the global energy management systems market is the lack of awareness among industrial bodies about the comprehensive benefits of energy management systems. While several governments are likely to make the adoption of energy management systems mandatory in the coming years, the global energy management systems market could struggle to get going in countries where government support is limited. The high initial cost of energy management systems could also hinder the global energy management systems market’s growth in developing countries.
The information in this preview is taken from a Transparency Market Research (TMR) report titled ‘Energy Management Systems (EMS) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.’
The global energy management systems market is segmented as follows:
Energy Management Systems Market: By Component
- Hardware Component
- Communications Networks
- Control System
- Sensors and Equipment
Energy Management Systems Market: By Application
Energy Management Systems Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- Japan & South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South & Central America
- Rest of South & Central America
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