Energy Management System (EMS) Market Helps In Reducing the Energy Cost to Aid the National Government
The energy management system (EMS) market is expected to reach $74.8 billion by 2022, growing at a CAGR of 17.3% between 2016-2022. The factor driving the growth of the market is that EMS not only offers a good return on investment but helps in keeping the environment safe. Also, another factor driving the growth of the market is that EMS helps in reducing the energy cost to aid the national government.
Energy management systems consists of several components such as control systems, hardware, software, communication networks, field equipment among others that are combined together to work as one. Every component has a different function and the use of these components can vary from one system to other depending upon requirement. The energy management system market was estimated to be around $24.8 billion in 2015. More than 20% of this market was captured by the control systems segment, which dominated the market in all the major regions. Following the control systems segment was the communication networks segment that captured 17% share of the global EMS market in 2015.
In terms of application, energy management system market is segmented into industrial energy management systems (IEMS), building energy management systems (BEMS) and home energy management systems (HEMS). IEMS dominated the application segment as industries are most preferred segment to use an energy management system due to huge consumption of energy. HEMS is anticipated to be the fastest growing application segment of the global EMS market during the forecast period.
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North America accounted for majority of the global energy management system market share in 2015. The North American region is utilizing energy management systems from more than a decade for a wide range of applications. The region has a huge demand for energy from several industries as well as domestic consumers. The demand for energy management system in North America is anticipated to grow at a moderate rate during 2016-2022.
EMS helps the organizations to closely monitor their energy usage, identify and kill the possible energy loss sources, thus saving potential costs. Besides just a financial aspect, EMS also contributes to a greener and safer environment by reducing the energy consumption and carbon footprints. Thus the financial and environmental benefits offered by the EMS are driving the growth of the energy management system market.
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Some of the major players operating in the energy management system market include Schneider Electric, Honeywell International, Siemens AG, Johnson Controls, Elster Group, C3 Energy, GridPoint Inc., General Electric Company, and Eaton Corporation.
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