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Energy Management Systems (EMS) Market to See Incredible Growth During 2024

, 25 April 2019 -- About 71% of the global energy management systems market was taken up by the industrial sector in 2014, based on applications. In that year, the global market was valued around US$9.8 bn. With a CAGR of 13.4% from 2015 to 2023, this market is expected to reach about US$36 bn by the end of 2024.

According to Transparency Market Research (TMR), the key energy management systems players have a very strong grip on the global market. Siemens AG, Johnson Controls, Inc., and Schneider Electric SE are the top three players in this market and had collectively accounted for 50% of the revenue share in 2014. Emerson Process Management and Honeywell International operate on a global scale and hold wide energy management systems portfolios. Their products and services are a built to suit a wide array of end users.

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Transparency Market Research suggests that players in the energy management systems can focus towards emerging economies such as China and India, where the rapid industrialization rates are generating a rich environment for the implementation of modern EMS services.

Energy management services are expected to receive a major boost over the coming years in the form of heavy investments by end users. Two core factors responsible for the high end user interest in energy management systems are the strengthening government regulatory efforts to impose EMS and reduce carbon footprints, and the ability of EMS to significantly reduce operations costs.

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Another globally concurrent effort that will benefit energy management systems companies is the increasing focus on renewable energy sources. This factor is especially visible in Japan, China, Germany, and the U.S., where renewables are taking the foreground in terms of research, development and implementation.

Energy Management Systems Highly Sought for Operations Cost Reduction

“The cost of raw materials and cost of energy are the two largest expenses in a manufacturing plant, and are also the two most variable ones,” states a TMR analyst. For the majority of manufacturing industries, energy consumption is a leading expense that has to be managed. As energy supply dwindles, it is no longer feasible to simply hold a manufacturing process in full speed. There has to be a schedule for the processes and the use of modern equipment and systems that allow a company to cut back on the money spent on energy.

“Take the iron and steel industry as an example,” continues the analyst, “From the total cost of the produced steel, nearly 20% to 25% arises from its consumption of energy. This can be reduced using EMS; in fact, the steel and iron manufacturers can achieve an energy consumption rate of up to 30%. In the long run, that can count for massive savings in power consumption and consequently, the cost of manufacturing.

A similar effect can be achieved on commercial structures. The annual energy consumption within the U.S. shows a 40% share taken up by commercial buildings. Currently, this amounts to about US$40 bn annually spent on energy alone. The energy management systems players need to provide optimal solutions to help reduce this energy consumption in order to gain a larger market share and demand.

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Industrial Demand for EMS Will Continue to be the Largest

About 71% of the global energy management systems market was taken up by the industrial sector in 2014, based on applications. In that year, the global market was valued around US$9.8 bn. With a CAGR of 13.4% from 2015 to 2023, this market is expected to reach about US$36 bn by the end of 2024.

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Submitted by Sandy Researcher, Transparency Market Research on Thursday, 25 April 2019 at 6:27 PM
Category: Business
 
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