Energy management systems in the healthcare sector: Key market research findings
- The market is driven by the need for cost reduction
- Noticeable increase in the construction of green buildings
- Key vendors—EATON, GE-Alstom, Honeywell, Schneider Electric, and Johnson Controls
The market research analysts at Technavio estimate the global energy management systems market for the healthcare sector to grow at a CAGR of almost 11% between 2016 and 2020. The increasing need for cost reduction in the healthcare sector is the primary driver for the market. The electricity usage in the healthcare industry is significantly high as they function round-the-clock and also due to the use of several equipment. Furthermore, there is a steady increase in the electricity prices. Combined, these factors cause an increase in the operational cost of healthcare facilities leading to a direct impact on its bottom line expenses. At present, the Americas dominate the global energy management systems market for the healthcare sector by accounting for more than 41% of the overall market share. The rising energy prices and the increasing focus on the healthcare sector are some of the factors fueling growth in the market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the energy management systems segments by technology.
“The construction of green buildings is the latest trend in the market. The healthcare sector is adopting green systems to promote building a healthier and productive environment, increasing efficiency, and decreasing its impact on its surroundings earning them Leadership in Energy and Environmental Design (LEED) certification or Energy Star designation from the government. The financial benefits and cost-reduction brought on by this approach are augmenting continued investments in the development of technologies that result in energy savings” says Vishu Rai, Lead Analyst, Energy, Technavio Research.
During 2015, the heating, ventilation and air conditioning (HVAC) segment dominated the global energy management systems market in the healthcare sector with more than a 39% stake in the total market share. HVAC is an essential component of healthcare facilities. The ventilation and cooling account for a significant portion of the power consumption when compared to other equipment and processes that consume electricity in the healthcare sector. Factors such as reduced manpower, improved efficiency, safety, and reduced power usage are factors that will further fuel the growth of this segment by 2020.
The key vendors in the global energy management systems market in the healthcare sector include EATON, GE-Alstom, Honeywell, Schneider Electric, and Johnson Controls. This market is characterized by the presence of established vendors. Key players have a large portfolio of energy management solutions, which can be customized and scaled according to customer requirements. However, with regional or local vendors dominating in several regions has intensified the market competition. Several local and regional vendors are offering good quality storage devices at lower prices than the key vendors, which will intensify rivalry among players in the coming years.
A more detailed analysis is available in the Technavio report, Global Energy Management Systems for the Healthcare Sector 2016-2020.
We can customize reports by other regions and specific segments upon request.
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