According to the latest market research study released by Technavio, the global energy management systems market is expected to grow at a CAGR of close to 17% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global energy management systems market based on product type:
Global energy management systems market share by application during 2015
|
IEMS |
60.92% |
|
BEMS |
15.36% |
|
HEMS |
3.30% |
|
Others |
20.42% |
Source: Technavio
The top three revenue contributing application segments are discussed below:
Global IEMS market
During 2015, the IEMS segment occupied the largest share of the global energy management systems market. Energy management systems find application in the automotive, cement, food and beverage, iron and steel, electronics, mining and minerals, oil and gas, paper and pulp, petrochemicals, and utility industries. The demand for energy management systems in this market segment is driven by the need for reducing the energy cost and carbon footprint.
“The global demand for energy is expected to increase by around 75% by 2030, fueled by the growth in global economy. Organizations are striving to overcome energy shortage by emphasizing more on energy efficiency. Energy efficiency is the most efficient way to reduce energy consumption, as it is much economical than buying additional power from reserve plants,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on smart grids.
The transition to smart grid technologies and the adoption of energy management systems have made it possible for utilities to have near real-time information on the production, distribution, and consumption. This has allowed utilities to implement demand response programs where they can control the consumption, balancing the load of the grid. The adoption of energy management systems in the industrial sector is augmented by the economic benefits they bring about.
Global BEMS market
The global BEMS market currently accounts for more than 15% of the overall revenue generated in the global energy management systems market. This market segment is anticipated to register a CAGR of more than 19% during the forecast period. Energy management systems have become more flexible due to added functionalities in the integration with other building management systems. These systems show pre-emptive areas of concern and carry out appropriate maintenance like in heating, ventilating, and air conditioning (HVAC) systems to maintain the air flow according to the building energy code and required standards, making it possible to manage overall energy consumption efficiently.
Global HEMS market
The HEMS application segment accounted for around 3% of the revenue from the global energy management systems market in 2015. The demand for HEMS in the housing sector is fueled by the rise in electricity prices. The global market is currently witnessing a rise in the adoption of smart thermostats, lighting control, central controllers, and HVAC controls owing to increased awareness about modern energy management systems.
HEMS systems monitor and analyze the power consumption trend of the connected devices. This enables the users to compare historical data and optimize activities that will lead to more efficient power consumption. Besides, HEMS sensors can detect movement in and around the premises, and alert the consumers about untoward activities. This addresses safety and security concerns of customers. The global HEMS market is expected to post a CAGR of almost 24% over the next four years.
The top leading vendors operating in the global energy management systems market are:
· GE-Alstom
· Honeywell
· Johnson Controls
· Schneider Electric
· Siemens
Other prominent vendors in the market include ABB, Alarm.com, Ameresco, Azbil, C3 Energy, CBRE, CISCO, Cylon Control, Daikin Industries, DEXMA, Duke Energy, Eaton Corporation, Echelon, Ecova, Elster, Energy System Technologies, EnergyIQ, EnerNOC, Envizi, eSight Energy, General Electric Industrial Solutions, GridPoint, Hermetic Rush Services, IBM, Lennox International, Lucid, One Sight Solutions, Oracle, Panasonic, Tendril, Trane, United Technologies, Verdant, Veris, and Wipro EcoEnergy.
A more detailed analysis is available in the Technavio report tilted, ‘Global Energy Management Systems Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Next-generation Building Energy Management Systems Market 2016-2020
- Global Energy Management Systems Market for Healthcare Sector 2016-2020
- Global Smart Energy Market 2016-2020
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