According to a new report by Allied Market Research titled, Energy Management Systems Market (Components, Type, Vertical, End-User and Geography) -Size, Share, Global Trends, Company profiles, Demand, Insights, Analysis, Research, Report, Opportunities, Segmentation and Forecast, 2013 - 2020, the global Energy Management System (EMS) market is expected to reach $44.4 billion by 2020, registering a CAGR of 13.75 % during 2014 - 2020.
Building Energy Management System (BEMS) is expected to grow swiftly and would drive the market significantly by the year 2020. In certain economies like Europe, government provides support and subsidies to encourage adoption of Home Energy Management System (HEMS), hence its demand is expected grow, thereby contributing to the total market size.
To view the report, visit the website at: http://www.alliedmarketresearch.com/energy-management-systems-market
Among all types of EMS which include HEMS, BEMS, Industrial Energy Management System (IEMS), the adoption of BEMS is expected to increase rapidly due to its varied application in verticals namely, Healthcare, Telecom and IT, Educational institutions and Universities and Commercial building like shopping malls, offices etc. Presently, IEMS is the largest revenue generating segment of the EMS market and would continue to be the same by 2020, given its high product, installation and maintenance cost. The incorporation of big data and analytics has opened scope of technological advancements in better management and allocation of energy. This has transformed the market and is expected to be a crucial component of EMS in the coming years.
Key findings of the study:
The market growth is attributed to innovation in Energy management and monitoring along with rising demand from manufacturing sector, power and energy and enterprises.
In order to gain a higher market share, in addition to the production launches, the companies are adopting acquisition/ partnership as key strategies. Companies such as Schneider, GridPoint and Elster etc. have collaborated with different industry experts to get access to the market as well as technologies of each other. Prominent companies profiled in the report include Schneider Electric, Siemens AG, Honeywell International, Inc., Elster Energy, Johnson controls, Inc., Gridpoint, Inc., C3 Energy and GE.