Global Energy Management Systems Market to Generate Close to USD 55 Billion by 2020, Says Technavio
The global
energy management systems market is expected grow at a CAGR of
more than 16% during the period 2016-2020, according to Technavio’s
latest report.
In this report, Technavio
covers the market outlook and growth prospects of the global energy
management systems market for 2016-2020. The
revenue calculation is based on the application that help to monitor and
control the energy consumption in industries, commercial facilities, and
residential sectors. In addition, the report discusses the major drivers
influencing market growth and the challenges faced by vendors and the
market as a whole. It also examines key emerging trends and their
influence on current and future market scenarios.
“The global energy management systems market is expected to grow
steadily during the forecast period, owing to the need for cost
reduction. This has led organizations and households to adopt energy
management systems to lower energy consumption and improve energy
efficiency,” says Thanikachalam Chandrasekaran, a lead smart
grid research expert from Technavio.
Technavio’s energy
research analysts segment the global energy management systems market
into the following regions:
In 2015, with a market share of over 37%, Americas dominated the global
energy management systems market, followed by EMEA with over 34% and the
Americas with close to 29%.
Americas: largest contributor to the energy management systems market
The energy management systems market in the Americas is expected to
reach USD 20 billion by 2020, growing at a CAGR of close to 16%.
The Americas was the largest contributor to the energy management
systems market with 37% of the total market value in 2015. Rising energy
prices and a growing focus on the demand response and energy efficiency
have made energy management products compelling propositions for
end-users in the Americas. These users include commercial buildings,
government institutions, and healthcare facilities. The US was the
largest revenue contributor in the region due to the existence and the
implementation of several building energy codes, which has driven the
need for efficiency and cost savings in the country. For instance, the
energy code helped save about USD 5 billion annually in energy costs in
2012, 36 million tons of carbon savings in 2012.
“Apart from financial benefits, the need to meet government regulatory
compliance policies with regard to power and backup systems is also
another major factor prompting the adoption of energy management
systems,” says Thanikachalam.
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EMEA: EU’s drive toward achieving an energy-efficient future
to boost growth
The energy management systems market in EMEA is expected to exceed USD
19 billion by 2020, growing at a CAGR of more than 17%.
Increased awareness and rising anxieties about the use of energy by
end-users has contributed to the growth of the market in this region.
According to the EU, buildings account for 40% of the energy consumption
in the region. The EU’s drive toward achieving an energy-efficient
future will fuel the need for energy management systems in the region.
Growing awareness for the need of energy saving and high desirability
among businesses are contributing to the EU’s goal of achieving 20%
efficiency by the year 2020. This has increased the adoption of energy
efficiency measures such as conducting energy audits, energy insulation,
energy management, and building control systems.
According to the new framework program of EU, Horizon 2020, a
contractual Public Private Partnership (PPP) on energy-efficient
buildings, will drive innovative, affordable building technologies and
solutions. This should point the way toward the development of smart
cities and the applications of energy management systems. The
European energy management standard EN16001 plays a crucial role in the
implementation of EMS across various sectors. The standard ensures the
integration of energy management systems into organizational business
structures to save energy and costs and to improve business performance.
The economic benefits combined with government support will provide the
necessary impetus for market growth.
APAC: to post a CAGR of close to 13% during the period
2016-2020
The energy management systems market in APAC is growing significantly
because of new construction
developments in the commercial and industrial sectors (driven by the
growing population and expansions in economic activities in the region).
The growing construction sector has led to higher energy consumption,
which coupled with the rising energy prices, is contributing to the high
demand for energy management systems in these countries.
China, Japan, India, Singapore, and Australia are the main contributors
to market growth in the region. Governments in these countries are also
taking steps to improve energy efficiency in buildings. For instance,
the Chinese Ministry of Housing and Urban-Rural Development has
introduced a version of LEED standards, which has three levels of rating
and financial incentives are awarded to buildings with two and
three-star rating.
The launch of new energy-efficient programs has attracted investments in
the hardware segment of the market in APAC. This will ultimately boost
market growth during the forecast period.
The top vendors in the global energy management systems market
highlighted in the report are:
-
GE-Alstom
-
Honeywell
-
Johnson Controls
-
Schneider Electric
-
Siemens
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Technavio
is a leading global technology research and advisory company. The
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than 500 technologies across 80 countries. Technavio has about 300
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and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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