The global energy Management System market is expected to grow from $21,554.4 million in 2014, to reach $46,725.3 million by 2020, registering a CAGR of 14.0% during 2015–2020. The global Energy Management System, including industrial energy management system (IEMS), building energy management system (BEMS) and home energy management system (HEMS), is driven by rising awareness for energy efficiency, energy price volatility and stringent government regulation for reducing greenhouse emission and rise in disposable income of households. Government regulation for adopting renewable energy as an alternative for tradition energy sources is consequently surging the demand for efficient energy management solution among commercial and residential end users. This increased demand for energy management solution is boosting the demand for EMS including IEMS, BEMS and HEMS.
EMS is becoming an important solution among the industries, businesses and individuals to manage their energy consumption. EMS helps the end users to monitor energy consumption, thereby helping them to reduce the overall electricity expenses. Increasing industrial setup in countries such as India and China would increase the demand for energy, which in turn is expected to provide considerable growth opportunity for the global EMS market during the forecast period. Moreover, increased consumer awareness regarding the benefits associated with EMS solution has urged the home owners, especially in the developed and developing countries to install effective energy management system at home and commercial places to reduce the overall energy expenses. This is further boosting the growth of global EMS market.
The global market has witnessed changes in government policies to reduce greenhouse gas emission since past few years. Increase in energy prices and rise in production cost across sectors have forced the European businesses to reduce their energy consumption in recent years. European government has passed 20:20:20 policy, which urges the European countries to reduce 20% of their greenhouse gas emissions, raise their energy efficiency by 20% and increase the use of renewable energy resources up to 20% by 2020.
With the increasing competition in the market, the energy management system providers are modifying their product portfolio to offer technologically advanced product to the commercial and residential end-users. For instance, Schneider Electric launched “U.Motion”, an intelligent personal Life Space energy management system for smart homes. U.Motion offer flexibility, simplicity of configuration & mobility to the EMS solution for home installation. Introduction of advanced products has boosted the growth of the global energy management system market.
The rapidly growing energy management system market has also experienced large numbers of partnerships and collaboration taking place in the industry. For instance, in Oct 2014, Siemens collaborated with RusHydro, a syndicate of Russian government, to refurbish hydropower & thermal plants & implement renewable energy products. In the same month GridPoint, Inc. collaborated with MicroStrategy, Inc. for developing the enterprise wise energy analytics solutions to improve their energy manager product offerings.
News Courtesy: P&S Market Research
Tagged: energy conservation technology, energy industry, energy management systems