According to a new market report published by Credence Research, Inc., “Energy Management Systems (EMS) Market (Industrial Energy Management Systems (IEMS), Building Energy Management Systems (BEMS), Home Energy Management Systems (HEMS)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the energy management systems (EMS) market is expected to expand at a CAGR of 14.2% from 2015 to 2022, reaching US$ 57.8 Bn by 2022.
Browse the full Energy Management Systems (EMS) (Industrial Energy Management Systems (IEMS), Building Energy Management Systems (BEMS), Home Energy Management Systems (HEMS)) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022 report at http://www.credenceresearch.com/report/energy-management-systems-ems-market
Product and Market Insights
Energy management systems (EMS) are electronic devices that allow consumers to monitor, control, and manage their energy consumption optimally. The global energy management systems (EMS) market for building and residential applications is currently in the nascent stage of development. The industry has been committed towards developing a universal platform capable of addressing issues concerned with the interface, interoperability, and installation.
The global energy management systems (EMS) market is competitive and technology driven. Some of the leading players in the energy management systems (EMS) market include Honeywell International, Inc. (the U.S.), General Electric Company (the U.S.), Schneider Electric SE (France), Panasonic Corporation (Japan), Cisco Systems, Inc. (the U.S.), Johnson Controls, Inc. (the U.S.), Siemens AG (Germany), Eaton Corporation Plc (Ireland.), Rockwell Automation, Inc. (the U.S.), and Emerson Electric Company (the U.S.) among others. The market competition is characterized by the presence of both and core solution providers and application sub-system suppliers. Their approach has been to offer energy management solutions as a part of home and industrial automation products and services. The new entrants in the energy management systems (EMS) market require substantial capital investment. Being a technology driven market, players entering the market are required to keep pace with the technological advancements and dedicate substantial budget for research and development activities. On the contrary, favorable government regulations promoting optimum energy consumption is expected to have positive impact on the new players entering the market. Thus, the existing energy management systems market poses moderate threat to new entrants.
- Growing interest in residential demand response and roll-out of smart utility meters
- Increasing efforts by manufacturers to develop multi-featured energy management systems capable of connecting with multiple control devices and being managed from a remote location
- Growing desire to manage electricity consumption and curb electricity bills