Energy Management Market Reaches $44.4B by 2020, Says Report
According to a new report by Allied Market Research titled Energy Management Systems Market 2013 – 2020, the global Energy Management System (EMS) market is expected to reach $44.4 billion by 2020, registering a compound annual growth rate of 13.75 percent during 2014 – 2020.
The energy management systems market is segmented based on technology, verticals, end users, components and geography. The component segment includes sensors, controllers, software and others. Verticals include power & energy, telecom & IT, manufacturing, retail and offices, healthcare and others. The market is also segmented in terms of type of energy management systems: Home Energy Management System (HEMS), Building Energy Management System (BEMS), and Industrial Energy Management System (IEMS). The key players discussed in the report include Schneider Electric, Siemens AG, Honeywell, Elster Energy, Johnson Controls, Gridpoint, IBM, C3 Energy.
Among all types of energy management systems, the adoption of BEMS is expected to increase rapidly due to its varied application in verticals. 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, according to the report.
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