Grand View Research released research this week that forecasts that the energy management systems (EMS) market will reach $58.59 billion by 2022. The drivers are concerns about energy prices and increasing green building construction, the firm said. China, India, Japan, the United Arab Emirates and Germany are expected to be the market leaders during the next seven years.
The press release says that industrial EMS has emerged as the leading product segment and was responsible for half the total revenue in 2014. Power and energy, IT and telecom and manufacturing are leading segments. The industrial segment will be driven going forward by favorable government initiatives and integration of technology solutions, according to the release.
In October, Navigant Research said that the industrial energy management system sector will grow from $13.5 billion to $35.6 billion between last year and 2024.