The global energy management systems market is likely to exhibit steady growth in the coming years thanks to the rising awareness in the industrial sector about its contribution to global pollution levels, according to editiontruth.com,
Transparency Market Research says the global energy management systems market is expected to exhibit a robust CAGR of 13.4% between 2015 and 2023. The energy management systems market is thus likely to reach a valuation of $36 billion by 2024.
Several regulations, policies, labeling programs, and incentives have been implemented by governments to urge industries to begin adopting EMS. This is more apparent in the developed regions of North America and Europe. The latter region in particular has a strict set of energy consumption and renewables goals that need to be achieved in the stipulated time. Both regions hold a key entry point for EMS companies: the rapid adoption of renewable energy resources. EMS can be easily integrated with the establishment of new energy sources and power generation points to improve the overall production and consumption of energy. North America is showing a rapidly growing demand for EMS in offices, new buildings, and retail buildings.
Industrial entities in emerging economies are widely adopting comprehensive energy management solutions; China, India, Thailand, Indonesia, Brazil, Argentina, Russia, Mexico and South Africa hold significant promise for the global energy management systems market, according to Transparency Market Research’s new study, Energy Management Systems Market Forecast 2016-2024. Industries such as iron and steel, which are among the leading consumers of energy in the world, are becoming vital to the global energy management systems market. Energy counts as one of the leading expenditures for industrial entities, and can thus lead to significant savings when energy management systems are put into place.
Awareness of human impact on the environment, rising government support and increasing awareness of the operational benefits presented by energy management systems will continue the upward trajectory of the market.