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 (EMS) 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.
The report predicts that the global EMS market revenue will reach $35.9 billion by 2024, more than 13% growth between 2015 and 2023.
Regionally, North America and Europe are likely to be overtaken by the Asia Pacific market for energy management systems in the coming years. The latter accounted for around 20% of the market in 2016, but its share in the revenue of the global energy management systems market is expected to rise to 28.9% by 2024. Globally, government support for the adoption of energy management solutions in the industrial sector is also leading to rising demand from the global energy management systems market.
Construction Is Another Driver
Construction and real estate are also likely to be driving the growth of EMS: demand for smart homes is on the rise, and builders are likely to include energy management solutions in their design, leading to steady demand from the energy management systems market, according to the report.
Tommy Russo, the CTO of Akridge Invested, a commercial real estate firm, told Energy Manager Today in December, 2016, that the reducing energy use always has been a management goal. In a survey released in late 2016 from MACH Energy, Russo said that EMS’s are the linchpins of efficiency efforts. “It’s more sensors in all the mechanical systems,” Russo told us. “Before, for instance, a variable air volume box may have had, say, 10 sensors. Now it might have 300 sensors. You can see 290 things more than you could see before. Maybe it’s the capacity of the fan, maybe temperature of the refrigerant, maybe it’s the volume of water flow.”
The EMS Market Forecast report names Schneider Electric SE, Siemens AG, and Johnson Controls as the three leading energy management systems manufacturers; these three are likely to account for close to three-quarters of the global energy management systems market in the coming years. Emerson Process Management and Honeywell International, Inc., also hold a notable share in the global energy management systems market, with the two expected to collectively account for around 20% of the market.