San Francisco, California, Dec. 16, 2015 (GLOBE NEWSWIRE) -- The global energy management system (EMS) market is expected to reach USD 58.59 billion by 2022, according to a new report by Grand View Research, Inc. Energy efficiency & optimization are the key essence that drives industries to adopt for energy management solutions. International standardization along with favorable government initiatives to promote energy management in industrial and commercial sectors are expected to remain major driving factors for the global market.
Technological advancements such as development of user-friendly programming platforms have enabled hassle free operation and maintenance of these systems. Additionally, development of innovative technologies to install remote sensors in HVAC and lighting system applications for real-time monitoring and control is expected to create new avenues for market participants. High capital along with long pay back period is are expected pose challenges for profitability.
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IEMS was the largest product segment and accounted for over 60% of total revenue in 2014. High installation and maintenance cost are expected to hinder growth over the forecast period. HEMS are anticipated to witness the highest growth over the forecast period. Increasing construction of smart homes and green buildings especially in developed economies of U.S., UK and Germany may be attributed for high growth in the segment over the forecast period.
Further key findings from the report suggest:
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Grand View Research has segmented the energy management system market on the basis of product, component, vertical, end-use and region:
Global Energy Management System (EMS) Product Outlook (Revenue, USD Million, 2012 - 2022)
Global Energy Management System (EMS) Component Outlook (Revenue, USD Million, 2012 - 2022)
Global Energy Management System (EMS) Vertical Outlook (Revenue, USD Million, 2012 - 2022)
Global Energy Management System (EMS) End-Use Outlook (Revenue, USD Million, 2012 - 2022)
Global Energy Management System (EMS) Regional Outlook (Revenue, USD Million, 2012 - 2022)
More reports of this category by Grand View Research:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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