U.S. energy management system market share is expected to witness substantial gains over 11% subject to government measures towards energy conservation.
Sellbyville, DE -- (SBWIRE) -- 11/09/2018 -- Energy management system market share from control systems contributed 5% of global revenue share in 2015. Implementation can lower energy consumption by up to 15%, by providing you with the tools to make your lighting systems, HVAC, and plant equipment electricity use more efficient.
Global Energy Management System Market is expected to grow at over 13% CAGR to surpass USD 38 billion by 2024. Introduction of strict building standards and codes to encourage energy conservation will stimulate the industry landscape. The U.S. has adopted standard 90.1 to provide minimum requirements for energy efficient commercial building design and construction. Canada has also adopted ISO 50001 to offer structured framework to companies towards energy efficiency. It also helps to reduce environmental impacts and energy cost.
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Geopolitical measures to reduce emissions, with increasing demand for reliable and clean power will fuel energy management system market share. European Union has announced Energy Performance of Buildings directive with the aim to encourage cost effective improvement to improve the overall building efficiency. The government is also planning to renovate the new and existing buildings into zero energy by 2020. These government measures to control the carbon footprint is anticipated to fuel the energy management system market.
Qatar contributed over 5% of Middle East & Africa energy management system market share in 2015. Growing population coupled with rapid industrialization are the factors responsible for industry growth from 2016 to 2024.
Growing electricity demand will further complement the energy management system market. Indonesian energy demand is anticipated to grow on account of increasing social and economic development and rising population. With an aim to meet the increasing electricity demand, the country targets to raise power capacity to 137 GW by 2025 compared with 55.5 GW by 2015.
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Germany was valued over 25% of Europe energy management system market share in 2015. The German government has unveiled several programs including National Action Plan on Energy Efficiency, to promote investment in energy efficient building & products and innovative industrial operations. The authorities have also offered SMEs subsidy of at least 30% to improve the efficiency of manufacturing process by upgrading technologies and equipment. The country targets to cut its energy consumption to 20% by 2020.
Global BEMS energy management system market share contributed over 19% in 2015. Building standards and codes for commercial and residential structures will propel the business growth. The U.S. energy management system market accounted for over 4 billion in 2015. Increasing adoption of smart meters to optimize, monitor and control the energy consumption will stimulate the business growth. The regional government initiatives for smart grid roll-out, emergence of cloud platform, requirement of operational efficiency for utilities and reducing cost of IoT components will positively impact the demand of the system across the globe.
Major participants in energy management system market are Schneider Electric, ABB, IBM, CA Technology, Honeywell, GENERAL ELECTRIC, Siemens AG, Eaton, Cisco Systems, Johnson Controls, and Emerson Electric.
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