Energy Management System Market to Reach $43 Billion by 2024
Energy Management System Market is set to grow from its current market was valued at over USD 23 billion in 2017 to USD 43 billion by 2024, according to a new research report by Global Market Insights, Inc.
Ever-increasing carbon emissions owing to worldwide rising energy demand will drive energy management system market. Most of the electrical energy worldwide is generated by burning fossil fuels like coal and natural gas leaving behind an enormous amount of carbon footprint. The escalating issue of global warming has suddenly spiked up the ground temperatures causing unwanted climate changes and hampering the environmental balance.
The growing impact of climate change has led several counties to unite and form a standard to impose strict regulations on carbon emissions in their respective territories. For instance, 179 countries have signed the ‘Paris Agreement’ in order to limit the global GHG emissions. In addition, some of the major economies such as the U.S. and UK have authorized substantial budgets to meet the global emission standards, further promoting the product adoption.
Global initiatives to limit the carbon footprint will lead toward increasing adoption of energy conservation measures, stimulating the energy management system (EMS) market landscape. Depletion of fossil fuel reserves has been encouraging the nations to seek for sustainable, cleaner and reliable power source which should fuel energy management system market share.
Growing inclination toward zero emission buildings is expected to foster the product penetration during the forecast period. For instance, the European Union has passed an ordinance related energy efficiency which encourages the implementation of cost-effective measures for improvement of the overall building efficiency. Moreover, governments are planning to convert the new and existing buildings into zero energy structures by 2020. Such favorable measures to control the carbon footprint at the root level are anticipated to accelerate the energy management system (EMS) market trends.
Extensive product deployment across residential, commercial and industrial sectors is presumed to augment BEMS energy management system market share over the forecast timeline. Estimates claim that BEMS systems accounted for over 19% of the global energy management system share in 2017 attributed toward strict implementation of building protocols across the residential and commercial structures.
Rising infrastructural developments across the residential and industrial sectors will drive huge investments toward implementing energy conservation measures such as smart buildings. Such move will encourage large scale deployment of BEMS in order to adhere the energy efficiency codes. Furthermore, growing adoption of smart meters for facilitating energy optimization is anticipated to stimulate the business growth.
The German government has announced several programs to achieve energy sustainability. The ‘National Action Plan on Energy Efficiency’, specifically, had been unveiled to encourage investments toward innovative solutions to promote development of energy efficient buildings across the residential and industrial sector. As a part of the program, the local government also offers at least 30% subsidy to SMEs which can be utilized for upgrading the existing technologies and equipment hardware in order to improve manufacturing efficiency.
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