Energy management systems are digital monitoring systems that keep track of the total energy consumption in a given complex. The global energy management systems market has been driven in recent years primarily by the rising acknowledgment of the risk posed by the growing pollution. The accountability provided by the use of energy management systems has become vital for players in several industries. 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 Transparency Market Research (TMR), 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 US$36 bn by 2024.
Rising Awareness of Operational Benefits Drives Demand
In spite of the growing awareness regarding the adverse impact of human activities on the environment, the industrial sector has been slow in adopting energy management systems on a large scale. The scenario has changed in recent years in favor of the global energy management systems market, as more players are becoming aware of the operational benefits presented by energy management systems to their own workflow. The global energy management systems market has thus been driven by the rising demand from players looking to gain a competitive edge by maximizing their operational efficiency.
Rising government support to environmental initiatives has also been key for the global energy management systems market in recent years. Due to the adverse effects of environmental pollution on the economy as well as human health, an increasing number of countries have adopted regulatory frameworks supportive towards the energy management systems market. The increasing government support to the development of renewable energy resources is also vital for the global energy management systems market.
Asia Pacific Likely to Remain Lucrative Regional Segment
Regionally, the global energy management systems market is dominated by Asia Pacific. The rapid industrialization in dynamic economies in the region such as China and India is likely to remain a key driver for the energy management systems market in the coming years. The pace of industrialization in these countries has been boosted by consistent urbanization in order to fulfill the needs of an increasing population. Measures to maximize the efficiency of power consumption are thus likely to remain popular in these countries in the coming years, leading to strong prospects for the global energy management systems market.
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Competitively, the global energy management systems market is considerably consolidated and features leading players such as Johnson Controls Inc., Siemens AG, and Schneider Electric SE. These three players accounted for a majority share in the global energy management systems market in 2014 and are likely to retain similar dominance through the forecast period. However, smaller energy management system market players could achieve significant growth in the coming years through inorganic growth avenues such as collaboration and mergers and acquisitions. Growing technology company Wärtsilä, for instance, recently announced their acquisition of Greensmith Energy Management Systems Inc., which is a budding player in the market for energy storage software and integrated solutions. Such moves are likely be frequent in the global energy management systems market in the coming years thanks to the steady drive of the market towards consolidation.