Global energy management systems (EMS) market worth exceeded USD 20 billion in 2014 and is anticipated to witness significant growth in next seven years. Growing requirement of efficient and reliable integrated technology platform for controlling, monitoring and optimization of available energy sources is a key factor contributing to market growth. High rate of innovative product commercialization coupled with technological advancements anticipated to steer future investments in the sector.
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EMS is integrated information technology-aided analytical tools used in various platforms to achieve energy efficiency through process optimization of individual components in the system. These systems are expected to gain significant prominence in next few years on account of growing requirement in industrial sectors, especially, in manufacturing, and power & energy enterprises for real-time monitoring and assessment of energy consumption pattern.
High level of automation along with integration with cloud-based systems have allowed real-time monitoring and ability to remotely control energy-consuming equipment such as heating, ventilating and air conditioning (HVAC). Rising conventional energy costs have led several industrial enterprises to install EMS along with the regular SCADA systems to facilitate long-term profitability. Rising environment concerns and attempt to reduce the overall carbon emissions in energy-intensive industries including oil & gas, power, telecom and manufacturing have also led to market expansion over past decade.
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High capital involved along with long payback time is expected to remain the major hurdles for industry growth in next seven years. Limited industry specific expertise, fragmented stakeholders and financial barriers are expected to hinder market expansion particularly in emerging economies. Technological advancements and increasing R&D to commercialize highly efficient models are anticipated to provide lucrative opportunities for industry participants. In terms of software, the industry has been segmented into utility, residential, enterprise carbon and energy management (ECEM) and industrial. Devices used for EMS include smart thermostats, in-house display device, smart meter, smart plugs, and load control switches.
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Major on the basis of type of energy management system, the market has been categorized into industrial (IEMS), home (HEMS) and building (BEMS). IEMS was the largest segment and accounted for over 42% of the total revenue share in 2014. High installation and maintenance cost are expected to hinder growth over the forecast period. BEMS is anticipated to witness the considerable growth in near future owing to increasing installation of these systems in hospitals, IT, telecom, shopping complexes and business parks.
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