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.
Further key findings from the report suggest:
Source: Grand View Research