Energy Management System Market Worth $58.59Bn By 2022

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:

• Sensor EMS market components dominated the industry and generated revenue worth USD 7.24 billion in 2014. Software is expected to emerge as the fastest growing components at an estimated CAGR of 16.3% from 2015 to 2022.
• Power & energy sector contributed majority of the revenue generated in 2014 and is expected to maintain its dominance over the forecast period to reach a net worth of USD 22.57 million by 2022, at an estimated CAGR of over 13.5% from 2015 to 2022. EMS implementation in healthcare is anticipated to grow at an estimated CAGR of 15.5% over the next seven years.
• Asia Pacific is expected to project highest growth potential with regional revenue expected to exceed USD 13.00 billion by 2022. Rapid industrialization and improving energy infrastructure in China, India and Indonesia is expected to drive the regional market over the next seven years.

Source: Grand View Research

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