Energy Management Systems market
speed. There has to be a schedule for the processes and the use of modern equipment and systems that allow a company to cut back on the money spent on energy.
“ Take the iron and steel industry as an example,” continues the analyst,“ From the total cost of the produced steel, nearly 20 % to 25 % arises from its consumption of energy. This can be reduced using EMS; in fact, the steel and iron manufacturers can achieve an energy consumption rate of up to 30 %. In the long run, that can count for massive savings in power consumption and consequently, the cost of manufacturing.
A similar effect can be achieved on commercial structures. The annual energy consumption within the U. S. shows a 40 % share taken up by commercial buildings. Currently, this amounts to about US $ 40 bn annually spent on energy alone. The energy management systems players need to provide optimal solutions to help reduce this energy consumption in order to gain a larger market share and demand.
Industrial Demand for EMS Will Continue to be the Largest
About 71 % of the global energy management systems market was taken up by the industrial sector in 2014, based on applications. In that year, the global market was valued around US $ 9.8 bn. With a CAGR of 13.4 % from 2015 to 2023, this market is expected to reach about US $ 36 bn by the end of 2024.
Get accurate market forecast and analysis on the Energy Management Systems market. Request a sample to stay abreast on the key trends impacting this market @
http:// www. transparencymarketresearch. com / sample / sample. php? flag = B & rep _ id = 9647
Although the industrial segment is expected to lose some of its share to the segments of home and buildings, it still leads the energy management systems market by a wide margin. Buildings and industries are expected to reach shares of about 25 % and 65 % respectively by 2024.
The above data is collated from a research report released by TMR, titled“ Energy Management Systems( EMS) Market- Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016- 2024.”
Key Segments of the Global Energy Management Systems( EMS) Market Energy Management Systems Market: By Component
Transparency Market Research
3