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