Global EMS market set for strong growth

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The global energy management system (EMS) market was worth $31.3bn in 2015 and is expected to reach as much as $63.2bn by 2021, according to a new analysis.
This represents a compound annual growth rate (CAGR) of around 12.4% between 2016 and 2021.
The report by Zion Market Research says that energy management systems are gradually being recognised as one of the most significant and cost-effective solutions for reducing greenhouse gas emissions, playing an active role in reducing energy consumption in the industrial, enterprise and residential sectors.
Around the world, the EMS market is driven by increasing awareness in industrial sectors about the efficient utilisation of energy consumption. Additionally, growing alertness about carbon emission management is anticipated to fuel the growth of the market over the next few years, alongside stringent government regulations and government intervention over misuse of energy consumption.
Lack of financial resources in new entrant enterprises is a major factor holding back growth of the market, as well as high operational costs in the initial stage coupled with the delayed return on investment.
A separate report from Transparency Market Research (TMR) says that the global EMS market will grow at a rate of 13.4% between 2015 and 2023, reaching $35.9bn by 2024.
The industrial sector is likely to account for the leading share of demand in the coming years, according to TMR. In particular, the booming industrial sector in emerging economies such as China, India, Thailand, Indonesia, Brazil, Argentina, Russia, Mexico and South Africa holds significant promise for the global EMS market, as industrial entities in these countries are widely adopting comprehensive energy management solutions.
Demand from the residential sector, including smart homes and smart cities, could also play a crucial role in the growth of the global EMS market in the coming years.
"An increasing number of citizens, particularly in developed regions such as Western Europe, are acknowledging the importance of the residential sector in climate change and are thus starting to embrace solutions such as energy management systems," a TMR analyst said.
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