Investment in energy management systems seeing huge growth

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A new report reveals that the global Energy Management Systems (EMS) market is experiencing a substantial increase in investment, the PR Newswire website reports.
 
The Transparency Market Research report - entitled 'Energy Management Systems (EMS) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024' - studies the global EMS market and makes predictions about future growth possibilities for certain segments of the market between 2016 and 2024.
According to the research, the market is set to witness 'exponential' growth during this time period, as more and more industries and buildings strive to improve the efficiency of their energy consumption. If the analysts' forecast that the market will enjoy a 13.4% CAGR growth over the eight-year period becomes a reality, then based on its current value it could be worth US$35.9 bn by 2024.
 
Energy management systems can systematically improve the energy performance of a facility, combining energy and process optimisation to help reduce energy waste and carbon emissions. They can be used in a variety of applications - from domestic to industrial - to help the world meet the climate and energy targets set by global leaders.
 
Using advanced hardware interfaces with software tools such as lighting, thermostats, HVAC and appliances, energy management systems also reduce the costs and losses associated with energy consumption, particularly within the energy-intensive industrial sector.
 
The highly critical software is able to analyse and optimise power consumption to identify the optimal design needed for a specific industry and facility. Hardware components use physical devices to integrate systems such as metering equipment, monitoring devices and server field equipment. Meanwhile, communication networks connect the systems and facilitate the transmission of data between them.
 
In the report, the EMS market is segmented by component into Hardware; Software; Communications Networks; Control System and Sensors and Equipment. The report found that hardware components held the largest share of the market, followed by communication networks. In terms of application, the market is segmented into Industrial; Building and Home, with the former holding the largest share.
 
The global market is exhibiting a staggering influx of investments, as environmental concerns deepen, governments initiate more environmental policies and smart buildings grow in popularity. Smart buildings in particular are boosting the market in the US and Canada, while in Europe government investments in green infrastructure and energy-efficiency projects are driving EMS demand. In Asia, high population growth means that emerging economies are looking for more efficient energy solutions.
 
Investing into energy management

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