In a press statement, research firm Technavio said it projects revenue generation in the global energy management systems market to reach $55 billion during the forecasted period.
Efforts by utilities and consumers in reducing the costs of energy generation are expected to drive market growth.
Utility firms and their residential and commercial customers will increase use of energy management systems within grid networks, commercial facilities and homes to boost energy efficiency.
Energy management systems adoption in America
In the Americas, the energy management systems market is expected to grow by 16% to reach $20 billion in revenue by 2020.
Rising energy prices and an increase in deployment of demand response and energy efficiency initiatives especially for commercial buildings, government institutions and health care facilities, is expected to drive the growth of the market.
In addition to reducing energy costs, a rise in rollout of energy efficiency programmes by utilities and federal governments to meet carbon emission reduction targets will contribute to increased market growth.
Technavio states that by deploying energy management programmes for commercial buildings, the US saved $5 billion and avoided the emission of 36 million tonnes of carbon per annum since 2012. [US county gets NACO recognition for energy management system].
Energy management in EMEA
In Europe, the Middle East and Africa region the energy management sector is expected to witness 17% growth and generate $19 billion in revenue by 2020.
Rising consumer awareness on energy management technologies and participation in energy efficiency programmes will continue to drive the growth of the energy management systems market in Europe.
Targets set by the EU to reduce energy usage by 20% by 2020 is a contributing factor to the increase in usage of energy management systems in Europe.
According to Technavio, countries in the EU will continue to implement energy management systems under public private partnership programmes and in deploying smart city technologies.
At the same time, the Asia-Pacific region is forecasted to post close to 13% growth as power demand will rise due to an increase in construction of commercial and industrial buildings.
[quote] The increase in power demand will push owners of the buildings and utility firms to employ energy management systems to reduce energy costs and ensure grid reliability.
Laws to enhance energy efficiency being implemented by China, Japan, India, Singapore, and Australia will drive the growth of the energy management systems market.
For instance, the Chinese Ministry of Housing and Urban-Rural Development introduced energy efficiency programme Leadership in Energy and Environmental Design which rates and provides incentives to owners of buildings according to their energy savings.
The launch of new energy efficiency programme has attracted investment in the hardware segment of the market in the country.
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