Energy Management System Market - Building Automation Segment by Vertical to Register the Highest CAGR of 17.3%
The global energy management system market was valued at US$ 6,340 Mn in 2016 and is anticipated to reach more than US$ 21,600 Mn by 2025 end. The global energy management system market is expected to register a total incremental opportunity of US$ 14,463.6 Mn between 2017 and 2025. The market is projected to register a CAGR of 14.8% during the forecast period (2017–2025).
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Continuous increase in regulatory obligations and industry guidelines boosting the global energy management system market
The industries of today are resource intensive and utilise a large amount of raw materials, water and energy resources, which gives rise to significant levels of solid wastes, effluents and emissions. Such type of industries are often subject to various global and domestic regulations, along with several plant level geography compliances. In order to comply with these strict regulations, industries are adopting either sustainability management solutions or using energy management systems to ensure the reduction in their carbon and energy footprint and control the waste of resources. For example, in the year 2012, the Europe Energy Efficiency Directive established a set of rules to reduce energy wastages and to reach 20% energy efficiency target by 2020. Such rules in various resource intensive industries are fuelling the adoption of energy management systems worldwide.
Strengthening company brand value and reputation are the chief incentives that come with the adoption of energy management systems
Environmental sustainability has become a global concern, and the number of investors, customers and suppliers who consider sustainability management as a key factor in taking decisions about their relationship with manufacturers is witnessing tremendous growth. Enterprises are engaging in developing sustainability goals and are investing heavily in sustainability management solutions in order to strengthen their brand value and reputation. Conversely, enterprises try to avoid going against the current about what their major stakeholders feel is important, as this will adversely impact their brands and ultimately their business. In keeping with this trend, the International Standardization Organization (ISO) reports that companies seeking certification such as International Standard ISO 50001 for energy management systems has been increasing globally. Considering 2014 as the base year, certifications increased by 77%. The demand for energy management certification is increasing because market players are focussing on establishing a good brand image and also trying to sustain themselves in a highly competitive scenario. These factors are boosting the adoption of energy management systems all over the world.
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Low awareness regarding environmental initiatives can hamper the growth of the energy management system market
In emerging economies such as China and India, small enterprises in particular contribute significantly to environmental pollution. However, such enterprises have a passive attitude towards the prevention of pollution as environmental awareness among these enterprises is still relatively low. Large-scale investments in pollution control and energy management initiatives are usually limited to only large enterprises. In addition, enforcement of pollution standards is uneven and only government owned enterprises are targeted for environmental monitoring, pollution charges and fines, while small-scale enterprises evade such kind of liabilities. Further, in emerging economies, regulations regarding environmental protection are still separate from the economic planning process and the integration of environmental sustainability into economic planning is at a nascent stage. This low awareness may restrict the growth of the global energy management system market.
Global Energy Management System Market Attractiveness Analysis, By Vertical
In terms of revenue, the building automation segment is projected to be the most attractive segment in the global energy management system market during the forecast period. The building automation segment is expected to register high year-on-year growth rates throughout the forecast period and is estimated to witness a CAGR of 17.3% between 2017 and 2025, the highest among all the verticals. The oil & gas segment was valued at US$ 1,727.7 Mn in 2016 and accounted for 27.6% of the global market revenue share. The oil & gas segment is expected to remain dominant by 2025 end, accounting for a revenue share of 28.6%. The projected strong CAGR for the building automation segment is partly due to the fact that this segment is growing from a smaller base compared to the oil & gas and manufacturing segments and partly due to increasing adoption of sustainable residential architecture practices, mainly to reduce the rate of GHG emissions.
Augmented energy prices fuelling the growth of the global energy management system market
In order to avoid wastage of energy, governments in various countries have increased the prices of electricity and gas and have introduced stringent regulations to ensure that energy consumption is reduced, especially in the industrial sector. This is driving the demand for energy management solutions in order to monitor and control energy consumption. In addition, governments in various countries are offering incentives and subsidies to encourage the adoption of renewable energy sources.
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