The U.S. Energy Management Systems Market is expected to reach USD 23.49 billion by 2024, according to a new report by Grand View Research, Inc. The growing interest towards efficient energy optimization coupled with stringent environmental regulations and strict international standards have fueled industry growth.
Integration
of data analytics and big data to the existing EMS modules has become a major
achievement in the industry growth over the past few years.Major companies such
as Building IQ, C3 Energy, and Ecova have developed sector-specific software
platforms that enable organizations to determine analytically and suggest
optimized energy efficient solutions. Aforementioned factors are anticipated to
urge the new and established industry players to increase R&D investments
and enhance their position in the U.S. market.
Sensors
component consumption was the highest and accounted for 35.1% of the U.S. EMS
market in 2015 and is expected to reach revenue of USD 7,731.0 million by 2024.
Battery components demand was valued USD 349.5 million in 2015. EMS operates
the battery to increase self-consumption while it is grid-connected, or can
take advantage of variable electricity prices.
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Further key findings from the report suggest:
- IEMS was the
largest product segment accounting for 58.4% of total revenue in 2015 and
is expected to grow at a CAGR of 11.4% from 2016 to 2024
- The display
devices market was valued at USD 108.9 million in 2015 and is anticipated
to reach USD 250.1 million by 2024, growing at an estimated CAGR of 9.6%
from 2016 to 2024
- Power &
energy segment acquired the largest market in terms of application and
accounted for 40.8% of the U.S. revenue in 2015. This segment is
anticipated to lose share to high growth verticals including retail &
offices and healthcare.
- EMS demand
in commercial sector is expected to reach total revenue exceeding USD 20
billion by 2024 and is expected to remain the largest end-use for energy
management systems industry over the forecast period
- Key players
operating in the industry include Veris, Lutron, Verdant, and NT Network
Thermostat and the companies such as Siemens GE, Honeywell, Schneider
Electric are integrating the energy management systems for various
applications.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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