Energy Management System Market Explores New Growth Opportunities By 2025
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).
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 2025. Such rules in various resource intensive industries are fuelling the adoption of energy management systems worldwide.
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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.
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.
Report Link: https://www.futuremarketinsights.com/reports/energy-management-system-market
Research Methodology
The research methodology of the global energy management system market report is based on forecasts that focus on both global as well as regional trends in the economy, technology, and population, along with company, product, country, and demographic-specific trends. These trends are analysed thoroughly and underlying factors are also identified. Factors considered include economic, technological, institutional, behavioural and competitive factors, as well as others that may affect the global energy management system market. Forecasting models are developed in order to quantify the impact of each of these factors on industry spending. A forecast scenario for each causative factor is then created and the contribution of each factor is identified on a prospective basis.
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 2025. Such rules in various resource intensive industries are fuelling the adoption of energy management systems worldwide.
Request Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-3903
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.
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.
Report Link: https://www.futuremarketinsights.com/reports/energy-management-system-market
Research Methodology
The research methodology of the global energy management system market report is based on forecasts that focus on both global as well as regional trends in the economy, technology, and population, along with company, product, country, and demographic-specific trends. These trends are analysed thoroughly and underlying factors are also identified. Factors considered include economic, technological, institutional, behavioural and competitive factors, as well as others that may affect the global energy management system market. Forecasting models are developed in order to quantify the impact of each of these factors on industry spending. A forecast scenario for each causative factor is then created and the contribution of each factor is identified on a prospective basis.