Energy Management System Market Size, Growth, Analysis and Forecast 2019-2025
Posted by BIS RSRCH on April 12th, 2021
The traditional energy sector comprises of conventional fuel sources such as fossil fuels for power generation. According to International Energy Agency, 66.3% of global electricity generation at source was through fossil fuels in 2019. However, the major issue associated with fossil fuels is the hazardous emission of greenhouse gases leading to global warming and adverse climate change. Moreover, as fossil fuels are non-renewable in nature, they are not available perennially for the human use. Henceforth, the global power industry is presently entering an era of significant transformation. For the past five years, the electricity sector has been primarily driven by the injection of renewable sources of energy for power generation in the energy mix. The global energy intensity is being essentially compelled by the gradual economic improvement supported by the increase in population. As a result, there is an increasing demand for electricity consumption and according to the Environmental Impact Assessment (EIA) statistics, by 2035, almost half of annual power generation is expected to be through renewable sources of energy.
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The increasing demand for power generation has led to unstable power supply and increase in the demandsupply gap. There has been a growing need to maintain the demand and supply side response by attempting to reduce the overall energy consumption and increase energy efficiency without affecting the climatic conditions. All these concerns can be addressed efficiently with an energy management system, which can monitor and control the degree of energy consumption, balance and mitigate the intraday electricity demand, irrespective of industrial, commercial or residential consumers. The real-time insights help the companies to track their consumption and reduce the overhead cost. The measures to avoid excess consumption and increase the operating efficiency of high load devices can be decided using these insights. As a result, the energy consumption of the end user can be adjusted using demand response programs and real-time weather responsive control systems.
The rising demand for energy conservation and environmental safety across the globe has propelled the need for increased adoption of the energy management system. Moreover, the evolution of smart grids along with favorable government initiatives is also driving the growth of the market. However, some challenges also prove to be a restraint to the overall growth of the market. Privacy and security risks involved during the operation of energy management system play an important role in hindering the adoption of energy management system by various small-scale players. Moreover, small- and medium-sized players in the power industry temporize in introducing energy management system due to the high initial deployment costs associated with the same.
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The growing awareness in the market concerning the need for energy conservation to reduce the carbon footprint in the environment has stimulated large-scale investments in the sector over the last decade. Majority of the investments have been in the field of smart buildings, heating ventilation, and air conditioning (HVAC), and smart lighting applications. Various established conglomerates, such as Fujitsu Limited, Twain Financial Partners, and Schneider Electric Ventures are investing in the energy management systems. For instance, in September 2020, CarVal Investors invested 6.5 million in Redaptive, Inc. to increase the energy efficiency of commercial and industrial end users.