Energy Management System Market Share till 2027
Posted by Pradip on February 14th, 2022
The energy management system market is evolving rapidly over the past couple of years, and the EMS market valuation is estimated to reach around USD 89 billion by the end of 2023. The CAGR of the energy management system market in the forecast period from 2017 to 2023 is expected to attain 18%.
Based on a report released by the Market Research Future from Environmental Protection Agency, commercial buildings consume 20% of the total energy that is generated in the US. When business and residential are combined together, they employ around 70% of the total energy produced in the US. At the same time, the energy management system market is anticipated to inflate at a valuation of USD ~89 Billion by the year 2023, while at ~18% CAGR between the years from 2017 and 2023.
What is Energy Management?
“Energy management\" is concerned with several meanings, but it is mainly concerned with saving energy in businesses, public-sector or government organizations, as well as homes. When it comes to energy saving, the process of energy management relates to proper controlling, monitoring, and conserving energy in a building or organization. Generally, this involves some of the following steps:
Metering the consumption of energy and collecting the data.
Finding opportunities to save energy and estimating how much energy could be saved
Taking action concerning the opportunities to save energy that is related to tackling the routine waste and replacing or upgrading the inefficient equipment.
Able to track the progress by analyzing meter data to witness the energy-saving efforts has worked.
Key Companies- Cisco Systems Inc. (U.S.), Honeywell International Inc. (U.S.), Siemens AG Ltd. (Germany), Eaton Corporation PLC (Ireland), International Business Machines Corporation (U.S.), Emerson Electric Company (U.S.), CA Technologies (U.S.), Carma Industries Inc. (Canada), Daikin Industries Ltd. (Japan), and Enernoc Inc. (U.S.) are the notable top contenders who have been investing highly in making the valuation of the global energy management system market.
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Building Energy Management Systems
When it comes to energy consumption, different buildings have different power consumption levels. The largest consumers, in this case, are the residential and commercial buildings, which is significantly influenced by the time spent indoors by people. Building energy management systems, therefore, has become an essential tool to help manage and control the energy needs of a building.
Buildings consume a strange amount of energy primarily because of the emergence of a 24/7 society. In the current environment, most buildings and machines run on a 24/7 cycle where power consumption is continuous. Whether it is lighting in the heating, homes, offices, operating data centers with many servers, there are continually consuming energy in all facets of life.
Some of the outstanding benefits of implementing an energy management system can be elaborated on below –
It is easy to predict that the energy management system must be predictive, in order to symbolize opportunities of power preservation by reducing power demand and to reduce the risk of power shortage. Also, the energy management system offers security from theft and fraud as well, through access control systems.
It is concluded that the energy management system from being performing the function of being able to conserve energy, the system must also be eco-friendly in some way or the other. Being eco-friendly is not only essential to have a green image, but it can also save a lot of costs involving carbon taxes and managing carbon footprint.
Lowering of Costs
With increasing rates of power, such as energy & building management equipment is the high demand of the time. The energy management system has enough arrangements and monitoring features to cut the cost by efficient power saving and fault detection.
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What are the Driving Factors behind Global Energy Management System
The driving factors for the energy management system market are included as rising awareness among people in the matter to improve increasing demand and environmental quality for the green environment across the globe.
Even awareness among factory owners to implement energy management systems for their production units to have a healthy environment has also highly led to the growth of energy management systems in the market.
In fact, the advantage of using an energy management system is that it reduces costs because of which most of the organizations can save up to half of the fuel by managing energy use. The only drawback is that some of the organizations do not use the system of energy management as an opportunity to improve performance and reduce costs.
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About the AuthorPradip
Joined: December 23rd, 2019
Articles Posted: 75
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