Energy Management Systems (EMS) Market Estimated to Record Highest CAGR by 2025
Global Energy Management Systems (EMS) Market: Snapshot
Energy management systems (EMS) consist of hardware and software control systems designed to monitor and manage energy consumption and usage in buildings. They are aimed to optimize the entire energy consumption process in buildings, improve the utilization of electrical system, and reduce utility costs. EMS include sensors and other automation systems to collect and analyze crucial data on processes pertaining to lighting, power, security systems, and fire. Over the past few years, the implementation of these systems is gaining traction among facility managers (FMs) and enable them to make strategic management decisions to improve the bottom-line of organizations. The demand for intelligent energy management practices is propelling the adoption of EMS across regions.
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In recent years, the Internet of things (IoT) technology has increasingly being integrated with EMS to make building smarter. IoT furnishes FMs with real-time data and analytics to help them make preventive and predictive maintenance by automating processes in EMS. In several implementations, the IoT technology influences various retrofitting decisions taken by facility managers. The IoT integration with EMS is gaining popularity in commercial building infrastructure in various developing and developed regions. One of the best ways to adopt IoT in EMS is to begin with integrating all lighting systems.
The integration will provide utility companies enhanced visibility and better operational control of the energy transmission networks. IoT is expected to remain a key trend in building asset monitoring technologies for some years as it is likely to continuously improve the capabilities of EMS. However, what’s is more important for organizations implementing EMS is to act proactively on all the information gathered by their facility managers. This will go a long way to achieve the goal of smart buildings.
Global Energy Management Systems (EMS) Market: Overview
Energy management systems (EMS) refer to innovative digital solutions incorporating sensors, hardware, software, communication networks, and control systems, primarily installed at organizational levels to help develop a systematic process that improves the electricity consumption pattern and reduces the overall energy consumed by the organization. By keeping a track of terminals leading to substantial energy losses and/or consuming impractical amounts of power, and communicating essential data with a central system, energy management systems help companies make necessary reforms and develop sustainable energy models.
Energy management systems allow organizations to overcome challenges such as tracking faulty terminals in power generation and distribution infrastructure and reducing capital expenditures by enhancing utilization of present infrastructure assets. The power industry being one of the largest sources of carbon being released in the environment, leading to global warming and several other environment issues, there has been an increased focus on the ways of optimizing energy usage and efficiency across every possible end-use segment.
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Global Energy Management Systems (EMS) Market: Drivers and Restraints
A vast rise in efforts by government and private bodies to raise awareness regarding the pressing need to effectively manage energy consumption is a key factor driving the global energy management systems market over the past few years. In the next few years, the adoption of energy management solutions is expected to be chiefly driven due to stringent government policies concerning energy conservation and efficiency. Efforts aimed at educating end-users about the significance of saving energy, which could further help in enhancing bottom-line profits for organizations, which end-up spending a massive chunk of their annual funds powering a plethora of internal processes, is also expected to drive the market.
However, the aspect of energy management becomes a minor goal in the periods of economic downturns or for cash-strapped industries owing to financial constraints surrounding the implementation of EMS. In such scenarios, implementation of EMS could take a backseat, which is expected to act as a restraint for the market. Educating costumers regarding energy management can act also as a challenge since end users and enterprises focuses more on initial investments and less on long term benefits.
Global Energy Management Systems (EMS) Market: Segmentation
The report segments the global energy management systems market on the basis of criteria such as product type, end-use industry, software, and geography. On the basis of end-use industry, the market is segmented into power and energy, telecom & IT, municipal, university, school and hospital systems (MUSH), manufacturing, and commercial and office buildings. On the basis of software, the market is segmented into industrial EMS software, enterprise carbon and energy management software, residential EMS software, and utility EMS software.
On the basis of product type, the market has been segmented into smart plugs, display device, load control switches, and in-home smart thermostats. On the basis of solution, the market is segmented into carbon and energy management, utility billing, customer information system, and demand response. Key applications of energy management systems across areas such as home energy management and building energy management are examined in the report.
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Global Energy Management Systems (EMS) Market: Competitive Landscape
The global energy management systems market features a highly fragmented competitive landscape with a large number of vendors offering numerous products such as simple energy monitoring dashboards, complex monitoring dashboards, and complex energy management software with an elevated level of analytics. The market has also benefitted due to recognizable contribution through innovative technologies by small vendors in niche application areas such as enterprise carbon and energy management.
To stay ahead of the stiff competition that a fragmented competitive landscape invariably features, companies in the global energy management systems market are seen following strategies such as the introduction of customized solutions and acquisition of comparatively small domain proficient players and innovative technologies.
Some of the key vendors in the market are C3 Energy, CA Technologies, Honeywell, Eaton Corporation Plc, Cisco Systems, Tendril Inc., General Electric Company, IBM, Siemens AG, and Schneider Electric SA.