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21/08/2019

Energy management market fuelled by Smart City initiatives

San Francisco, Ca (USA)

The global energy management system market size is expected to reach USD 117.83 billion by 2025, according to a new study conducted by Grand View Research, Inc., expanding at a CAGR of 17.1% during the forecast period.

Technologically-updated business expansion initiatives such as smart cities are expected to fuel the energy management system (EMS) market growth. Selecting the right vendor is crucial for implementing and monitoring EMS solutions. Installing individual energy meters in problem areas and creating an interactive communication programme among end users are likely to further lead to enhanced monitoring of the transmitted data.

Typically, an EMS includes devices, sensors, and meters that measure and monitor energy consumption and other factors related to them. These devices then transmit data over wireless network to a centrally-located server where an interactive application helps users in analysing and optimising information. Numerous EMS vendors provide hardware, software, and consulting support to keep the programme running. Moreover, if the energy meters have the ability to operate on an open protocol, such as Modbus, customers may not be dependent on any particular hardware or software vendor.

With an expected increase in the costs of energy, gas, electricity, and oil, companies have become more conscious about maintaining, utilising, and conserving energy resources efficiently. The price decrease in primary and secondary renewable energy sources will play an important role in reducing manufacturing costs.

Most enterprises have realised the need to implement EMS solutions to effectively monitor their systems. Transport and industrial sectors witness increased energy consumption, which poses numerous environmental concerns.Thus, the need for an intelligent management system to streamline operations becomes inevitable.

In the recent times, most top players have been making large investments in research & development programmes to enhance their products. Improved features such as product maintenance services and analysing software analytics by expert consultants are a few key factors expected to drive the growth of energy management system industry.

According to Grand View Research, key industry participants include C3 Energy, General Electric Company, Emerson Process Management, Daikin Industries, Daintree Networks, Jones Sang Lasalle, Gridpoint Inc., Schneider Electric, Siemens AG, Honeywell International Inc., Elster Group GmbH, ABB, IBM, Toshiba Corporation, and Johnson’s Control International.


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