The emergence of energy management systems (EMS) has been a significant development in the energy sector, as the emerging technology will decide how efficient and judicious our power consumption is.
Energy management as a science has become an integral part of modern day technologies as the world is heavily dependent on power consumption. Apart from harnessing power efficiently, it is also imperative that the consumption of energy is tracked and quick decisions made on its usage. Energy management systems (EMS) cater to this essential need and have proved to be an emerging technology for close monitoring and visualization of energy consumption. Not only does it keep an eye on the amount of energy being consumed, but also helps the organization make data-driven decisions. It also aids in bettering operation and financial judgments.
Countries across the world are recognizing the need to have set systems in place and be socially accountable. Energy consumption has to be supervised in order to increase power efficiency along with productivity, and closely scrutinize the volatility of energy prices. Moreover, increasing concerns over carbon emissions by industries have also encouraged the adoption of EMS in various sectors. The North American region is the largest revenue-generating region so far, owing to a greater awareness among its population about energy management. Analysts at Allied Market Research predict that Asia-Pacific is a rapidly growing market, which is expected to grow at a CAGR of 19.1 percent during the year 2014–2020. With great stakes involves in the industry, the energy management systems market is up for a major facelift in the next few years.
BEMS services: Analyzing energy usage in buildings
An increasing number of vendors who provide energy management services are looking to expand their customer base by including new offerings. A major trend observed is the inclusion of analytics in the entire technical software. Companies are providing maintenance support for different facilities. The energy consumption is buildings are closely monitored by BEMS (Building Energy Management Systems), which utilizes building analytics and identifies opportunities to increase savings. Such systems provide better outcomes for the life of the facility and makes sure energy-related decisions are arrived at after careful deliberation. Analytics in these systems will also enable automated fault detection and provide remedies to prioritize efficiency.
Key market players in EMS market are cashing on this trend and enhancing their services for capturing a larger share of the market. For example, Schneider Electric is one such company, which recently announced a new offering of Connected Services. The new addition aims to provide building owners and operators with an entire range of tools that offer quicker resolution, support and response for building energy systems challenges. It will collect data every five minutes with swift analytical capabilities, and provide automated reports daily.
Brett Wheless, Director of Field Services, Schneider Electric said, “We have taken a condition-based, proactive maintenance approach that effectively combines actionable information, expert advice and advanced technology to keep building systems operating at peak performance. Schneider Electric is dedicated to helping building owners and operators improve energy and operational efficiencies while maintaining occupant comfort and controlling building lifecycle costs.” With the major brands rushing in to improve their services, the other companies will not be far behind to develop innovative approaches to building more efficient EMS. (Source: Sourcesecurity.com)
Rapid growth in Asia-Pacific markets
The energy management systems market is swiftly establishing its foothold in the Asia-Pacific markets. Energy solutions face a high demand as even regulatory bodies and reigning governments encourage companies that have a proper system in place to scrutinize their energy needs and power consumption. Industries as well as residential complexes are increasingly realizing the added edge an EMS could give them, and thus adopting more user-centric models for use. Vendors are providing energy management solutions with asset sensors, power unit controllers, and integrated software that can give a detailed analytical view of energy consumption needs.
Businesses, industries, and commercial estates in Asia pose a lucrative market where the business models are designed to meet customer expectations. Even regulatory changes affect the flow of energy management systems. However, companies have to keep a tab on the energy prices as well, since fluctuations in energy rates will change the market dynamics. The supply and demand of electricity, coupled with extreme weather and economic conditions significantly influence the working of the energy industry. More importantly, companies looking to reduce their carbon footprint on the planet and adopt a more social approach are consciously trying to mitigate their energy wastages. With the constant support in the form of incentive from regulatory bodies, and encouraged rationing of excessive energy flow, the EMS market will flourish in the immediate future.
The world energy management systems market is going a long way in easing operational efficiency of organizations along with cutting down on energy costs. The motto of energy conservation has propelled this market like never before as increasing enterprises are taking a more conscious approach to keep a close watch on their energy consumption habits. The entire analysis of different systems, whether it is industrial, building, or home, will go a long way in controlling and visualizing how energy is driving our needs and demands. Energy management system market will cater to this inherent need in humans to utilize energy resources in a more responsible manner.
Mufassira Fathima
Allied Market Research