Energy Management System (EMS) is automation system leveraged by operators to control, optimise, and monitor the performance of the generation or transmission system. It gathers data from remote sites using Internet of Things (IoT) devices and sensors. Furthermore, it makes this data available to users through graphics, online monitoring tools, and energy quality analyzers. Lately, the prices of energy have risen at momentous pace and organisations are struggling with their profits. Several government authorities around the world have made strict standards of compilation to combat climate change and improve energy efficiency. The deployment of energy management system effectively curbs carbon emissions and enhances operational performance of industrial, commercial, and residential sectors. It drastically reduces the huge cost of energy and hence complying with regulations becomes easier. These factors are anticipated to create seismic shifts in the global energy management system (EMS) market.
Burgeoning Telecom Sector to Create Substantial Demand for Energy Management System
Over the last decade, the number of smartphone users has drastically increased, meanwhile, data costs have significantly decreased. This has unlocked substantial business opportunities for the telecom and IT sectors. Simultaneously, energy costs have also elevated and telecom providers are seeking ways to minimize these rising energy costs. This has led them to adopt energy management systems that incorporates IoT technologies for energy monitoring and analysis. The providers can easily monitor real-time energy consumption alongside managing the demand and supply of energy for their internal usage by installing EMS. Hence, the expanding telecom sector is expected to steepen the growth curve for the global energy management system (EMS) market in the years to come.
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Home Energy Management Systems to Unlock New Avenues for Growth
A home energy management system (HEMS) combines hardware and software components that work together for efficient management of energy consumption homes. It functions on the three different sectors of the home: home appliances, metering, and communication network. The system increases overall renewable energy usage by growing energy consumption and directing energy to off-peak hours. It also enables users to track their energy consumption so they can better manage their consumption patterns. With the increased awareness among homeowners regarding intelligent energy management and significance of power saving, the adoption of HEMS is expected to rise. Such a rise in demand for HEMS is likely to create headways for the energy management system (EMS) market expansion.
North America to Sustain Dominance Amid Favorable Government Regulation for Climate Change Mitigation
North America is expected to hold a lion’s share in the global energy management system (EMS) market. The favourable government frameworks such as tax breaks and the stringent regulations for a cleaner environment are accelerrating the adoption of EMS across the region. Moreover, the growing emphasis on grid monetization and smart meter adoption further fuel the adoption of EMS. The burgeoning manufacturing sector continues to promote the usage of EMS to increase industrial energy efficiency. The cumulative force of these factors is expected to bode well for the energy management system market (EMS) in North America.
Prominent Market Players
Some of the global players in the energy management system (EMS) market include Schneider Electric (France), ABB (Switzerland), Enel X (Italy), Hitachi (Japan), geo (Green Energy Options) (UK), Cisco Systems, Inc. Honeywell International Inc. (US), (US), General Electric (US), Eaton (Ireland), Siemens (Germany), Mitsubishi Electric Corporation (Japan), and IBM (US).
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