An energy management system (EMS) is a framework for energy use by energy consumers, such as industrial, commercial, and public sector organizations. It assists businesses in identifying and improving energy-saving technology, particularly those that may not require a significant upfront expenditure. In most circumstances, implementing an EMS successfully necessitates specialized knowledge and personnel training.
As per the International Organization for Standardization (ISO), an energy management system entails defining and implementing an energy strategy, setting attainable energy use targets, and designing action plans to achieve them and track progress. Implementing new energy-efficient technology, minimizing energy waste, or enhancing current processes to reduce energy expenses are possibilities.
Favorable Government Policies and Increasing Installations of Smart Grids & Smart Meters to Drive the EMS Market
The continued decrease of energy intensity from old fuels such as coal has become a worldwide concern. Governments worldwide have committed resources to develop an energy system that is acceptable, secure, and long-term. In addition, governments across the globe are implementing effective energy management systems due to increased energy consumption due to rapid industrialization. Increasing competition among energy suppliers and rising energy prices also force governments to increase investments in sustainable energy.
Global warming, change in climate, and the increasing frequency of natural disasters prompt international and local energy organizations to impose strict energy efficiency measures. To demonstrate their commitment to sustainable energy, several states and municipalities in the United States have boosted their renewable energy portfolio regulations. In this way, government initiatives to increase energy usage and management efficiency propel the energy management system market forward.
The energy and utility industries are upgrading to facilitate the creation of intelligent infrastructure for better efficiency. Increased investment in innovative projects like smart buildings, smart cities, and smart agriculture drives up demand for sophisticated energy management. The rapid implementation of smart meters and grids is also driving the market.
Smart grids' advantages, such as simplified utility bills, better reliability, lower prices, and fraud detection, further drive their adoption. Smart grids and meters can also gather and process data to extract useful information. As a result, smart grids and smart energy meters with upgraded technology will likely boost market expansion. For example, the Missouri Public Service Commission approved a USD 6.30 billion grid upgrading project. Ameren accepted the challenge and had finished about 900 projects by February 2020.
Digitization of Energy Management Systems (EMS) as an Emerging Trend
Digitalization has aided the transformation of several industrial and commercial processes and energy management. This tendency of changing energy models increases efficiency while also increasing its worth. The digitalization of energy management processes enables all network equipment and devices to be connected and coordinated, resulting in greater efficiency. Smart electricity networks can communicate with buildings that have digital connectivity.
Furthermore, EMS's digital transformation enables us to combine energy and operational data to deliver considerable energy consumption views. These viewpoints can help system operators reduce unnecessary downtime and increase equipment reliability. As a result, energy operations digitalization can alter the energy management infrastructure.
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COVID-19 had an adverse impact on the global economy and all enterprises worldwide. Governments throughout the world implemented lockdowns to prevent the pandemic from spreading. During the early stages of an outbreak, the total global lockdown significantly impacted people's livelihoods and quality of life. Due to quarantines, the global residential power sector grew dramatically, whereas industrial energy demand dropped sharply in the first quarter of 2020.
On the other hand, major power and government projects were expected to go ahead as scheduled because they are critical national infrastructure. As a result, such initiatives are seen as necessary. DEWA resumed the AED 1.5 billion grid upgrade project in April 2020, despite the COVID-19 outbreak. Due to the COVID-19 impact, several energy management software providers have beefed up their offerings. Honeywell, for example, announced in May 2020 an integrated set of solutions to help building owners improve the health and energy efficiency of their buildings.
The post-pandemic period will be significant for the global energy management systems (EMS) market. As the pandemic fades away, the global market will recover its position as a valuable service sector. The growth of the EMS market is likely to be hindered by high capital investments and a lack of awareness. Otherwise, the global market for energy management systems will rebound faster than other industries.
North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa make up the market's five regions.
Because of its well-established network infrastructure and extensive acceptance of EMS across industries such as manufacturing, retail, electricity, and others, North America is likely to be the largest energy management systems (EMS) market over the forecast period. The European energy management systems (EMS) market is anticipated to rise steadily due to government programs such as Neighbourhood Oriented Brokerage and Electricity and Monitoring Systems. The strong need to reduce power losses in France, Germany, and the United Kingdom is expected to boost the regional market growth.
Asia-Pacific is likely to have the most remarkable market growth. Rapid industrialization, rebates, and tax breaks from various governments around the area, particularly in China and India, are expected to raise sales even more. Significant growth is also projected in the Middle East and Africa. Large population expansion and increased industrialization are just two elements driving the region's energy management system growth.
The Middle East has constantly improved energy usage and efficiency through sustainable development as environmental concerns have grown. Dubai, for example, has launched Energy Strategy 203, which aims to regulate energy consumption and reduce carbon emissions significantly by 2030. Saudi Arabia and Jordan are likely to undertake similar measures and build a legislative framework to stimulate clean, practical, and energy-efficient growth.
Similarly, South Africa's National Cleaner Production Centre (NCPC) is trying to increase energy efficiency technology adoption in various sectors. Likewise, the government has created the Energy Efficiency Tax Incentive for energy savings per kilowatt-hour equivalent for specific businesses. Encouragement from the government, financial benefits, and the need for companies to maintain a clean environment are all significant factors driving EMS adoption across industries
Honeywell Inc., Schneider Electric, Siemens AG, C3 Energy, General Electric Company, Emerson Process Management, Daikin Industries, Daintree Networks, Jones Sang LaSalle, Gridpoint Inc., Elster Group GmbH, ABB, IBM, Toshiba Corporation, and Johnson’s Control International.
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" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods