Energy management system is a computer-aided tool which is an integration of hardware and software. The smart architecture of energy management system includes smart sensors and meters which assists in monitoring the real-time tracking of energy consumption patterns and factors affecting the consumptions. Energy management systems contribute to optimal energy management by monitoring, analyzing, controlling, targeting and distributing energy to end users making it cost-efficient. Owing to its vital role in reducing cost by efficient energy management, these system have surged in demand. Residential, commercial and industries who are always on the lookout for cost reduction are adapting to energy management systems driving the growth of the energy management system market.
Energy crisis may be a big problem in the fourth coming years as a result of large-scale urbanization and industrialization. Energy management system can optimize the utilization of currently available energy, thus may be preventing energy crisis to a certain extent in the future. Owing to which many residential, commercial and industries are investing largely in energy management systems driving the growth of the market.
Carbon taxing based on carbon emission may be a major issue faced by industries in coming years owing to global warming & climatic changes. To deal with this issue, many industries will look to adapt to efficient energy management system which shall assist them in reducing carbon emission. Energy management system will also assist in reducing maintenance cost and reducing operational cost of many machines by maintaining a perfect balance between demand and supply for energy. Owing to which surge in demand for energy management system may be seen driving the growth of the energy management system market in coming years.
Electric vehicles which come with smart electric chargers may require a smart meter to charge and communicate. Energy management system has inbuilt smart meter ensuring they effectively charge the electric vehicles. Owing to increased demand for electric vehicles, increased demand for smart energy management system may be seen in coming years, resulting in growth of the energy management system market in the automobile industry and for residential applications.
Electricity demand has become complex, owing to which the smart grid a digital technological advancement in the energy management system may be seen. The smart grid is a term referred to an electric grid which is a network of transmission lines, transformers, substations which facilitate two-way communication between the source and end-users of energy such as residential, commercial or industrial. The smart grid is enhancing the availability, reliability, and efficiency of energy by improving the transmission and distribution of energy thus providing environmental and economic benefits. Other benefits offered by the smart grid include reduced electricity disruption, reduce peak demand, and integration or interchangeability with the renewable energy systems. Owing to the benefits offered by the smart grid, many industries, commercial, residential and governments will look to adapt, driving the growth of energy management system.
Connectivity of energy management system with smart devices such as computers and cell phones is a concern for the growth of the market. To deal with this concern, Schneider Electric S.E., a player manufacturing energy management system and automation solutions have developed integrated architecture in energy management system which can connect with others devices through GSM and internet medium. Connectivity which is constraint now, may be a driver for the growth of the energy management system market in the forecast period.
Energy management system can only monitor electric energy, restricting the growth of the market. Manufacturers of the energy management system may have to build a system that can monitor other energy forms such as gases, water, steam and heat whose usage information is valued in manufacturing industry, process industry and other industries.
Modifications and updating the energy management system may be needed in manufacturing industries as demand has surged. Production process in manufacturing industries have become complex demanding modifications and changes to be made in energy management system according to the changed energy consumption pattern. This requires manufacturers of energy management system to use software that can be easily modified thus reducing the cost ownership by proving custom solutions.
Segmentation of global market of energy management system can be done based on application, type of system, region and industry verticals. Based on the application the global energy management system market can be further bifurcated into commercial, industrial and residential. Based on the type the global energy management system market can be further bifurcated into home energy management system, building/commercial energy management system and industrial energy management system. On the basis of the region, the industrial robotics market is further bifurcated into North America, Asia Pacific Europe, Central & South America, Middle East and Africa. Based on industrial verticals the global energy management system market can be further bifurcated into manufacturing, healthcare, oil & gas, food & beverage, telecommunication, process industry, hospitality, retail, and others.
Major players associated in the global market of energy management system are UD Software Solutions Group, SAP SE , EnergyCAP, Inc., Schneider Electric S.E., Honeywell International, Inc., Johnson Controls, Inc., Siemens AG, Rockwell Automation, Inc., Mitsubishi Electric Automation, General Electric Company, Pacific Control Systems LLC , Cisco Systems, Inc., Eaton Corporation, ROBOTINA , CA Technologies and others.
In February 2017, Honeywell International a player in energy management signed an agreement with Coop Denmark a player in consumer goods retail market in Denmark. This agreement aims to reduce energy consumption and achieve carbon emission goal. Honeywell International will deploy Enacto, a software energy management system for the Coop Denmark retail project. Similarly, Honeywell International collaborated with Whisker Labs a company providing a smart grid. The collaboration aids to work on Intelligent Demand Side Management (IDSM) technology which can shift use of energy when demand is high preventing blackouts.
ROBOTINA, a player in energy management system is building a platform integrating Internet of Things (IoT), Artificial Intelligence (AI) and block chain technology. This integration aids in modernizing the energy consumption and decreasing the cost with increased safety. Many players in the energy management system will look to adapt to technological development along with collaborations as their strategy for the coming years in the global energy management system market.
The Golbal Energy Management System market can be segmented
• Home energy management system
• Building/commercial energy management system
• Industrial energy management system
By Industry Verticals:
• Oil & gas
• Food & beverage
• Process industry
• North America
• Asia Pacific
• Central & South America
• Middle East and Africa