The fact that numerous technological advancements in various industries aim on reducing the consumption of power states that the attaining energy efficiency is the priority at the present time all across the globe. The reduction in fossil fuels, which are primarily utilized for energy generation, and the rapid shift towards the utilization of alternate renewable energy resources, such as solar energy, are creating the need for new systems which can make sure that the generated energy is utilized in an efficient manner.
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One of the technologies that can aid in achieving energy efficiency is energy management system (EMS). These systems can help in decreasing the energy consumption by up to 20–30%, as they provide the user with the flexibility of monitoring, analyzing, and controlling the energy that is being used on a daily basis, which, in turn, is resulting in their rising demand.
As per a report by P&S Intelligence, the global energy management system market reached a value of $39.5 billion in 2017 and is expected to generate a revenue of $113.5 billion by 2023, advancing at a 19.3% CAGR during the forecast period (2018–2023). Both systems and services are offered under this technology, between which, the demand for services is predicted to be higher in the near future.
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This is ascribed to the growing demand for implementation and integration, consulting, and monitoring that is associated with EMS in residential and commercial buildings. The different solutions which are offered by EMS are demand response management, carbon energy management, and utility and customer information system.
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