Small and big industries are considered to be one of the major consumers of electrical energy. Increasing demand for the electrical energy is the call of the hour. However, the market of energy management system are witnessing two main obstacles. They are the insufficiency of energy and the rising cost of electricity.
This is what made itcrucial for the industries to optimize the usage of energy and keep the cost minimal. Using lesser amount of energy for the same level of activity is another need of the hour for the industries. Energy management is an effective solution for controlling and monitoring the pattern of energy utilization in such companies. This system also helps to take anticipatory and defensive measures.
The energy management system collects, stores and analyzes the data collected from the different remote monitoring devices in order to manage the cost connected with the electrical systems of an institute.
Rising awareness regarding the energy management system is going to be the major driving factor for the market of energy management system in the upcoming years.
Beneficial factors driving the growth of the market
The EMS (Energy Management System) has amazing benefits in cost reduction and energy preservation of any organization. These are the factors enhancing the demand of the product in the global market:
Data Collection: An energy database can be created with the help of an EMS. After the energy utility bills are installed into the system manually, the energy database pays the bills online according to a set timeframe. This system ensures a perfect and flawless database of energy consumption and error-free billing system.
Energy Information Reporting: In the large scale organizations, EMS can be installed to get theprecisedata regarding the overall energy consumption and expenditure.
Operational Reliability:By installing the energy management system, specific applications such as data centers, HVAC, and manufacturing lines can be monitored and controlled in faster and error-free way and thus reducing the expenditure. EMS offers benefits of operational reliability and increased energy management.
Distribution of Energy:With the help of EMS, the sub-meters can be directed to distribute and allocate certain loads of energy to defined areas of the facility in real time. This proves to be helpful for the operators to make the proper load changes on the basis of real time data.
Recent Advancements and News
According to a recent report , the key players of the global energy management system market include Honeywell International Inc., IBM, Tata Consultancy Services Limited, Toshiba Corporation,C3 Energy, Schneider Electric S.E,General Electric Company,DEXMA, Emerson Process Management and many others.
These market players are adopting several stratagems including new technology, new product launches, current technology upgradation, and merger and acquisition to reach the topmost market position. Here’s a few vignettes:
In May 28, 2019, Schneider Electric announced an investment in AutoGrid, the leading company in flexibility management software for the energy industry. The investment makes Schneider Electric, the leader in the digital transformation of energy management and automation, a major shareholder in AutoGrid. This investment also initiated a co-innovation partnership which is focused primarily on innovating new AI and machine learning solutions for the commercial, utilities, and industrial companies.
Sunpreme Inc. is a solar photovoltaic company based out of US that originates and commercializes advanced photovoltaic solutions. In 2018, the company announced the initiation of a strategic collaboration with Honeywell Process Solutions (HPS), which is a division of Honeywell Inc. The coalition will incorporateSunpreme products with HPS smart connectivity offerings for C&I installations.
According to a recent press release, ABB has introduced a new energy and asset management portfolio--'Give your buildings a new dimension'-- as a part of its initiative for greater energy efficiency through digitization.
The new portfolio assimilates two prevailing energy monitoring solutions-- the CMS-700 circuit-monitoring system, and the EQmatic energy analyzer. It integrates the functionality of both systems with the company's cloud-based ABB AbilityTM Electrical Distribution Control System.