Intelligent Energy Management Systems Market: Introduction
- An intelligent energy management system (EMS) is one of the recent emerging technologies. It not only manages energy consumption, but also helps in enhancing the enterprise-level operation and financial decisions for personnel management.
- Additionally, intelligent EMS can be considered an analytical tool that helps in collecting information on energy usage of a facility through monitoring, assessing, and visualizing of real-time energy consumption. The data collected by intelligent EMS usually helps enterprises make data-driven decisions that can be critical for sustainable growth and design advanced strategies about their overall energy consumption and reduction in operating costs.
- On the other hand, intelligent energy management systems deal with certain issues arising out of nonlinearities, such as behavior of power converters, enforcement of constraints encountered with different components of the system, and difficulty in selecting from among a set of sources available to produce energy
- The intelligent EMS technology is still undergoing the developing stage, with more predictive and adaptive controls forming the basis of energy management systems. However, as use of these systems gains worldwide adoption, it would be better to create a uniform standard model and coding system.
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Key Drivers of Global Intelligent Energy Management Systems Market
- Key drivers of the global market for intelligent energy management systems are increasing usage of smart grid services, aging electricity grid infrastructure, and increasing requirement for digitization of the power sector
- Moreover, increasing consumption in industrial enterprises, cost efficient production, high demand for energy from developing economies, and favorable government schemes and policies are other drivers of the global intelligent energy management systems market
- Growing concerns about emissions of CO2 and greenhouse gases across the world have shifted investments toward the renewable energy sector. This technological shift is estimated to promote growth of the global market for intelligent energy management systems during the forecast period.
- Rising awareness about energy conservation is estimated to boost the global intelligent energy management systems market during the forecast period
Restraints of Global Intelligent Energy Management Systems Market
- Lack of awareness among customers about utility of intelligent energy management systems to reduce energy costs is a key restraint of the global market. Most companies are not fully aware about the costing structure of intelligent energy management systems and long-term benefits of these systems.
- Financing for installations is another challenge, as vendors are unable to provide upfront costs and equity leasing firms are reluctant to enter the marketplace. Several initial costs related to intelligent energy management systems include ISO: 50001 certification investments and costs incurred for educating the energy team, employee training, and data collection.
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- In October 2019, Intelligent Energy Limited announced to form a partnership with Changan UK Ltd and Alexander Dennis Ltd to incorporate high-power, low-cost, fuel cell systems into sport utility vehicles (SUVs) and buses. This grant is expected to help Intelligent Energy Limited in increasing its manufacturing capacity and to enable it to develop a fuel cell system supply chain in the U.K.
- Furthermore, Grid Edge has deployed its intelligent EMS technology with early adopters for customers throughout the U.K. and the company is actively forming partnerships with global companies in energy and building controls industries to scale their technology
- In March 2019, ENGIE announced investments in tiko, a Switzerland-based startup. Established in 2012, tiko has developed a unique technology for completely exploring the potential of household electric equipment such as heat pumps, water heaters, solar panels, batteries, and electric outlets. The tiko solution connects these devices to a platform and makes them controllable.
Key Players Operating in Global Intelligent Energy Management Systems Market
Some of the major players operating in the global intelligent energy management systems market are:
- Schneider Electric SE
- Rockwell Automation, Inc.
- Pacific Controls
- Mitsubishi Electric Corporation
- Johnson Controls, Inc.
- Honeywell International, Inc.