Energy Management Systems Market Market Key Opportunities & Development 2023by navdeep kaurav Research Analyst
Due to the increasing demand for electrical energy and decline in the resources used for its production, consumers will ultimately have to turn to more expensive forms of energy, which will result in higher expenditure. Extreme weather conditions, adequate energy supply (majorly in developing and under-developed nations), and economic development are some other factors that trigger the rise in energy prices.
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An EMS also allows the user to analyze, target, and control their energy consumption. This computerized system uses both software and hardware to work. The global EMS market attained the value of $39,520.0 million in 2017, and it is expected to grow at a CAGR of 19.3% in the coming years. The adoption of such systems is growing rapidly in emerging nations, due to which Asia-Pacific (APAC) is expected to witness the fastest growth in demand for these in the near future.
This is creating huge opportunities for the
key companies providing these systems. Countries such as China and India are
witnessing a surge in urban population due to industrialization, which is
resulting in the growing demand for electrical energy. As end-users are now
demanding efficient energy sources instead of traditional ones, the requirement
for EMSs is rising consistently. Companies in the technology industry are
focusing on offering better solutions to help consumers monitor and optimize
their energy utilization.
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The requirement for EMS solutions is also rising to fulfill the Kyoto Protocol and other similar targets set by government bodies and international organizations for tackling climate change. Building codes and standards under these protocols include energy efficiency measures in most of the developed and developing countries. The ISO 50001 standard has to be followed by every organization to use energy efficiently and conserve resources by adopting and developing EMS solutions.
Several financial incentives, such as grants and tax reductions, exist to encourage and popularize cheap energy sources as opposed to traditional sources. These factors are expected to continue driving the EMS market in the near future.
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Created on Sep 23rd 2019 06:25. Viewed 215 times.