A market born out of an emerging energy crisis, the global energy management system market is becoming more prudent than ever. As countries roll up their sleeves to prepare themselves to fight a fast-approaching energy crisis, products in the global market for energy management systems have been most sought-after. A recent report by Transparency Market Research finds that the global energy management systems market is expected to reach US$ 9.8 bn by the end of 2023, growing at a compelling 13.4% CAGR. The forecast period for this report is 2015 to 2023.
A fairly young market, it is invariable that only a handful companies dominate it. Three big players, Schneider Electric SE, Siemens AG, and Johnson Controls Inc. alone account for 50% of the total market share. These companies have had the advantage of being old players in the field of energy, and thus entering the global energy management systems market was smooth. At the same time, they have also enjoyed the first-movers advantage leveraging on less competition and creating a higher brand value for their products.
However, with opportunities galore the prospects for new companies are immense. To add, a large proportion of the requirement in global energy management systems market stems from the need for better efficiency. Another aspect is cost-effectiveness and these aspects will prompt new players to make way into the global energy management systems market.
A Combination of Renewable Energy Capacity
Of the multiple options for producing renewable energy, wind and solar have emerged most successful. However, both the sources are dependent on weather and climate change is unpredictable. This has created the need for having a feasible energy management systems. On the other hand, governments and industries across the world have realized that relying on a single renewable energy source is futile. Hence, creating a combination of these is a viable option. This again, creates the need for energy management systems.
The commonly found approach is wind-solar energy production. While relying on the available source meets the production requirements, it is also important to be able to store energy for future use. Using human brains to calibrate the quantum for usage and that for storage is possible, relying on machines that purely work on historical usage appears more feasible. This keeps the demand for products in the global energy management systems market high. With focus on green architecture and energy efficient constructions, industries are keen on adopting energy management systems. It creates a status at the global level, thus adding value to their brand.
Opportunities in Automobiles
Transport industry is one of the largest consumers of fossil fuel. While many companies in the automobile sector have either rolled out or are developing electric or solar-powered vehicles, they have not been completely successful. Being able to only rely on source of power has been sensed as a trouble for electric vehicles. Hence, a combination of solar and electric power is being mulled as a solution. If this is successful, then there will be a huge demand for energy management systems from the automobile sector.
At the same time, there is also a thought of utilizing vehicles while parked as energy source for street lights and residential gadgets. Installing solar panels on cars and storing power all day and use the same power to operate street lights or gadgets at home during the night is an idea that could prove highly energy efficient. Like the previous idea, if this too materializes, then the prospects for growth in the global energy management systems market are high.
This post was originally published on Kentucky Reports