The implementation of strict government policies regarding energy efficiency is one of the biggest factors responsible for the growing demand forenergy management systems across the globe. Several building standards and codes in most of the developing and developed countries include energy efficiency measures. During the last few years, several regulations have been enacted by the governments of various countries for encouraging the adoption of cost-effective safe energy sources as alternatives to the conventionally used energy sources.
For example, companies are required to adhere to the ISO 50001 standard, which provides organizations with an energy efficiency framework for conserving energy resources. Additionally, several financial incentives, such as grants and tax reduction, are provided for encouraging the usage of energy management systems. The usage of automated control and monitoring of the energy systems incorporated in buildings helps reduce the emission of CO2 and the overall energy consumption by the establishment.
Besides the aforementioned factors, the escalating volatility in the prices of electrical energy is also fueling the surging requirement for energy management systems across the world. The lack of proper power supply, rapid economic development, and the presence of extreme weather conditions push up the power prices. For example, during the next 25 years, the total energy consumption is predicted to soar by nearly 55% than the one reported in 2016.
This will be because of the increasing industrialization and urbanization in various countries around the world. Currently, many commercial consumers are adopting the energy management system solutions, on account of the ballooning energy costs. These solutions help companies optimize the performance of the building by attaining complete control over the energy consumption and the cost of energy consumption by the building. Due to these factors, the popularity of these technologies is rising rapidly all over the globe.
This would be because of the rising requirement for integration, implementation, and consulting, and monitoring of the systems used for energy management in residential and commercial buildings around the world. Geographically, the energy management system market is predicted to boom in Europe and North America in the forthcoming years. This will be due to the rapid technological advancements and the presence of a well-established infrastructure network in the regional countries.
Hence, it can be said with conviction that the sales of energy management systems would skyrocket all over the world in the upcoming years, primarily because of the rising requirement for energy conservation and energy efficiency in commercial and residential buildings.