Published on : Feb 18, 2021
Energy conservation is the need of the hour. Growing concerns about issues like global warming and carbon emissions are persistently on the rise. This phenomenon needs to be tackled with a good energy conservation system. This is where energy monitoring and control system comes out as a savior. Energy monitoring and control system (EMCS) is the process of conserving, controlling, and monitoring the use of energy in buildings and industries. The energy monitoring and control system (EMCS) market is steadily expanding its horizon over the globe due to the dire need of optimizing energy costs.
This report on the energy monitoring and control system (EMCS) market showcases various components like the competitive landscape, regional assessment, and key trends. The report provides deep insight into the energy monitoring and control system (EMCS) market.
Governments of various countries across the globe are stepping up to promote energy conservation specific rules and regulations through passing certain bills and legislations. Thus, active government participation through awareness campaigns and stringent energy conservation norms has contributed to the positive growth of the energy monitoring and control system (EMCS) market.
Many oil and energy industry players are implementing energy monitoring and control systems (EMCS). Improving energy efficiency is the prime requirement of the oil and gas industries. Good energy management will help in the efficient use of non-renewable resources and thus help them to provide energy to the consumers at reasonable rates. A considerable rise in demand for energy monitoring and control system (EMCS) from oil and energy industries may prove to be a positive growth factor for the energy monitoring and control system (EMCS) market. This is because these systems are powerful tools for reducing carbon emissions and the carbon intensity in the atmosphere. Therefore, these industries are expected to invest more in the coming period as well.
Technological innovations with devices like smart meters may propel the energy monitoring and control system (EMCS) market. Smart meters are devices used at a consumer’s premises for the measurement of energy consumption. These meters come with a digital display and have the capability of measuring the energy amount that’s exported as well as imported. These innovations enable enhanced energy efficiency and attract consumers toward energy monitoring and control system (EMCS).
Key players in the energy monitoring and control system (EMCS) focus on research and development activities to improve their product efficiency in terms of controlling energy waste. In addition, they are also entering in various acquisitions and partnerships for providing customized customer solutions as well as continue dominance over the energy monitoring and control system (EMCS) market. For instance, Enel X, a renowned digital solutions provider partnered with Panasonic Solar. This partnership enables Panasonic to provide customized solutions to the user.
Key players in the energy monitoring and control system (EMCS) market are Rockwell Automation, GE Grid Solutions, Siemens, Spectrum Solutions, Swift Energy, RCS Energy Management, Schneider Electric, Eaton, and Provecta Energy Solutions.
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A rise in the emerging trend of smart buildings may also benefit the energy monitoring and control system (EMCS) market. A smart building is a structure that implements automated processes to control building operations such as heating, air conditioning, lighting, and others. These buildings save energy waste to a great extent by installing energy monitoring and control system (EMCS).
The energy monitoring and control system (EMCS) market is spread across North America, South America, Asia Pacific, Middle East and Africa, and Europe respectively. North America is expected to observe a high growth rate due to factors like the introduction of energy efficiency goals, and regulations like energy efficiency act. Other regions are also expected to grow at a steady rate during the forecast period.