In 2018, the global energy management systems market was valued at $25.88 Billion and was expected to grow with a CAGR of 13.78 percent over the forecast period of 2019 to 2024.
The rise of IoT technology is the most significant revolution in the ever-emerging energy management process. Growing inclination towards green energy, carbon footprint management, government mandates and policies are the prime factors augmenting the market growth. Till now, what refraining enterprises from adopting IoT technology was the high IoT project deployment cost and non-standardized guidelines.
IoT powered Smart Energy Management Systems helps energy distributors in reducing their operational expenses and planning for peak demands. These systems are crucial for companies whose energy supply is arranged and managed by special contracts.
Empowering Energy Efficient Smart buildings Smart building energy management systems powered by IoT technology go beyond most of the traditional building management systems that monitor and control the power sourced systems of a building such as lighting, air ventilation, HVAC, elevators, and more. Instead, the IoT powered energy management systems use IoT sensors to collect, analyze, and convert the energy data into information which can be sliced and diced to make intelligent business decisions to improve energy efficiency.
According to a report, LEED buildings have seen almost 20 percent lower maintenance costs as compared to typical commercial buildings.
A holistic picture of a building’s energy consumption can be seen when the sensors and devices start collecting data related to building surroundings, traffic, and more. This system automatically adjusts building temperature, lighting, and ventilation. By utilizing the IoT powered energy management system, the building managers can reduce energy consumption without sacrificing comfort for the occupants.
Saves hundreds of Man Hours for Utility Providers While the implementation cost of IoT powered energy management systems may seem very high, the return on investment (ROI) is rapid. The real-time field data help utility providers in improving their operational efficiency by reducing the Man Hours requirement for energy management tasks. The energy management software automates the manual processes which require a significant number of man-hours.
