NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) -- The energy management system market is expected to reach $74.8 billion by 2022. Energy management systems enable the big corporations and firms to monitor their energy consumption, and further manage and control it to achieve their energy efficiency goals, by using sophisticated energy usage control techniques. With the increasing cost of energy, the demand for energy management systems is anticipated to grow in the coming years. The use of energy management systems not only helps in reducing the energy bills but also aid in decreasing the consumption of fuels using which energy is produced. This in turns, reduces the carbon footprint of an industry or a country.
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Energy management system helps the big corporate and commercial giants to closely monitor their energy usage, identify and kill the possible energy loss sources, thus saving potential costs. This presents tremendous cost savings potential for the end users even helping them offset their initial energy management system costs, hence achieving a break-even in a matter of years, even months in some cases. Besides just a financial aspect, energy management system can also help reduce the energy consumption, and footprint of the end-users, thereby contributing to a greener and safer environment. All these benefits are a major reason behind the growth of energy management system market.
In most of the key markets, majority of the consumers are either unaware of their soaring energy costs or don’t want to do anything to reduce them. Even if the corporates realize increasing energy cost is hurting their bottom lines, most of the consumers are unaware of the existence of energy management system. Even in an advanced market such as North America, it is difficult for the government to make end users realize the benefits of energy management system. Most of the consumers are unware of the faulty component within their energy system, which is responsible for increasing their energy costs. Thus, lack of consumer awareness is a major barrier to the growth of the energy management system market.
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Some of the major players operating in the energy management system market include Schneider Electric, Honeywell International, Siemens AG, Johnson Controls, Elster Group, C3 Energy, GridPoint Inc., General Electric Company and Eaton Corporation.
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