The GCC Energy Management Systems Market is expected to grow at a CAGR of 9.9% during the forecasting period (2022-2029).
Energy management systems use computer-aided tools to monitor, control, and optimize electrical loads. These systems help users conserve energy by monitoring and reducing electrical and electronic devices' energy consumption.
Energy management systems track the real-time energy consumption of electronic devices and compare it with historical data. These systems improve communication between the device and the consumer.
As a result, end-users can have a holistic view of their energy performance, compiled from a broad range of sensing and control devices, data feeds, and analytics software. Thus, the emerging technology energy management systems, including IEMS, BEMS, HEMS, OMS, DMS, and GMS, can facilitate better decision-making in energy conservation.
There is a continuous surge in electricity generation worldwide due to the growing population and urbanization. Thus, utilities are running the plants at full capacity to generate more power from the existing infrastructure.
Power companies are trying to make power generation efficient by adding new technological developments like substation automation, demand response systems for power supply, and energy management systems to conserve conventional plants' energy.
The addition of these technologies enables them to have greater visibility of the grid's function, which allows them to find areas of inefficiencies and correct them for producing power more efficiently. Technological developments also minimize waste without affecting the power quality, leading to lesser carbon emissions.
Energy management systems are a wide array of solutions directed toward improving the functionalities at different power generation value chain points. For instance, distribution management systems control the power flow and reduce outages, and similarly, generation management systems manage various power generation assets in the field.
These systems help power utilities use their resources more efficiently to meet the day-to-day power needs and reduce the need to use reserve plants, which are expensive to operate.
As power production has increased, there is also a gradual increase in power prices. This is due to the investment made by power companies in transmission and distribution equipment, commodity prices, newer power resources, and geopolitical factors.
GCC Building EMS market was valued at USD XX million in 2019 and is expected to reach USD XX million by 2027 with a CAGR of XX% during the forecast period 2020 to 2027.
The energy market is expected to show strong growth potential during the forecast period. Expanding populations and growing energy consumption have driven large investments in the energy sector. Thus, every segment grew at a considerable rate in 2019, which is expected to continue over the forecast period.
The growing number of commercial buildings coupled with the need for cost savings, lowering operational costs, and compliance with energy efficiency standards set by various governments and organizations have helped this segment dominate the market.
The energy consumption in buildings accounts for more than 30% of the total final energy consumption. Therefore, saving energy consumption would substantially contribute to widespread reductions in energy consumption.
Energy management systems have become more flexible due to added functionalities in integrating with other building management systems. These systems provide detailed energy consumption patterns, allowing for quick remedies to save energy, such as switching energy-intensive activities to off-peak hours or depending on the cost of electricity at various times of the day.
The systems also show pre-emptive areas of concern and carry out appropriate maintenance like heating, ventilating, and air conditioning (HVAC) systems to maintain the airflow according to the building energy code and required standards. This enables users to manage their overall energy consumption efficiently.
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