The world currently lacks energy security and improved and efficient access to electricity. Use of energy management systems in various applications such as industrial, building and home can make the world more energy efficient in line with the environmental and climate norms.
Carbon emission reduction is among the top priorities of corporate environmental management programs. Energy waste can be reduced through implementation of energy management systems. An energy management system combines energy and process optimization. Energy management systems include a combination of hardware interfaced with software tools such as thermostats, lighting, HVAC, appliances and large equipment. Energy management systems are primarily employed by companies for improving utility consumption and for creating long term sustainable energy model. Energy management system is a systematic process for improving energy performance.
The report projects that the market will exhibit exponential growth over the forecast period as an increasing number of industries, buildings, and domestic setups are installing energy management systems for making utility consumption more efficient.
The small and medium commercial building (SMCB) market is diverse and large. It consists of buildings of all ages, sectors,...