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Transparency Market Research reports that the global energy management systems (EMS) market continues to grow. The market will show an estimated compound annual growth rate of 13.4 percent between 2015 and 2023, leading to a valuation of $36 billion by 2024. The estimate reflects ongoing confidence in the benefits of sustainable initiatives.
Increasing Demand
Several factors contribute to the rising demand for EMS.
Current fossil fuel sources lack security and sustainability. The long-term projections by the International Energy Agency forecast a rise in such energy costs. As a result, organizations—particularly office, retail, and industrial spaces– strive to mitigate rising expenses by decreasing dependency on non-renewable fuels.
Data gathered by EMS highlights opportunities for organizations to use less energy while maintaining optimal site performance. Smarter energy use will minimize waste and keep operating costs low.
EMS also contribute to higher property values. The value of buildings with sustainable features exceeds the value of conventional structures by a median increase of 7 percent, reveals a joint study conducted by Dodge Data & Analytics, United Technologies Corporation, and World Green Building Council.
The Drive Toward Healthier Buildings report states that 73 percent of green building owners are able to increase their leasing rates and 62 percent achieved higher asset values. EMS help buildings achieve and maintain the standards needed for green building certifications, increasing the ability to lease and resale sites with higher value and fewer concessions.
The drive for increased productivity, employee satisfaction and retention also contributes to the increasing demand for EMS. Research points to occupant health as a component of employee satisfaction and retention. In The Drive Towards Healthier Buildings, 79 percent of respondents believe wellness-focused buildings will lead to improved employee satisfaction. Business owners listed products that enhance thermal comfort, such as EMS, among the top five priorities within the next five years.
Lastly, governments influence the demand for EMS. Rigorous energy consumption and renewable energy goals have taken root throughout much of North America and Europe. Reduced carbon emissions are often a leading issue. In the United States, 62 percent of greenhouse gas emissions are the result of burning fossil fuels for energy, according to studies by the Environmental Protection Agency. Through smarter heating, cooling, and lighting programs, companies can reach sustainability objectives faster. Upon compliance, companies receive financial incentives and licensing.
Tools of the Trade
EMS improve utility consumption while maintaining occupant comfort through the use of several tools. Hardware, software, and data operate on an interconnected web of communication to achieve efficient energy use.
Yardi Smart Energy Suite energy management software reduces energy consumption, promotes tenant comfort, and simplifies analysis and reporting with automated energy management solutions. The suite includes seven options to meet the unique needs of complex organizations.
To learn more about how your organization can control energy consumption Yardi, join a webinar.
