By 2022, it is expected that the Modular Energy Control Systems Market will be worth US$ 3.6 billion and will grow at a CAGR of 8.4% from 2022 to 2032. The top 3 nations are anticipated to control 56.8% of the market by the end of 2022 as sales of modular energy control systems are anticipated to soar.
By utilising a modular energy control system, an energy consumer can more efficiently balance the creation, consumption, and storage of electrical energy. The ability to store electrical energy from various sources, such as PV (photovoltaic) panels, batteries, etc., is another benefit. When using conventional modular energy control systems, consumers can use energy resources more efficiently by monitoring energy supplies and forecasting energy demands.
However, the use of alternative sources of technology has been restricted for a number of reasons, including the unpredictability of alternative energy sources (such as water, sun, and wind), the challenge of recovering costs, and the challenge of integrating all the sources and devices into a single conventional electrical control system.
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As demand for energy is increasing worldwide along environmental conservation measures and volatility in energy prices, there is urgent need for development of alternative energy sources and energy conservation. Some of the developments include automatic timers and programmable thermostats which turn off lights when not needed and control their heating and cooling systems to reduce consumption.
A modular energy control system is a wireless base unit which communicates with one or more wireless load manager units to receive power supply and demand projections from one or more loads connected to the wireless load manager. In case of dynamic variables such as change in electricity prices, the base unit transmits the message to the load manager to reduce power consumption by one or more loads or to shut it off if required. New load managers can be added to the system with a scalable cost and minimal configuration.
For instance, a business pays electricity bills on perkilowatt-hour basis. The company bears an additional charge for peak hours during the billing period. Using modular energy control systems, the instantaneous energy usage can be monitored. The system can then be adjusted so as to discourage peaky consumption because of high cost, for a short period. If the demand exceeds a threshold, demand from the grids can be reduced using batteries or critical energy users like freezers, which can be easily unplugged or disconnected using direct controls, controllable relays or sensors.
The need for efficient energy generation, consumption and storage is the major market driver for modular energy control systems. The use of renewable energy resources for generation of electrical power on a large scale is one of the major challenges for the modular energy control systems, as the stability of the grid is affected. The market for modular energy control system can be segmented into software and hardware solution providers. Top ten EMS (Energy Management Software) providers are JouleX Energy Manager, Utilities Direct, SAPSE, EnergyCAP, Schneider Electric,PowerLogic ION EEM, CRedit360, eSight Energy, C3 Energy, Hara EEM and CA Technologies.
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The research report presents a comprehensive assessment of the modular energy control system market and contains thoughtful insights, facts, historical data, and statistically supported and industry validated market data and projections with suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, geographies, types, technology and applications.
Global Modular Energy Control System Market
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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