Energy Management Software As A Service Approach: Definition & Services

Energy Management Software As A Service Approach: Definition & Services

Energy Management As A Service

This week, market research and management consulting company Global Market Insights, released a report stating that the market for global building energy management systems (BEMS) is expected to be worth more than US$6 billion by 2023.

The firm attributes market growth to “rising awareness regarding efficient use of energy at corporate and government level” which is anticipated to propel building energy management systems market demand in commercial, residential as well as industrial sectors.

Furthermore, increasing energy prices and managing energy costs for commercial as well as residential buildings is expected to boost building energy management systems market size over the next few years. These sectors have been adopting various appropriate technologies for controlling, conserving, and monitoring energy analytics.

In its statement announcing the release of its report, Global Market Insights explains that building energy management systems involves the effective integration of software, hardware, ICT technologies and services, helping to monitor, control and automate lighting as well as HVAC functions in order to manage energy efficiency in buildings.

Utilities, energy service companies and other large power users in the commercial and industrial sector no less are moving toward Energy-as-a-Service solutions that offer continuous monitoring and reporting of energy consumption trends, measurement of equipment performance and benchmarking.

Adopting an ‘As-a-Service’ approach to energy management

Increasing its appeal, is the fact that ‘As-a-Service’ solutions leverage a variety technologies from the cloud and analytics to infrastructure and sensors, and brings them together in a framework that enables granular insight across the enterprise to drive efficiencies and better business outcomes.

Another benefit of the ‘As-a-Service’ model is that it can be scaled easily and leaves management and maintenance to the vendor, speeding up implementation and allowing the company to focus on critical business activities. When it comes to software licensing, the ‘As-a-Service’ approach  allows energy consultants and energy managers to pay as they grow, meaning that their license matches their exact needs as these adapt over time, as opposed to typically oversized and less flexible once-off licenses sold for perpetual use.

When combined with the industrial internet, Energy-as-a-Service gives companies the ability to have real-time insight into their energy use and implement consumption-reducing behaviours that will help the enterprise continuously improve energy management over time with new sensors and software to meet changing needs.

Colorado-based Navigant Research expects annual global market for the deployment of commercial and industrial (C&I) Energy-as-a-Service to reach $221.1 billion by 2026, noting C&I energy and sustainability managers are continually choosing to apply new technology and business model innovations driven by the energy cloud to meet energy needs.

Are you considering your own rollout of software-as-a-service to suit your energy management needs?

We invite you to chat with us; we have experts ready to start the conversation.

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