BCC Research’s latest report evaluates the market for energy management systems. Including five year forecasting and regional analysis, the report guides intelligent business decision making for those in the industry.
Another factor driving the EMS industry to new heights with effective new software technologies. Enterprises and manufacturing plants can track their energy requirements more accurately and in real-time with advanced software-based management systems than with legacy monitoring systems. These systems aid in the management, reporting and discovery of unique insights that can help operators manage energy consumption, transmission and monitoring.
These features give organizations more control over their demand and allow for easier management, which, in turn, encourages such businesses to invest in energy management software. The benefits of deploying these software solutions include lowered cost of managing energy, ease of compliance with energy consumption reporting mandates, improved reputation of the company among peers and better stakeholder relationships.
Even though there’s significant technological growth among enterprise developments and adoption, there’s still a skills gap when it comes to having professionals and users capable of understanding the technology.
There is also a significant skill gap when it comes to in-house talent. According to the study by SnapLogic, among the great number of firms that have invested in EMS solutions, more than half lack the required in-house talent to execute their strategy. The study also found that about 68% of the firms are pouring in more money on training and upskilling their employees.
A systematic literature review (Knowledge Demands for Energy Management in the Manufacturing Industry; published May 2022) conducted by researchers from the Department of Management and Engineering (IEI), Division of Energy Systems, Linköping University indicated that technical knowledge is the main type of knowledge used in energy management and also highlighted a paradigm shift toward Industry 4.0. Energy management uses leadership knowledge, so combining these types of knowledge could help move beyond conventional knowledge and toward new types of knowledge that maximize the potential of energy management. However, the lack of such knowledge is a concern.
Not just the workforce, but a significant share of users must be upskilled as well in order to work on these platforms and operate them. There are various initiatives being undertaken by enterprises operating in the EMS market to reduce the skill gap. According to the World Economic Forum, the latest technologies are creating demand for new worker skills and competencies.
The market for EMS represents a long-term trend that will transform the face of businesses in years to come. Market growth is considerable, and with governments becoming more environmentally conscious, this trajectory will only intensify.
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