Energy Management System

Definition: A system of computer-aided tools used to monitor, control, and optimize the performance of energy generation and transmission systems.

Relevance to energy: Energy Management Systems help businesses and homeowners track, analyze, and control energy consumption, leading to improved energy efficiency and reduced costs.

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Benefits:

• Provides detailed insights into energy usage patterns
• Enables automated control of energy-consuming systems
• Facilitates better decision-making for energy conservation

Drawbacks:

• Can be complex to implement and use effectively
• Initial costs can be high for comprehensive systems
• Requires ongoing maintenance and updates

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Statistics: A study by Navigant Research forecasts that the global market for home energy management systems will grow from $4.4 billion in 2019 to $12 billion in 2028.