Power management software market to surges ahead
The the twin trends of cloud computing and smart grids have boosted the demand for power management software, as energy monitoring, modeling, and management is necessary to ensure energy optimization. The convergence of such software is expected to aid the evolution of smart cloud (computing), smart cities, and smart network intelligence to meet energy efficiency requirements and address environmental issues.
"The global emphasis on green approaches and environmental standards are driving market participants and end users to seek solutions to reduce energy usage and thereby, lower electricity expenses, increase energy efficiency, and reduce the total cost of ownership as well as carbon emission," says Frost & Sullivan industry analyst Teoh Chew Yew. "Power monitoring, managing, and modeling software caters to all the aforementioned capabilities, as they enable design, planning, and power data analysis."
Frost & Sullivan points out that sales are currently affected by the fragmented nature of the market and changes in energy regulations. Moreover, most end users and technical authorities have limited knowledge about power management solutions' features and applications.
Market participants still have many reasons to feel optimistic as the capital investment by the end users in this technology continues to rise. With governments/regulators enforcing norms on energy wastage, companies are becoming increasingly acquainted with the operational expenditure-reducing advantages of power management software.